Natural gas stocks have experienced a sharp decline in the past month as prices have continued to decline on rising inventories and falling demand. The United States Natural Gas Fund, LP (NYSEARCA: UNG) has fallen nearly 15 percent in the past month. On Friday, the U.S. Energy Information Administration reported that utilities’ consumption of natural gas in April declined 22 percent year-over-year, while natural gas output in the lower 48 U.S. states increased 1.2 percent year-over-year. Natural gas futures have fallen approximately 20 percent from its 20-month high in April.
Chesapeake Energy Corporation (NYSE: CHK) shares traded in the range of $20.14 to $20.57 Friday before settling to close at $20.38, a decrease of 0.97 percent. The stock appears to be facing resistance at the $20.56 and $21.06 levels with some support at $19.98. Shares of Chesapeake Energy have fallen approximately 9.75 percent in the past month.
More information on Chesapeake Energy and access to the free equity report can be found at: www.WallStreetFundamentals.com/CHK
Devon Energy Corp. (NYSE: DVN) shares traded in the range of $51.67 to $52.45 Friday before settling to close at $51.88, a decrease of 0.92 percent. The stock appears to be facing resistance at the $52.80 and $53.61 levels with some support at $51.44. Shares of Devon Energy have fallen approximately 11.5 percent in the past month.
More information on Devon Energy and access to the free equity report can be found at: www.WallStreetFundamentals.com/DVN
Encana Corporation (NYSE: ECA)(TSX: ECA) shares traded in the range of $16.74 to $17.05 Friday before settling to close at $16.94, a decrease of 0.24 percent. The stock appears to be facing resistance at the $17.09 and $17.51 levels. Shares of Encana have fallen approximately 26.3 percent in the past month.
More information on Encana and access to the free equity report can be found at: www.WallStreetFundamentals.com/ECA
SandRidge Energy Inc. (NYSE: SD) shares traded in the range of $4.68 to $4.81 Friday before settling to close at $4.76 a share, a decrease of 0.21 percent. The stock appears to be facing resistance at the $4.86 and $5.08 levels with some support at $4.67. Shares of SandRidge Energy have fallen approximately 7.2 percent in the past month.
More information on SandRidge Energy and access to the free equity report can be found at: www.WallStreetFundamentals.com/SD
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