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Energy

DOE Inventory Pleases Energy Bulls (OIH, USO, OIL)

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By Douglas A. McIntyre Updated Published
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There is some mixed data from the Department of Energy on its weekly inventory data today, although the negatives here seem to outweigh the gains.  We are watching the Oil Services HOLDRs (NYSE: OIH), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) as the key oil and oil service ETFs.  NYMEX WTI Crude is up at the highs of the session and trading up $2.21 at $72.90 at 10:37 AM EST.  So much for those sub-$70 prices from yesterday.

  • Crude stockpiles fell by -3.689 million barrels to 332.387 million barrels.  Dow Jones was looking for a draw by -1.7 million barrels, and our discussions with traders yesterday had only a draw of 1.5 million barrels expected.
  • Gasoline stockpiles rose by 879,000 barrels to 217.213 million barrels.  Dow Jones had estimates at a gain of 1.4 million, while we were only looking for 1 million.
  • Distillate stockpiles fell by -2.954 million barrels to 164.363 million barrels.

Refineries ran at 79.95%, down from 81.05% last week.  Dow Jones had 81.4% estimates, but we were told yesterday to be happy with anything still close to 81%.  This was one of the larger disappointments.

The Oil Services HOLDRs (NYSE: OIH) is up 2% at $119.70, the United States Oil (NYSE: USO) ETF is up 2.6% at $36.87 and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is up 2.8% at $24.36.  All key ETFs were already up since the 10:30 data, but shares are up even more now.

JON C. OGG

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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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