NEW YORK (TheStreet) -- Shares of Golar LNG Limited (GLNG) are down by 3.84% to $34.34 in mid-afternoon trading on Monday, as oil prices slump as investors realize disruptions in Libya will not offset the global supply glut, Reuters reports.
Crude oil for February delivery is lower by 1.97% to $53.65 per barrel on the NYMEX this afternoon.
Oil prices rose earlier today as investors felt the global oversupply would be reduced, as damage from fires in Libya are keeping the country's two largest ports, Es Sider and Ras Lanuf, closed, Reuters added.
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Oil tanks at Es Sider have been on fire for five days, Reuters said, after one of the tanks was hit by a rocket.
Almost 850,000 barrels of oil were lost as a result of the fires, but Libya is now producing about 350,000 barrels of crude per day, the same levels as last week, Bloomberg reports.
Speaking with Bloomberg today, National Oil spokesman Mohammed Elharari said that "three fires are burning and three others have been put out," at Es Sider.
Separately, TheStreet Ratings team rates GOLAR LNG LTD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOLAR LNG LTD (GLNG) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and feeble growth in the company's earnings per share."