Energy Stocks Falter as Oil Markets Watch Strait of Hormuz

While the broader sector struggled, Eos Energy Enterprises bucked the downward trend. The company’s shares climbed following the announcement of an exclusive partnership focused on long-duration battery storage, a move designed to facilitate its expansion into the German market.

Inventories continue to tighten, signaling a constrained supply environment. U.S. commercial crude oil stocks dropped by 8.3 million barrels to 418.2 million barrels for the week ending June 12, leaving levels roughly 6% below the five-year seasonal average. Meanwhile, ethanol production saw a slight contraction, with daily output dipping by 6,000 barrels to 1.1 million, even as inventories edged up marginally to 24.47 million barrels.