On Tuesday, oil prices dropped below $103 a barrel for the first time since the beginning of August as tensions between the U.S. and the Middle East eased. "Supply-side concerns appear be diminishing. A military action against Syria looks increasingly unlikely, while the new Iranian president has signaled his willingness to negotiate over Tehran's nuclear program," said Fawad Razaqzada, Technical Analyst at GFT Global Markets. According to Commerzbank analysts, Iran is looking to have Western sanctions eased, which have cause Iran’s oil exports to fall from 2.5 million barrels in 2011 to 1.2 million.
Apache Corporation (NYSE: APA) shares traded in the range of $86.57 to $87.88 Tuesday before settling to close at $87.00, a decrease of 0.42 percent. The stock appears to be facing some resistance at the $87.17 and $92.63 levels with some support at $85.58. Shares of Apache have gained approximately 10.0 percent in 2013.
More information on Apache and access to the free equity report can be found at:
www.WallStreetFundamentals.com/APA
Cabot Oil & Gas Corporation (NYSE: COG) shares traded in the range of $36.63 to $37.48 Tuesday before settling to close at $36.73, a decrease of 1.40 percent. The stock appears to be facing some resistance at the $36.75 and $37.45 levels with some support at $36.27. Shares of Cabot Oil & Gas have gained approximately 47.0 percent in 2013.
More information on Cabot Oil & Gas and access to the free equity report can be found at:
www.WallStreetFundamentals.com/COG
Penn West Petroleum Ltd. (NYSE: PWE)(TSX: PWT) shares traded in the range of $11.20 to $11.40 Tuesday before settling to close at $11.22, a decrease of 1.06 percent. The stock appears to be facing some resistance at the $11.56 and $12.33 levels with some support at $11.07. Shares of Penn West Petroleum have gained approximately 3.3 percent in 2013.
More information on Penn West Petroleum and access to the free equity report can be found at:
www.WallStreetFundamentals.com/PWE
Sanchez Energy Corp. (NYSE: SN) shares traded in the range of $26.12 to $26.93 Tuesday before settling to close at $26.44, a decrease of 0.83 percent. The stock appears to have some support at the $26.29, $25.39 and $24.40 levels. Shares of Sanchez Energy have gained approximately 47.0 percent year-to-date.
More information on Sanchez Energy and access to the free equity report can be found at:
www.WallStreetFundamentals.com/SN
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