Comstock Oil and Gas
NEW YORK (TheStreet) - Comstock Resources (CRK - Get Report ) stock is decreasing by 11.46% to $2.86 after U.S. crude oil prices fell under $43 a barrel on a stronger dollar and fears of increasing stockpiles.
WTI crude is down 2.47% to $42.23 per barrel, while Brent crude is down 1.59% to $48.87 per barrel, according to the CNBC.com index.
The dollar rose after U.S. retail sales recovered in July and weekly jobless claims decreased, Reuters reports.
Even though U.S. oil production has fallen recently, stockpiles may rise after a BP (BP ) refinery was shut down due to malfunctions.
"The BP mishap could result in a backup in inventories in both Patoka [Illinois] and Cushing [Oklahoma] and result in a build in Cushing crude oil inventories in the coming weeks, " consultant Dominick Chirichella said to Reuters.
Separately, TheStreet Ratings team rates COMSTOCK RESOURCES INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate COMSTOCK RESOURCES INC (CRK) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally high debt management risk and generally disappointing historical performance in the stock itself."
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Gas, Oil, and Water Production from Grand Valley, Parachute, Rulison, and Mamm Creek Fields in the Piceance Basin, Colorado: Open-File Report 2010-1110 Book (BiblioGov) |
What technologies will drive deep water oil and gas production?
Better blind-shear rams and more reliable Blowout Preventers (BOPs). These are the devices that act as the last line of defense against an oil spill while drilling. Since the Deepwater Horizon accident, subsea well containment is now the most important subject in deepwater oil exploration.
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