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Energy

Second Week of Oil Inventory Declines Running ETFs (USO, OIL)

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By Douglas A. McIntyre Updated Published
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Oil Well ImageIt looks like we are seeing the second week of draws in crude oil and oil products.  The Department of Energy is confirming data from the EIA last night showing a second week of inventory declines after weeks and weeks of build-ups.  This is lending strength to the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL).

This last week’s crude oil stocks fell by 2.105 million barrels down to just over 368.5 million barrels.  We had a rough estimate that oil analysts were expecting a drop of 600,000 or slightly more.

The biggest drop came in gasoline inventories with a drop of nearly 4.4 million barrels to just over 203.9 million barrels.  We were looking for a draw of more than 1 million, but nowhere near the 4.4 million reported.

We saw a rise of 700,000 barrels in distillates to an inventory of 148.1 million barrels.

The Uinited States Oil ETF (NYSE: USO) is up 2.8% at $33.71 and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is up 2.7% at $22.12.  This has the USO at levels that could challenge the January highs and the “OIL” ETF is in the same boat.

JON C. OGG
MAY 20, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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