On Friday, Shares of Kinder Morgan, Inc. (NYSE:KMI), lost -2.16% to $38.92, as oil prices were falling Friday due to concerns about oversupply before the release of the latest U.S. oil drilling data, according to the Wall Street Journal. Forecasts call for the global supply of crude oil to shrink due to growing demand and less drilling, but some U.S. companies said they can enhance production if oil prices remain above $60, accord to the Journal.
WTI crude oil for July delivery was down 1.3% to $59.99 a barrel Friday morning, and Brent crude oil for July delivery was down 1.2% to $64.33 a barrel.
Kinder Morgan, Inc. operates as an energy infrastructure and energy company in North America. The company operates through Natural Gas Pipelines, CO2, Terminals, Products Pipelines, Kinder Morgan Canada, and Other segments.
Shares of SeaDrill Limited (NYSE:SDRL), declined -2.15% to $11.84, during its last trading session, as oil slid on Friday for a second day, giving back more of the week’s gains as investors took profits on worries that higher Saudi Arabia output would feed the global supply glut.
Crude rebounded early in the week, but the rally stalled on Thursday as the dollar strengthened against the euro due to developments in Greece’s debt crisis, which still dominated sentiment on global markets on Friday. Strength in the greenback makes oil, sold in dollars, less affordable to euro holders, according to Reuters.
After Thursday’s 1 percent drop, crude futures extended their downdraft as Saudi Arabia said it was ready to enhance oil output in coming months to a new record. Reuters Reports.
Seadrill Limited, an offshore drilling contractor, provides offshore drilling services to the oil and gas industry worldwide. The company operates through Floaters and Jack-up Rigs segments. The Floaters segment provides drilling, completion, and maintenance services for offshore exploration and production wells.
Finally, Lumber Liquidators Holdings, Inc. (NYSE:LL), ended its last trade with 4.12% gain, and closed at $21.49, following unfounded reports that the battered hardwood flooring retailer is the target of a takeover by a large home improvement chain.
One of the founders of the hedge fund Kase Capital Administration, Whitney Tilson, said he heard a rumor that Home Depot (HD) could look to buy Lumber Liquidators for $35 to $40 per share, MarketWatch reports.
Tilson, a known short seller of Lumber Liquidators, commented on the rumor:
“This is the dumbest rumor ever. Nobody is going to buy Lumber Liquidators, nor will any bank finance an acquisition or administration buyout (even in this debt-markets-wide-open environment), because nobody-not me, not the company, not the lawyers suing Lumber Liquidators-has any idea what the liabilities are-but they are potentially large and open-ended,’ Tilson said in a statement to MarketWatch.
Lumber Liquidators Holdings, Inc., together with its auxiliaries, operates as a multi-channel specialty retailer of hardwood flooring, and hardwood flooring enhancements and accessories.
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