Venture Global Inc. (NYSE:VG) is one of the 10 Stocks Investors Are Dumping Right Now.
Venture Global ended two straight days of gains on Wednesday, shedding 9.69 percent to close at $14.44 apiece, as investors sold off positions in oil and gas companies after the easing tensions between the US and Iran.
Late on Tuesday, President Donald Trump announced that the US and Iran have agreed to a two-week ceasefire on condition of the latter reopening the Strait of Hormuz.
Venture Global’s Plaquesmine facility. Photo from Venture Global website
The strait is a critical waterway passage where 20 percent of global crude oil demand passes through. Since the start of the war, it was ordered shut under Iranian control, sending prices of global crude oil and natural gas soaring, as shipping giants were forced to look for alternative paths to transport the said commodities.
For weeks, oil and gas companies, including Venture Global Inc. (NYSE:VG) have benefitted from the war amid the supply disruptions that sent prices soaring.
In other news, Venture Global Inc. (NYSE:VG) late last month announced that it finally settled an arbitration case filed by Edison SpA in relation to its failure to supply the latter with liquefied natural gas (LNG) from its Calcasieu Pass facility in Louisiana within the committed time.
The two companies inked a long-term LNG supply contract in 2017, with deliveries supposed to begin around 2022 to 2023.
Venture Global Inc. (NYSE:VG) said that completion of the settlement is expected this quarter, with LNG deliveries targeted for next month.
“The agreement represents a significant step in strengthening commercial cooperation between the parties and it establishes a foundation for further future deliveries in the context of the disruption caused by ongoing geopolitical events,” Venture Global Inc. (NYSE:VG) said.
“Both parties welcome this agreement, as it further consolidates long‑term deliveries and enhances the commercial partnership between Venture Global and Edison, which is an important foundational customer of the Calcasieu Pass project. The parties look forward to continuing to work together to pursue Venture Global’s mission of stabilizing global LNG/gas markets and to further consolidate Edison’s role in guaranteeing the stability and security of Italy’s energy supply,” it noted.
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