U.S. stocks fell for a third-straight day Wednesday, with the S&P 500 joining the Dow industrials in negative territory for the year, as earlier gains evaporated alongside a turn south in crude-oil prices, according to Market Watch
The slump in oil prices to levels not seen since the global financial crisis has fanned expectations of deflation, hammered economies of producers and flattened share prices of once high-flying energy companies, according to CNBC
But according to one analyst, lower oil prices could actually help some emerging market economies and refiners by lifting disposable incomes and improving margins.
“Cheaper feedstock costs will support refining margins, while lower import costs will encourage greater consumer spending, driving economic growth in the emerging economies,” said Peter Lee, Oil & Gas Analyst at BMI Research on Tuesday.
U.S. WTI and Brent crude oil prices are trading around seven-year lows, tanking after OPEC last week decided not to cut its 30-million-barrel a day production ceiling to support depressed energy prices. CNBC Report
On Wednesday, Shares of Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR), gain 4.39% to $4.99. Petroleo Brasileiro SA Petrobras is a Brazil-based integrated energy company. The Company operates in the Exploration and Production (E&P); Refining, Transportation and Marketing (RTM); Gas and Power; Biofuels; Distribution, and International segments. E&P comprises exploration, development and production of crude oil, natural gas liquid and natural gas in Brazil. RTM covers the refining, logistics, transport and trading of crude oil and oil products activities, export of ethanol, extraction and processing of shale, and interests in petrochemical companies in Brazil.
Shares of Chesapeake Energy Corporation (NYSE:CHK), inclined 1.82% to $4.48, during its last trading session.Chesapeake Energy Corporation is a producer of natural gas, oil and natural gas liquids (NGL) in the United States. The Company operates in two segments: Exploration and Production, and Marketing, Gathering and Compression. The exploration and production segment is responsible for finding and producing oil, natural gas and NGL.
Finally, Shares of Kinder Morgan Inc (NYSE:KMI), ended its last trade with 6.87% gain, and closed at $16.80.Kinder Morgan, Inc. (KMI) is an energy infrastructure and energy company in North America. The Company operates through six segments: Natural Gas Pipelines, CO2, Terminals, Products Pipelines, Kinder Morgan Canada and Other. The Natural Gas Pipelines segment comprises interstate and intrastate pipelines and its liquefied natural gas (LNG) terminals. The CO2 business segment produces, transports, and markets CO2.
Shares of Whiting Petroleum Corp (NYSE:WLL), inclined 2.26% to $12.66, during its last trading session. Whiting Petroleum Corporation is an independent oil and gas company. The Company is engaged in exploration, development, acquisition and production of crude oil, NGLs and natural gas in the Rocky Mountains and Permian Basin regions of the United States. The Company’s Rocky Mountains operations comprise assets in the states of Colorado, Montana, North Dakota, Utah and Wyoming.
Shares of SandRidge Energy Inc (NYSE:SD), inclined 6.68% to $0.267, during its last trading session. SandRidge Energy, Inc. is an oil and natural gas company. The Company operates in three business segments: exploration and production, drilling and oil field services, and midstream services. The exploration and production segment explores for, develops and produces oil and natural gas in the Mid-Continent. The drilling and oil field services segment performs services for third parties, counting third-party working interests in wells that it operates.