At the moment that the plunge in oil seems to be resolving, and February was the first month since last summer when West Texas Intermediate (WTI) ended the month up, most of the damage seems to be priced in. With the large integrated and the big exploration and production companies slicing capital expenditure budgets, oil rigs are now sitting idle across America for the first time in years.
In energy trading, the price of U.S. oil dipped on a stronger dollar, as that makes oil, which is priced in dollars around the world, more costly to holders of foreign currencies.
Oil and gas sector also remained active with Pakistan State Oil (PSO) gaining 2.5 percent due to slight recovery in the global oil prices.
Fuel distributors need to reduce their inventories of winter-grade gasoline this month so that they can make room for summer-grade gasoline, analysts said. Oil prices fell due to concerns about ample supplies and a stronger dollar.
Light, sweet oil for April delivery dropped down 77 cents, or 1.5%, to $50.76 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, dipped 7 cents, or 0.1%, to $60.48 a barrel on ICE Futures Europe.
Crude oil prices have tumbled further since late last year, oil exploration and production stocks started trading higher.
Antero Resources Corp., (NYSE:AR), dropped -0.35 at $37.01. Antero Resources Corporation (AR) declared the pricing of its private placement to eligible purchasers of $750 million in aggregate principal amount of 5.625% senior unsecured notes due June 2023 at par. The offering is anticipated to close on March 17, 2015, subject to customary closing conditions.
Atwood Oceanics, Inc.(NYSE:ATW) dropped -0.52% at $30.36. Atwood Oceanics, Inc. (ATW) declared recently that its board of directors has declared a quarterly cash dividend of $0.25 per share of ordinary stock, payable on April 9, 2015 to shareholders of record as of 5:00 p.m., New York City time, on April 2, 2015.
BreitBurn Energy Partners L.P.(NASDAQ:BBEP) declined -2.47% at $7.47. Breitburn Energy Partners LP (BBEP) declared financial and operating results for the fourth quarter and full year 2014.
Closed on the acquisitions of QR Energy and strategic bolt-on acreage in the Permian Basin for approximately $2.7 billion, including debt assumed.
Total estimated proved reserves as of December 31, 2014, were 315.3 million Boe contrast to 214.3 million Boe as of December 31, 2013, a 47% increase.
Bill Barrett Corporation (NYSE:BBG), decreased -3.65% at $9.77. Stated 2014 results and declared the 2015 Operating Plan and Strategy.
Total production in 2014 of 9.1 MMBoe, as formerly reported
Production raised 29% over 2013, pro forma for asset sales
Year-end 2014 proved reserves of 122 MMBoe, proved, probable and possible (3P) reserves of 477 MMBoe
Europes stock markets have diverged in opening deals, as investors cautiously await key US non-farm payrolls data. The euro meanwhile held near 11-year US dollar lows, hit on Thursday by the ECB news.
U.S. bonds offer superior yields in the developed world, and a rising dollar adds to the allure. The dollar soared to the highest level against the euro in more than a decade on Thursday. Bond prices dropped down. The yield on the 10-year Treasury note rose to 2.13 percent.