Daily Roundup – July 2nd 2008 – Bakken Bears

Posted by bakkenexpert

For the better part of today,  Bakken related stocks were holding up quite well against the broader market, but in the latter half of the afternoon,  the Dow fell apart with oil topping $134 per barrel and once again, dragged down the rest of the market.  Bakken stocks EOG and KOG were the hardest hit at more that 5% down.  Others such as WLL & NOG held their own.    It is interesting to note that as oil stocks imploded,  the underlying commodity in which they trade,  oil,  is hitting record highs.    It is a divergence from logical thinking, but if oil actually falls $20-25 and stabilizes at that level (causing the rest of the market to stabilize),   we could see our Bakken plays hit new highs.

Symbol	Last Trade		Change		Volume	Avg Vol (3m)
WLL	4:04PM ET	110.69	0.79	0.72%	2,348,061	973,202
MDU	4:01PM ET	34.23	0.67	1.92%	1,136,663	996,331
SM	4:01PM ET	61.10	1.41	2.26%	1,802,001	1,134,630
CLR	4:02PM ET	68.40	2.51	3.54%	2,382,944	1,527,600
EOG	4:02PM ET	124.57	6.97	5.30%	3,484,318	3,026,410
NOG	4:01PM ET	13.71	0.32	2.39%	530,529	604,308
KOG	4:00PM ET	4.30	0.29	6.32%	1,172,538	1,471,690
KDKN.OB	3:59PM ET	2.12	0.10	4.50%	233,833	243,086
BSIC.OB	3:59PM ET	2.22	0.07	3.26%	124,447	88,795.4

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Tags: bsic.ob kdkn.ob sm mdu CLR dow EOG KOG meltdown wll