NEW YORK (TheStreet) -- Shares of Whiting Petroleum (WLL) are slipping by 1.15% to $35.34 in late afternoon trading on Wednesday, as the decline in oil prices brings some energy and related stocks down today.
The commodity is falling after data from the Energy Information Administration showed an unexpected rise in gasoline stocks, but a greater than expected decline in U.S. crude inventories, Reuters reports.
Gasoline stocks increased by 680,000 barrels last week. Analysts polled by Reuters had forecast for a 304,000-barrel drop.
Crude inventories declined by 4.9 million barrels last week, while analysts were expecting a 2.1 million barrel reduction.
Crude oil (WTI) is falling by 1.21% to $60.27 per barrel and Brent crude is retreating by 1.46% to $63.51 per barrel this afternoon, according to the CNBC.com index.
Whiting Petroleum is a Denver, CO.-based independent oil and gas company.
Insight from TheStreet Research Team:
Whiting Petroleum is a core holding of David Peltier's Stocks Under $10 Portfolio. During the most recent weekly round up here is what Dave had to say about it:
The company explores for oil and gas in the Permian Basin, Williston Basin and Green River Basin. The stock rebounded more than 2% this week, as Whiting was upgraded on Wednesday to Buy from Neutral. We believe that management can boost production in the coming quarters while keeping a tight lid on costs.
-David Peltier 'Stocks Under $10 Weekly Round Up' Originally Published on Stocks Under $10 on June 19, 2015.