WB: U.S. oil rises, Brent pares losses on Iran news: Resolute Energy
U.S. oil futures rose on Wednesday and benchmark Brent pared losses as OPEC member Iran stressed that it opposed a timeline for a freeze on nuclear activities, news that assisted crude rebound from an early slide tied to swelling U.S. stockpiles.
Comments from Saudi Arabia’s oil minister that prices ought to stabilize from the selloff of recent months also assisted put a floor under prices, dealers said.
Some drew encouragement from the Federal Reserve’s Beige Book report anticipating cuts in capital expenditure for oil and gas producers in certain U.S. districts. Lower oil exploration budgets could mean less supply in the future.
U.S. crude CLc1 settled up $1.01 at $51.53 a barrel, reversing a near $1 drop from earlier in the day.
Brent LCOc1 finished down 47 cents at $60.55 a barrel, after falling more than $1.50 earlier.
Oil prices slid in early trade after U.S. Energy Information Administration data showed domestic crude stocks rose 10.3 million barrels last week, more than double the build forecast by analysts in a Reuters poll. It was the eighth straight week of record highs for total inventories.
After a steep slide earlier in the week, losses on the U.S. data were somewhat muted as market bulls noted that stockpiles grew much less than predictable in the Cushing, Oklahoma storage hub.
Resolute Energy Corp (NYSE:REN) share price increased in the last trading session with a previous 52-week high of $9.65. The stock was trading on below-average volume. The stock traded at a volume of 1.11 million shares at a price decline of -5.71%. The share price is now down -44.07% for the past three months. Latest closing price was -1.24% below its 50-day moving average and -79.53% below its 200-day moving average.
While trading at volume higher than average, Seventy Seven Energy Inc (NYSE:SSE) plunged -5.27% at the end of recent close. Its previous 52-week high was $28.34 and moved down -84.79% over the same period, trading at a volume of 1.66 million. Shares have fallen -81.84% over the trailing 6 months. The stock is currently trading -15.65% below its SMA 50 and -71.53% below its SMA 200.
CONSOL Energy Inc. (NYSE:CNX) closed at $30.29, down -1.49 points or -4.69% from previous close and at a distance of -7.63% from 20-day simple moving average. Over the last 12 months, a return on equity of 3.10 percent was realized due to the financial situation and earnings per share reached a value of $0.73. Last fiscal year, $0.25 has been paid in form of dividends to investors. Earnings are projected to move up 17.83 percent for the coming five years.
Chesapeake Energy Corporation (NYSE:CHK) moved down -35.19% over the past 12 months and its price history showed most recently beta was at 1.09. Overall the trailing twelve months, the percentage change in the price was -47.57%, hitting the highest of $29.54 on Jul 1, 2014 while lowest level in that period was $15.32 on Mar 4, 2015.
