Oil prices reached a new 2014 high as forecasts for cold weather have boosted demand for heating-related fuels. WTI for March delivery closed at $103.31 a barrel on the New York Mercantile Exchange, the highest seen since October 8th. "At the margin, weather is driving demand for heating-related fuels," said Tim Evans, an analyst at Citigroup. "This is a market that really does look physically tight." Additionally, a survey conducted from Bloomberg forecasts inventories at Cushing, Oklahoma to drop for the third consecutive week. Here is how some Oil & Gas stocks reacted Wednesday:
Basic Energy Services, Inc. (NYSE: BAS) shares traded in the range of $19.40 to $20.40 Wednesday before settling to close at $20.00, an increase of 1.88 percent. The stock appears have some support at the $19.39, $17.81 and $16.55 levels. Shares of Basic Energy Services have gained approximately 5.0 percent year-to-date.
More information on Basic Energy Services and access to the free equity report can be found at: www.WallStreetFundamentals.com/BAS
Denbury Resources Inc. (NYSE: DNR) shares traded in the range of $16.15 to $16.35 Wednesday before settling to close at $16.19. The stock appears to be facing some resistance at the $16.57 and $16.73 levels with some support at $16.14 and $15.61. Shares of Denbury Resources have fallen approximately 1.5 percent year-to-date.
More information on Denbury Resources and access to the free equity report can be found at: www.WallStreetFundamentals.com/DNR
Enerplus Corp. (NYSE: ERF)(TSX: ERF) shares traded in the range of $19.70 to $19.98 Wednesday before settling to close at $19.86, an increase of 0.05 percent. The stock appears to be facing some resistance at $20.02 with some support at the $19.69 and $18.59 levels. Shares of Enerplus have gained approximately 9.0 percent year-to-date.
More information on Enerplus and access to the free equity report can be found at: www.WallStreetFundamentals.com/ERF
Key Energy Services, Inc. (NYSE: KEG) shares traded in the range of $8.30 to $8.65 Wednesday before settling to close at $8.39, an increase of 1.08 percent. The stock appears to be facing some resistance at $8.88 with some support at the $8.10 and $7.93 levels. Shares of Key Energy Services have gained approximately 6.0 percent year-to-date.
More information on Key Energy Services and access to the free equity report can be found at: www.WallStreetFundamentals.com/KEG
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