NEW YORK (TheStreet) -- Energy Transfer Partners (ETP) shares are under pressure, down by 3.10% to $34.33 in early afternoon trading on Monday, from falling oil prices after a Reuters survey showed an increase in crude output by the Organization of the Petroleum Exporting Countries (OPEC).
In April, crude output by OPEC rose to 32.65 million barrels a day, close to the highest level in recent history, Reuters noted.
This reinforced concerns about the global supply glut despite oil prices seeing gains in the past three months.
Crude oil (WTI) is retreating by 1.13% to $45.40 per barrel and Brent crude is slumping by 1.63% to $46.60 per barrel.
Based in Dallas, Energy Transfer Partners engages in the natural gas midstream, and intrastate transportation and storage businesses in the U.S.
TheStreet's Chris Versace and Bob Lang of Trifecta Stocks have identified Energy Transfer Partners as the "Chart of the Day." Here is what Versace and Lang had to say about the company:
Crude oil has been on a roll in 2016, up more than 25% for the first four months of the year. At this pace, we could see this at $70 by end of the year, but of course that is unlikely.
Given the big move in crude, we have seen other energy names pop strongly this year, and Energy Transfer Partners is one of the better movers.
The big W formed in the first two months of the year was exceeded and now a nice, tight upward channel exists. The %R just gave a nice pullback entry (arrow), volume trends are positive, but the stock is just below some resistance at the 200-day moving average.
If crude continues higher, this one will move higher as well; play within the channel (buy the bottom, sell the top).
