Phil Flynn is writer of The Energy Report, a daily market commentary discussing oil, the Middle East, American government, economics, and their effects on the world's energies markets, as well as other commodity markets. Contact Mr. Flynn at (888) 264-5665
[Rob Curran, Fox Business]
Shares of energy producers fell alongside oil futures after a surprise buildup in U.S. oil supplies.
Crude-oil stockpiles rose by 1.9 million barrels to 459 million barrels and are still in the upper half of the average range for this time of year, the EIA said, contrary to analysts’ predictions of a retreat in stockpiles.
The rally in oil prices left futures “extremely overbought with a record amount of hedge fund and large speculators long,” making the market ripe for a selloff, said Phil Flynn, senior market analyst at Price Futures Group, in a note to clients.
Independent driller SandRidge Energy reached a deal to buy Bonanza Creek Energy for $746 million in cash and stock.
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