Denbury Resources Tumbles Amid Low Oil Prices on Bleak 2015 Demand

Shares of Denbury Resources (DNR) fell sharply along with other energy stocks, after OPEC lowered its 2015 global demand forecast for its oil, making it TheStreet's Move of the Day. In a monthly report, the Organization of Petroleum Exporting Countries forecast demand for the group's oil will drop to 28.92 million barrels a day in 2015, which is lower by 280,000 barrels from its previous estimate. The report follows OPEC's decision last month to maintain its output ceiling instead of cutting production to raise prices. Energy stocks including Denbury Resources faced more pressure, as data from the Energy Information Administration showed U.S. commercial crude inventories climbed by 1.5 million barrels last week, while analysts expected a draw down of 2.2 million barrels.