Oil prices ended the final trading session of 2015 by posting an annual drop of 31%. On the other hand, natural gas continued its rebound from multi-year lows but was still down 19% in 2015.
On the news front, ConocoPhillips (COP – Analyst Report) and NuStar Energy L.P. (NS – Analyst Report) claimed to have loaded the first export cargo of domestic crude oil following recent lifting of the 40-year federal ban.
Overall, it was a mixed week for the sector. While West Texas Intermediate (WTI) crude futures slumped 23% to close at $37.04 per barrel, natural gas prices soared 12% to $2.337 per million Btu (MMBtu). (See the last ‘Oil & Gas Stock Roundup’ here: Shell Cuts 2016 Budget, Chevron Axes 1200 Jobs.)
Oil prices fell in reaction to the U.S. Energy Department’s latest inventory release that showed a surprise increase in stockpiles. Crude received a further jolt after Saudi Arabia said that it won’t limit oil production and is ready to meet any additional demand. For the full article click here
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