WB: Oil Prices Drop as U.S. Supplies Rise to Fresh Record
Oil tumbled for the second day in a row, with the U.S. benchmark slipping back below $50 a barrel, after a government report showed U.S. crude stockpiles reached a new record high.
Oil prices have shown signs of stability in the past two weeks after plunging to nearly six-year lows last month amid a global supply glut. News of oil companies cutting back on investment and a reduction in drilling activity are setting the stage for a slowdown in oil-output growth, especially in the U.S., in the second half of the year, analysts and market experts say. Optimism that the glut could ease has supported prices.
But weekly data released by the Energy Information Administration on Wednesday showed rising production in the U.S. continues to swamp the oil market, at least for now.
“These supply gluts are only going to exacerbate,” said Matt Smith, commodity analyst at Schneider Electric SA, an energy-consulting firm. “It’s no surprise we’re headed back below $50 again.”
BPZ Resources Inc (NYSE:BPZ) share price increased in the last trading session with a previous 52-week high of $3.40. The stock was trading on below-average volume. The stock traded at a volume of 10.75 million shares at a price decline of -20.35%. The share price is now down -75.58% for the past three months. Latest closing price was -10.44% below its 50-day moving average and -87.16% below its 200-day moving average.
While trading at volume higher than average, HORSEHEAD HOLDING CORP. (NASDAQ:ZINC) plunged -5.66% at the end of recent close. Its previous 52-week high was $21.02 and moved down -38.15% over the same period, trading at a volume of 1.01 million. Shares have risen -32.96% over the trailing 6 months. The stock is currently trading -11.78% above its SMA 50 and -22.21% below its SMA 200.
Seventy Seven Energy Inc (NYSE:SSE) closed at $4.78, down -9.30% from previous close and at a distance of 3.33% from 20-day simple moving average. Over the last 12 months, a return on equity of -9.70 percent was realized due to the financial situation and earnings per share reached a value of $-0.44.
Hercules Offshore, Inc. (NASDAQ:HERO) moved down -80.29% over the past 12 months and its price history showed most recently beta was at 2.69. Overall the trailing twelve months, the percentage change in the price was -82.32%, hitting the highest of $5.05 on Jun 16, 2014 while lowest level in that period was $0.68 on Jan 29, 2015.
