Oil prices rose on Wednesday after data showed the U.S. market was starting to tighten, with falling supply and lower inventories after two years of heavy surplus. According to Reuters
U.S. crude stocks reduced by 1.2 million barrels last week while distillate stockpiles also fell, data from industry group the American Petroleum Institute (API) showed.
The figures suggest U.S. oil production, particularly from shale, is starting to decline in response to the collapse in prices over the last year.
“The market has just realised the extent of the U.S. crude oil production decline and is pricing this in,” said Daniel Ang, oil analyst at brokerage Phillip Futures. Reuters Report
During Wednesday’s Morning trade, Shares of Chesapeake Energy Corporation (NYSE:CHK), inclined 3.12% to $9.28. The firm opened its current trade at $9.10, and as of now, it is trading at $9.28. The total volume traded for the day is 134,342.00 shares, as compared to its average daily volume of 18.84M shares. The stock is floating in a range of $9.10 - $9.28. The stock holda the market capitalization of $6.15B.
Chesapeake Energy Corporation produces oil and natural gas through acquisition, exploration, and development of from underground reservoirs in the United States. It holds interests in natural gas resource plays, counting the Haynesville/Bossier Shales in northwestern Louisiana and East Texas; the Marcellus Shale in the northern Appalachian Basin of West Virginia and Pennsylvania; and the Barnett Shale in the Fort Worth Basin of north-central Texas.
Shares of Statoil ASA (ADR) (NYSE:STO), inclined 4.12% to $17.43, during its current trading session.
Statoil ASA STO purchased share equity of 24% in the U.K. license for the Alfa Sentral field. The acquisition was valued at $15 million. According to Zacks
Alfa Sentral is a c.60 million barrels of oil equivalent (mmboe) gas and condensate field. The field is intended to be developed as a tie-back to the existing infrastructure for Statoil operated Sleipner on the Norwegian Continental Shelf (NCS). Sleipner’s facilities will therefore be better utilized through work on Alfa Sentral.
Statoil’s endeavors to improve recovery of resources in mature fields are commendable. The company has operations in all of the major hydrocarbon-producing regions of the world, with an emphasis on the NCS. We believe that Statoil is well positioned to sustain its steady production growth for the next few years on the back of its large resource base at NCS.
Statoil ASA, an energy company, engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products in Norway and internationally.
Finally, Shares of Whiting Petroleum Corp (NYSE:WLL), surged 5.55%, and is now trading at $22.08.
WLL is moving on low volume, trading at a volume of 40,388.00 shares, for now, as compared to its average daily volume of 10.47M shares. At $21.95, the stock is losing momentum as shares are down from a peak price of $69.81 recorded on Oct 8, 2014. The stock is down -34% in this year through last updated price. The stock is having its 200-day moving average of $27.56 and $16.95 as its 50-day moving average. The stock, as of now, is showing weekly upbeat performance of 44.01%, which is maintained at 18.74% in 1-month period. The stock is floating in a range of $21.47 - $22.60. The stock hold a the market capitalization of $4.51B.
Whiting Petroleum Corporation, an independent oil and gas company, acquires, explores, develops, and produces crude oil, natural gas liquids, and natural gas in the Rocky Mountains and Permian Basin regions of the United States.
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