NEW YORK (TheStreet) -- Shares of Sanchez Energy (SN) are trading lower by 1.09% to $9.05 on heavy volume Thursday afternoon as oil prices continue to tumble, reversing their gains from this morning's rally.
Global crude prices are falling, a day after a short-lived surge from the morning, as investors worry about a global supply glut, CNBC reports.
Traders also cited a Bloomberg report that a Nigerian port workers union had suspended a strike, CNBC added. The stoppage was aimed at curbing local fuel supply and exports, Bloomberg reports.
Brent crude for February delivery is down 2.3% to $59.77 a barrel as of 3:04 p.m. ET today, after trading as high as $63.70 earlier in the morning.
WTI Crude for January delivery, which expires after Friday's settlement, is lower by 2.94% to $54.81 a barrel as of 3:03 p.m. ET, off a session-high of $58.73.
Houston, TX-based Sanchez Energy is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources in the onshore U.S. Gulf Coast.
About 5.92 million shares of Sanchez Energy have traded hands as of 3:12 p.m. ET, compared to its average trading volume of 3.9 million shares a day.
Separately, TheStreet Ratings team rates SANCHEZ ENERGY CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation: