NEW YORK (TheStreet) -- Shares of Denbury Resources (DNR) are lower by 2.01% to $6.82 in early afternoon trading on Wednesday, as some energy related stocks take a hit from the sudden retreat in oil prices, following the release of weekly U.S. oil and fuel data.
Crude oil (WTI) is falling by 1.10% to $59.31 per barrel and Brent crude is slipping by 1% to $63.08 per barrel this afternoon, according to the CNBC.com index.
Data from the Energy Information Administration showed crude stocks fell by 2.7 million barrels and gasoline stocks grew by 460,000 barrels, The Wall Street Journal reports.
"U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years," the EIA said.
Data released by the America Petroleum Institute on Tuesday expressed that the organization's own survey showed a 2.9 million barrel decline in inventories for crude oil and refined gas. That exceeded the forecast for a 1.3 million barrel decline by analysts polled by The Journal.
"The market was all geared up because of the API report with the exceptional gasoline demand number. When we failed to live up to that expectation, it put a damper on the entire report," Phil Flynn, an account executive at Price Futures Group, told The Journal.
Separately, TheStreet Ratings team rates DENBURY RESOURCES INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation: