The world’s foremost oil cartel has become more pessimistic about demand for the commodity in the years ahead, but remains upbeat on the prospects of a rally in price.
The Organisation of the Petroleum Exporting Countries (Opec) said in an annual update that it expected demand for oil to rise by over 18m barrels a day, to 109.8m barrels per day by 2040. However, this is 1.3m lower than Opec had pencilled in a year ago.
Nonetheless, the cartel considers the recent collapse in oil prices to be a temporary affair. The price of a barrel of Brent crude has fallen from around $115 (£77) in July 2014 to 11-year lows of just over $36 in the last week.
Opec forecasts that oil prices will recover to $70 a barrel after adjusting for inflation by 2020, and will continue moving higher, to some $95 a barrel by 2040.
Chesapeake Energy Corporation (NYSE:CHK), share price increased in the last trading session with a previous 52-week high of $21.36 The stock traded at a volume of 29,041,314 shares at a price gain of 10.55% .The share price is now down -43.30% for the past three months. Latest closing price was -27.47% /below its 50-day moving average and -56.26% below its 200-day moving average.
While trading, Southwestern Energy Company (NYSE:SWN) jumped 14.12% at the end of recent close. Its previous 52-week high was $29.61trading at a volume of 24,278,245. Shares have fallen -71.29%over the trailing 6 months. The stock is currently trading -5.74% below its SMA 50 and -63.29% below its SMA 200.
Denbury Resources Inc. (NYSE:DNR) closed at $2.47, up 21.8% from previous close and at a distance of -11.85%from 20-day simple moving average. Over the last 12 months, a return on equity of -70.40 percent was realized due to the financial situation and earnings per share reached a value of $-8.96.