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"Diamondback energy uh ticker fang down 3.5% on the day today. As I mentioned, we did see a rotation out of some energy stocks, especially US focused shell oil producers. If more oil companies come online, we could see greater supply and lower prices, which wouldn't be good for these domestic shell producers. Some of them are already slowing down growth due to concern for a global gut developing."
The commentary highlights that Diamondback Energy (ticker FANG) is experiencing a decline as domestic shell oil producers face the risk of oversupply and lower prices, driven by more oil companies coming online. This negative catalyst suggests potential headwinds in the near term.
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