On Friday, oil prices broke a five session slide on strong industrial output growth from China and a warning of supply shortages from Libya and Iraq from the International Energy Agency. China's National Bureau of Statistics reported a 9.7 percent year-over-year increase in industrial output for July, up from 8.9 percent in June. According to data from Chinese customs authorities, China’s imports of crude oil in July totaled 26.11 million metric tons, an increase of 20 percent when compared to a year ago. Additionally, the IEA reported demand for the Organization of the Petroleum Exporting Countries' oil is expected to be 29.8 million barrels a day this year, an increase of 200,000 barrels from its previous estimate. The IEA has stated that "continued supply outages in Iraq and Libya...may reduce the group's output in coming months."
Denbury Resources Inc. (NYSE: DNR) shares traded in the range of $17.13 to $17.57 Friday before settling to close at $17.52, an increase of 1.10 percent. The stock appears to be facing resistance at the $17.63 and $17.80 levels with some support at $17.51. Shares of Denbury Resources have gained approximately 8.0 percent in 2013.
More information on Denbury Resources and access to the free equity report can be found at:
www.WallStreetFundamentals.com/DNR
Magnum Hunter Resources Corp. (NYSE: MHR) shares traded in the range of $3.86 to $4.16 Friday before settling to close at $4.15, an increase of 1.47 percent. The stock appears to be facing resistance at the $4.21 and $4.33 levels with some support at $4.04. Shares of Magnum Hunter Resources have gained approximately 4.0 percent in 2013.
More information on Magnum Hunter Resources and access to the free equity report can be found at:
www.WallStreetFundamentals.com/MHR
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) shares traded in the range of $19.77 to $20.25 Friday before settling to close at $20.09, an increase of 0.60 percent. The stock appears to be facing resistance at the $20.21 and $20.81 levels with some support at $19.67. Shares of Patterson-UTI Energy have gained approximately 7.8 percent in 2013.
More information on Patterson-UTI Energy and access to the free equity report can be found at:
www.WallStreetFundamentals.com/PTEN
Penn West Petroleum Ltd. (NYSE: PWE) (TSX: PWT) shares traded in the range of $11.78 to $12.43 Friday before settling to close at $12.33, an increase of 4.14 percent. The stock appears to be facing resistance at $12.81 with some support at the $11.97 and $11.68 levels. Shares of Penn West Petroleum have gained approximately 13.5 percent in 2013.
More information on Penn West Petroleum and access to the free equity report can be found at:
www.WallStreetFundamentals.com/PWE
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