VET - Shale Oil Stocks Get Smashed Today by This Bad News
Shares of oil producers with heavy exposure to North America's shale resources are taking it on the chin once again. Matador Resources (NYSE: MTDR), Continental Resources (NYSE: CLR), SM Energy (NYSE: SM), and Vermilion Energy (NYSE: VET) all saw their stocks close down between 4% and 17% today, with all four losing more than 10% at some point during trading.
Source: Yahoo! Finance.
Today's nosedive for these shale drillers came courtesy of more bad news on the storage and demand front. According to the U.S. Energy Information Administration, U.S. crude oil inventories increased by 19.2 million barrels over the past week, to a total of 503.6 million barrels. Refined fuels inventories also continue to increase, with gasoline up 5 million barrels.