Crude-oil futures ended higher in an abbreviated preholiday trading session Thursday, capping a strong week of gains as U.S. crude inventories fell but remained on track for significant monthly and yearly losses in the face of a stubborn global glut.
West Texas Intermediate crude oil for February delivery CLG6, +1.65% on the New York Mercantile Exchange rose 60 cents, or 1.6%, to close at $38.10 a barrel. WTI shot up 5.7% this week, trimming its monthly loss to 8.5%.
February Brent crude LCOG6, +1.47% on London’s ICE Exchange rose 53 cents, or 1.4%, to $37.89 a barrel. Brent, the global benchmark rose 2.7% for the week but remains down more than 15% since the end of November. For the year to date, WTI futures are off 28%, while Brent has slumped nearly 34%.
Needless to say, a one-week rebound hasn’t dispelled the bearish sentiment hanging over energy futures.
“Calling a bottom in the crude oil market is akin to trying to catch a freshly sharpened falling knife,” wrote Jasper Lawler, market analyst at CMC Markets, in a note. “Typically the price will bottom before the fundamental explanation for it is found. For now, with [Organization of the Petroleum Exporting Countries] and non-OPEC countries pumping for all they’re worth, China’s economy slowing and the U.S. dollar looking strong after the Fed rate hike, the fundamental picture looks very bearish.”
Oil futures posted sharp gains Wednesday after the U.S. Energy Information Administration reported the nation’s crude stockpiles fell by 5.9 million barrels last week, surprising investors who had expected a slight buildup in inventories. But analysts questioned how much mileage bulls can get out of the data.
“A one week’s drop in crude-oil inventory is not a very positive thing for the markets as fundamentally it is still oversupplied,” said Alex Poon, a Hong Kong-based trader at Admis. “I don’t think this will change the downtrend in crude-oil prices.”
Shares of Marathon Oil Corporation (NYSE:MRO) traded down -0.21% during last trading session, reaching $ 13.93. The stock has a 52 week low of $12.11 and a 52 week high of $30.82. The company has a market cap of $ 9.43B. The P/S ratio is 1.35 and P/B ratio 0.49. The beta value is 1.93 The stock’s RSI amounts to 41.54.
In the last trading session, Chesapeake Energy Corporation (NYSE:CHK)’s price moved -55.55% above its 200 day moving average. The stock is currently trading -25.77% down its SMA 50. The worst hit in its 52 week range is $3.56 per share, with $ 21.36 being the 52 week best price, which compares with a latest closing price of $4.45. The Beta of this stock is 1.37.
CONSOL Energy Inc. (NYSE:CNX) has a market value of $1.98B. It employs 3834 people, over the last 12 months has generated revenue of $2.91B and has a net income of $-331.60M. The firm’s operating margin is-25.70% and net profit margin -11.40%.The latest closing price of $8.65 was up 7.05% from the 50-day moving average.
For Southwestern Energy Company (NYSE:SWN), a return on equity of -39.70% was realized due to the financial situation. Last twelve months earnings per share reached a value of $-5.75. The stock closed at $6.71 up -0.67% from previous close and at a distance of -4.02 % from 20-day simple moving average.