NEW YORK, NY / ACCESSWIRE / June 22, 2017 / The Dow Jones Industrial Average and the S&P 500 Index continued to be dragged down by sliding oil prices Wednesday, while strong performances from the Biotech and Technology sectors pushed the NASDAQ Composite Index higher. The Dow Jones and the S&P 500 Index posted losses of 0.27 percent and 0.06 percent, respectively. The NASDAQ rose 0.74 percent to close at 6,233.95. U.S. crude futures hit a low of $42.13 before settling to close at $42.53 a barrel, a decrease of 1.62 percent.

"The market wants proof that OPEC cuts are shifting petroleum balances, and it's not getting it. Crude prices are now on the hunt to find the stress point for the U.S. producers and we're not there yet," said Anthony Headrick, Energy Market Analyst at CHS Hedging LLC in Inver Grove Heights, Minnesota.

RDI Initiates Coverage on:

Transocean Ltd.
https://ub.rdinvesting.com/news/?ticker=RIG

Southwestern Energy Company
https://ub.rdinvesting.com/news/?ticker=SWN

Transocean's shares fell 5.00 percent to close at $7.79 a share on Wednesday. The stock traded between $7.67 and $8.18 on volume of 18.75 million shares traded. On May 31st, the company announced the completion of the previously disclosed transaction to sell its jackup fleet to Borr Drilling Limited for approximately $1.35 billion. Transocean reported revenues were $785 million for the first quarter of 2017, down from revenues of $974 million in the fourth quarter of 2016. Contract backlog was $10.8 billion as of the April 2017 Fleet Status Report. Shares of Transocean have fallen approximately 47.15 percent year-to-date.

Access RDI's Transocean Research Report at:
https://ub.rdinvesting.com/news/?ticker=RIG

Southwestern Energy's shares fell 5.17 percent to close at $5.50 a share on Wednesday. The stock traded between $5.46 and $5.89 on volume of 18.00 million shares traded. The company reported total net production of 204 Bcfe, including 123 Bcfe from the Appalachian Basin in the first quarter of 2017. Southwestern Energy's proved reserves (unaudited) increased to over 10 Tcf in the first quarter of 2017 based on average prices from the first day of each month from the previous 12 months for Henry Hub natural gas of $2.73 per MMBtu for natural gas, West Texas Intermediate oil of $44.10 per barrel of oil and $10.17 per barrel of total NGLs, adjusted for differentials. Shares of Southwestern Energy have fallen approximately 49.17 percent year-to-date.

Access RDI's Southwestern Energy Research Report at:
https://ub.rdinvesting.com/news/?ticker=SWN

Our Actionable Research on Transocean Ltd. (NYSE: RIG) and Southwestern Energy Company (NYSE: SWN) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com