Energy
Oil ETF's Hit As Crude Inventory Keep Rising (USO, OIH)
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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
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