Crude oil (WTI) is down 1.93% to $42.09 per barrel and Brent crude is falling 2.85% to $43.59 per barrel.
Oil prices are declining after a surprise update on U.S. crude inventories. The U.S. Energy Information Administration released data today showing that crude stockpiles rose by 1.7 million barrels for the week ending July 22, soaring above analysts' estimates of a 2.3 million-barrel decline.
Gasoline inventories grew by 452,000 barrels, compared with estimates of a 40,000-barrel rise.
The Fed also decided to keep interest rates unchanged this afternoon, which has strengthened the dollar and put additional pressure on oil.
However, the World Bank issued an updated forecast for crude oil prices for the year today, bringing estimates up to $43 per barrel from a previous $41 per barrel forecast released in April. The bank cited supply disruptions in May and June that removed up to 2.5 million barrels from production daily as heavily impacting its update, CNBC reports.
Southwestern Energy (SWN) is a Spring, TX-based independent energy company.
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 rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: SWN