Thestreet.com
0
All posts from Thestreet.com
Thestreet.com in Thestreet.com,

Southwestern Energy (SWN) Stock Tumbles on Falling Oil Prices

NEW YORK (TheStreet) -- Southwestern Energy (SWN - Get Report) stock is decreasing by 6.14% to $13.30 in afternoon trading on Wednesday, after oil prices slipped on higher U.S. crude oil production.

WTI crude is down 3.69% to $44.65 per barrel, while Brent crude is falling 2.53% to $47.84 per barrel this afternoon, according to the CNBC.com index.

U.S. crude oil output increased to 9.14 million barrels per day last week, up from 9.12 million barrels the previous week, according to the U.S. Energy Information Administration.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks with serious upside potential in the next 12-months. Learn more.

Total motor gasoline inventories rose by 1.4 million barrels last week, while analysts surveyed by Reuters estimated an increase of 819,000 barrels.

U.S. crude stockpiles, however, fell by 1.9 million barrels to 454 million barrels, more than the estimated decline of 533,000 barrels.

Stockpiles are at their highest for the past 80 years, but the decline shows that the domestic oil market is balancing out after continuous low prices, Reuters...


More