WTO crude oil for July delivery was down 1.1% to $59.33 a barrel Wednesday afternoon and Brent crude oil for August delivery was down 1% to $63.04 a barrel.
Oil prices were falling Wednesday after the U.S. Energy Information Administration's weekly report said that U.S. crude inventories fell by 2.7 million barrels and gasoline stocks grew by 460,000 barrels in the week ending June 12, 2015. Analysts surveyed by Reuters expected crude inventories to fall by 1.7 million barrels and gasoline stocks to fall by 314,000 barrels.
The EIA said that "U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years," in its weekly report.
About 5.9 million shares of Goodrich Petroleum were traded by 1:02 p.m. Wednesday, above the company's average trading volume of about 2.7 million shares a day.
TheStreet Ratings team rates GOODRICH PETROLEUM CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOODRICH PETROLEUM CORP (GDP) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."