The price of oil slide deep in the reds at the beginning of the month of August, it went down to bright multi month lower levels on Monday accompanied by a tolerable level of supply and demand data adding to the market’s dull disposition.
The activities of manufacturing companies in China fell to a 2 year short on a low slide, with reference to data issued on Monday, and showed obscurity in the order position for the second biggest purchaser of the world’s oil. However, the volume of oil rigs rose sharply in the United State as reported last week, giving rise to awareness and concerns over the issue that there could be a likely surplus delivery into the market which may not abate soon.
“We may likely witness the potentials of a 2nd half year price spring back and going up and it is obvious that the current danger of price review, the earlier lows of the year”, according to David Hufton, a member of the oil brokerage named PVM.
Subsequently, Monday witness the Brent (crude oil), the world oil benchmark, trading close to its lowest level, since early January declining 2.2% to $51.08 per barrel in London’s ICE Future exchange rates. New York Mercantile Exchange, West Texas Intermediate future were respectively trading close levels which has not been experienced since March this year, declining 1.6% at $46.36 per barrel of oil.
The Caixin manufacturing purchasing managers’ statistics in China, a measure of the countries manufacturing operations, declined to 47.8 in July 2015 from 49.4 in June, 2015, the minimal level of the statistics since year 2013. A limit below 50 shows a reduction in activities.
Mr. Hufton reported that the month of July has been a terrible month for the commodities and he believes we should let it be, and show more concern about the situations of the Chinese economy.
The performance of the entry of oil into the market last months was recorded at WTI shedding 21% of its rate and Brent lost 18% optimism previously in the year, that the excess supplied the world market will balance subsequently in the year disappeared in penultimate weeks in the midst of continuous United States output and statistics recorded in manufacturing from contemporary major suppliers.
On Friday Organization of Petroleum Exporting Countries through its secretary general of the organization, Abdullah El-Badri, in a statement said the group is not ready to cut supplies in response to declining prices in the market which is currently at about 30 million barrels per day despite excess supply that has bedeviled the market.
EP Energy Corp (NYSE:EPE), The company’s share price reduced in the concluding trade session with an initial 52-week soaring of $20.85. The company stock traded on above medium volume. The Volume of 3.640 million shares was traded at a loss price of -7.82%. EP Energy Corp shares has now declined -44.97% in the last 3 months. The recent closing price stood at -28.51% beneath its 50 day accelerating averagely and -29.25% beneath its 200-day shifting on the average.
Linn Energy LLC (NASDAQ:LINE), the company however was trading at a higher volume than average but declined by -15.13% at the concluding stage. The initial 52-weeks soaring was $28.54 and subsequently declined at -84.93% at the stretch of the same time, the company traded 14.044 million in volume. The company shares has dropped -58.35% in the last six months. The company stock is presently standing at -54.96% beneath its SMA 50 and -67.91% beneath its SMA 200.
Memorial Production Partners LP (NASDAQ:MEMP), the company ended on a closed price of $10.44, declining by -0.53 points or -4.83% from its initial conclusion at a mile of about -19.91% from 20-day easy accelerating averagely. In the past 12 months, a turnover on equity stood at -4.70% was achieved as a result of the financial conditions and income per share attained at a value of -$0.20. In the recently concluded financial year, $2.20 has been disbursed as dividends to dealers and investors.
Baytex Energy Corp (NYSE:BTE): surprisingly the prices of shares declined in the closing trading session with an initial 52 weeks soaring at the rate of $42.12. Trading stock was at a little above average in volume. The company stock traded at 2.320 million volume of shares at a loss price of -7.18%. The price of share has now dropped by -55.09% in the last 3 months. The recent close price stood at -42.20% beneath the company’s 50-day accelerating averagely at -51.85% beneath its 200-day average movement.
California Resources Corp (NYSE:CRC) trading declined by -7.64% despite trading at volume less than average at the closing session. Its earlier 52 week soaring which stood at $9.85, traded 5.441million volumes of shares. The company has witnessed a decline in share values at -17.17% in the last 6 months. The company’s stock is presently traded -34.39% beneath its SMA 50 and -37.81% beneath its SMA 200.
Denbury Resources Inc. (NYSE:DNR) ended its session at $3.94, declining by -0.23 points or -5.52% from earlier closing and at a mile of -16.97% from 20-day ordinary stepping averagely. In the last 1 year, a turn over on equity of 8.60 % was achieved as a result of the financial conditions and incomes per share attained in the value of $1.34. In the recent financial year, $0.25 has been disbursed as dividends to investors. Incomes are estimated to decline at -93.97% in the coming year.