Energy

DOE Oil Inventories Cause Reaction (USO, UGA, PSX, VLO, OIH)

The Department of Energy is out with its weekly oil and gasoline inventory data and we saw a slight drop in the crude with a slight gain in gasoline inventories. Weekly DOE crude oil stocks fell by 133,000 barrels to 387.166 million barrels.  Dow Jones had a consensus calling for a drop of a half-million barrels, so this is a lower drop than expected.   United States Oil (NYSEMKT: USO) is up almost 1.3% at $30.17.

Gasoline inventories rose sharply with a gain of 2.078 million barrels.  Dow Jones was looking for only a gain of 800,000 barrels and we were looking for a build of even less than the Dow Jones target.  United States Gasoline (NYSEMKT: UGA) is trading down over 0.5% at $46.34.

The refining capacity popped back up and is running at a very high level of 92.6% versus 91.9% last week and versus 92.1% expected by Dow Jones.  We were targeting anything better than last week’s data so this is a better than expected gain all around. Phillips 66 (NYSE: PSX) is up 0.85% at $32.85 and Valero Energy Corporation (NYSE: VLO) is up 0.8% at $23.53.

The oil and gas services companies have seen shares pop then drop so far this morning considering this report.  The Market Vectors Oil Services ETF (NYSEMKT: OIH) is up much more with a 1.2% gain to $33.46 this morning against a 52-week low of $32.54.

JON C. OGG

Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE

Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.