Tullow Oil share price crashes ahead of full-year results as oil prices collapse

The UK-based oil and gas company has seen its shares fall a further 30% on Monday, with the stock in freefall as oil prices collapse.

Tullow Oil closed 30% lower on Monday, with the stock capable of falling even further this week as oil prices collapsed.

Brent crude fell more than 22% to $34.98 a barrel on Monday, while the US West Texas Intermediate (WTI) tumbled 23% to $31.70 – the worst one-day drop in 30 years.

The sharp decline in oil prices was driven by Saudi Arabia’s decision to start a price war in response to Russia failing to support further oil production cuts to help support the market.

Tullow Oil closed at 16p a share on Monday.

Looking to trade Tullow Oil? Open a live or demo account with IG today.

Oil price collapse prompts fall in global equities

Tullow Oil’s larger rivals like BP and Royal Dutch Shell saw their shares suffer too, with the pair closing 19% lower on Monday.

The collapse in oil prices, prompted yet another major sell-off in global equities, with the FTSE 100 closing 500 points lower, representing a 7% decline. US stocks also took a tumble, with the S&P 500 losing 231 points, while the Dow Jones is down more than 2000 points.

Tullow Oil: technical analysis

The only chart of use for Tullow Oil at present is the monthly one, according to Chris Beauchamp, chief market analyst at IG.

Given the scale of declines it is hard to suggest where the price may find support. For now, it has found a low at 10p, but this all-time low may not hold.

Possible trendline resistance may be found around 35p, while in the near-term a move back above 18p (an 80% rally from the current level!) would begin to close some of the gap down seen on 9 March.

You can go long or short Tullow Oil with IG using derivatives like CFDs.

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

Please see important Research Disclaimer.

Seize a share opportunity today

Go long or short on thousands of international stocks.

  • Increase your market exposure with leverage
  • Get spreads from just 0.1% on major global shares
  • Trade CFDs straight into order books with direct market access

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.


Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.