The price of oil was predicted to drop dramatically in 2018 and shares of most Colorado energy companies plunged in Wednesday trading.
JP Morgan slashed its 2018 projections for West Texas Intermediate crude oil prices by $11, dropping from $53.50 to $42, according to a report in Oilprice.com. The banking company predicted a glut of U.S. shale production and uncertainty over OPEC oil production for its cut forecast.
That, coupled with a daily drop in crude oil prices, which fell Wednesday by 43 cents to $45.29 per barrel, had an effect on Denver-based oil company prices:
-SM Energy Company (NYSE: SM), dropping more than 12 percent, falling $2.32 to close at $16.74.
Read more at the Denver Business Journal: http://bit.ly/2sYyfuN