Why Are These Four Stocks Deep In The Red Today?

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Despite the U.S. government having lifted its 40-year crude export ban last week, WTI prices have failed to take-off and that’s disappointing news for Whiting Petroleum Corp (NYSE:WLL), Oasis Petroleum Inc. (NYSE:OAS), and Denbury Resources Inc. (NYSE:DNR), which are trading lower by 6%, 4.5%, and 4.4%, respectively, today. Each stock depends on WTI for a big part of their revenues and EBITDA. As crude remains volatile, look for each stock to remain a high beta of crude prices.

Of the 730 elite funds that we track, 42 funds owned Whiting Petroleum Corp (NYSE:WLL) shares, 26 funds were long Oasis Petroleum Inc. (NYSE:OAS), and 19 were bullish on Denbury Resources Inc. (NYSE:DNR).

Disclosure: none

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