Oil Falls Near Eight-Week Low

Source: Bloomberg, Margot Habiby (1/25/11)

"Crude has dropped for six days since settling at a 27-month high."

Crude oil fell to its lowest level in almost eight weeks on signals that the economies of the U.S. and the U.K. are struggling to recover.

Oil tumbled as much as 1.8% as U.S. residential real estate prices declined by the most in a year in November in a S&P/Case Shiller report and U.K. gross domestic product unexpectedly shrank in the fourth quarter. Crude has dropped for six days since settling at a 27-month high of $91.86 on Jan. 12.

"The unexpected contraction of the U.K. GDP is the big news today," said Tom Bentz, a broker with BNP Paribas Commodity Futures in New York. The U.S. housing number "is another bearish signal on top of a market that's already under pressure."

Oil for March delivery declined $1.32, or 1.5%, to $86.55 a barrel at 11:24 a.m. on the New York Mercantile Exchange. Earlier, it touched $86.30, the lowest price since Dec. 2. Futures are down 5.3% this month and have risen 15% in the past year.

The S&P/Case Shiller index of home values in 20 U.S. cities fell 1.6% from November the prior year, the biggest 12-month decrease since December 2009, the group said today in New York.

Britain's economy contracted the most in more than a year as construction slumped and the coldest December in a century hampered services and retailing. GDP fell 0.5% after increasing 0.7% in the previous quarter, the Office for National Statistics said in London today.

The median forecast in a Bloomberg survey of 33 economists was for an increase of 0.5%.

Brent crude for March settlement slid $1.07, or 1.1%, to $95.54 a barrel on the London-based ICE Futures Europe exchange.

Option Partner to Continue Operations at Energy Firm's Texas Oil & Gas Project
Source: Streetwise Reports (01/23/2021)

The efforts will meet Torchlight Energy Resources' development requirements at Hazel.

Target Price Raised on Energy Firm Making 'Transformative Acquisition'
Source: Streetwise Reports (01/06/2021)

The terms and benefits of Earthstone Energy's purchase of an oil and gas company, an "eye-catching act of deal making," are presented in a ROTH Capital Partners report.

Energy Firm to Combine with Materials, Nanocomposites Company
Source: Streetwise Reports (12/16/2020)

Torchlight Energy Resources sees the transaction providing its shareholders "access to the multibillion-dollar markets that Metamaterial serves."

Oil & Gas Producer Reports on Thailand Operations
Source: Streetwise Reports (12/02/2020)

Pan Orient Energy Corp. reports on continuing drill operations in Thailand.

Energy Company Boosts Thailand Oil Production, Offers 'Low Risk Production Growth'
Source: Streetwise Reports (11/19/2020)

The highlights of Pan Orient Energy's third quarter are presented in a Mackie Research Capital Corp. report.

Texas Oil & Gas Firm to Sell Its Stake in Delaware Basin Project
Source: Streetwise Reports (11/18/2020)

For its interest, Torchlight Energy Resources is to receive $350,000.

Oil & Gas Firm Reports Q3 Operational, Financial Results
Source: Streetwise Reports (11/16/2020)

Pan Orient Energy and its joint venture partner continue producing and selling oil from its L53 Concession in Thailand, which are funding ongoing exploration work there.

Texas Oil & Gas Explorer Completes Fracking of Midland Basin Well
Source: Streetwise Reports (11/11/2020)

The next step for Torchlight Energy's well at Hazel is flowback, which is to start next week.

Altus Midstream Shares Flow Higher on Q3 Earnings and Plans for $1.50/Share Dividend in Q1/21
Source: Streetwise Reports (11/05/2020)

Shares of Altus Midstream Co. traded 170% higher after the firm reported Q3/20 financial results and announced plans to pay a quarterly dividend of $1.50 per share beginning in March 2021.