Energy
Oil ETF's Hit As Crude Inventory Keep Rising (USO, OIH)
Published:
Last Updated:
The Department of Energy released its weekly oil inventory data and again we saw another build-up of black gold. This increase has started to hit the United States Oil (USO) and the Oil Services HOLDRs (OIH) ETS’s on the news. We also saw a build-up in all of the sub-sets measured as well. What is interesting is that we are also starting to see a rise in refining capacity.
Crude oil inventories rose by 3.857 million barrels to 370.6 million barrels; and we were expecting a build of around 2 million barrels. The gasoline inventories rose by 0.802 million barrels to 217.3 million barrels. Distillates rose by 2.682 million barrels and now sits at a level of 142.31 million barrels.
As far as crude, this marks at least 6 consecutive weeks with a build and we were already at or close to record levels last week before this new addition. The refineries in the U.S. ran at 83.4% capacity.
The United States Oil (USO) fell 1% on the headlines but has recovered off of lows to a slight negative on the day at $27.27; the Oil Services HOLDRs (OIH) is still up 1.7% at $89.00 today, but that briefly hit $90.00 before the news.
JON C. OGG
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.