Whiting Petroleum (WLL) Stock Retreating on Lower Oil Prices

Whiting Petroleum (WLL) stock is trading lower this morning after oil prices fell by almost 2% on Monday.
By Natalie Walters ,

NEW YORK (TheStreet) -- Shares of Whiting Petroleum (WLL) - Get Report are down 0.23% to $8.50 on Monday morning, reflecting today's retreating oil prices. 

The 2% drop in oil prices comes as investors look toward "bearish fundamentals," despite the coup attempt in Turkey, Reuters reports. 

"The market is looking past the coup," Ric Spooner, CMC Markets' chief market analyst, told Reuters.

Morgan Stanley released a report saying that demand for crude could be hurt by a preference for petrochemicals. 

"A rapid rise of non-petroleum products is boosting total product demand, but this is unhelpful for crude oil," the report states. "Based on the latest data, even our tepid 800,000 barrels per day growth estimate for global crude runs looks too high."

The Intercontinental Exchange showed investors cut net long positions on Brent by 8,899 to 303,371, Reuters said. 

Crude oil (WTI) is lower by 1.98% to $45.04 per barrel and Brent crude is falling 2.08% to $46.62 per barrel this morning.

Whiting Petroleum is a Denver-based independent oil and gas company that focuses on development, production, acquisition and exploration activities.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate WHITING PETROLEUM CORP as a Sell with a ratings score of D. This is driven by multiple weaknesses, 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 generally high debt management risk, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and deteriorating net income.

You can view the full analysis from the report here: WLL

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