Venture Global (VG) Nosedives 12.99% on Lower Oil, Gas Prices

Venture Global, Inc. (NYSE:VG) is one of the These 10 Stocks Took A Shocking Fall.

Venture Global snapped a three-day winning streak on Monday, slashing 12.99 percent to close at $16.54 apiece, following the drop in oil and gas prices, thanks to the ceasefire between Israel and Iran.

On Monday, natural gas prices dropped by 0.87 percent to $3.67/MMBtu, mimicking lower oil prices, with the Brent Crude and WTI both declining by 2.83 percent and 3.05 percent, respectively.

In recent news, Venture Global, Inc. (NYSE:VG) announced the official start of the construction of its $28 billion liquefied natural gas (LNG) facility in Louisiana.

Called the CP2 LNG, the facility will sit on a 1,150-acre site in Cameron Parish, and is expected to be able to export at least 20 million tons of LNG per annum and employ 10,500 jobs, of which 7,500 will be generated during the construction, and 3,000 upon commercial operations.

It is also expected to pay more than $4 billion in local property taxes once the LNG comes into full swing.

Venture Global, Inc. (NYSE:VG) said it targets to kick off commercial operations in 2027.

The facility is expected to make Venture Global, Inc. (NYSE:VG) the largest LNG exporter in the US and the second largest in the world.

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READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.