TechnipFMC (FTI) is one of the global leaders in providing projects, technologies, systems, and services for the oil and gas industry. TechnipFMC fell on December 14. After falling last week, TechnipFMC started this week on a stronger note but lost strength as the week progressed.
Despite a strong start this week, TechnipFMC fell due to weakness in crude oil prices. Crude oil prices fell this week amid profit-booking at elevated levels and increased concerns about the growing US crude oil output. On December 15, TechnipFMC opened the day lower and fell 3.5% to $27.61. TechnipFMC is part of the S&P 500 Energy sector, which fell 0.32%.
Hess (HES), which is a global explorer of oil, gas, and energy solutions, was one of the S&P 500 major losers on Thursday. Hess started the week on a mixed note and fell to six-week low price levels as the week progressed.
The selling pressure increased after Elliott Management pressed for the removal of its current CEO John Hess, according to a report from the Wall Street Journal. Weakness in oil prices also weighed on Hess this week. Hess fell 3.2% to $42.67 on December 14. Hess is part of the S&P 500 Energy sector, which fell 0.32% on Thursday.