S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%

Energy

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

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

oil-well-image5The 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

Photo of Douglas A. McIntyre
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.

Continue Reading

Douglas A. McIntyre |

Dropping Oil Inventories Knocking ETF’s (USO, OIH)

We have just seen another build in crude oil inventories according to the Department of Energy data.  The build is…
Douglas A. McIntyre |

Shaking It Up in Weekly Oil Inventories (OIH, USO, OIL)

The weekly data on oil inventories from the Department of Energy is out and we are seeing another bullish yet…
Douglas A. McIntyre |

Oil Inventory Gains Trump Weak Refining (OIH, USO, OIL, UCO)

The Department of Energy has just released its weekly oil inventory data, which was something to watch considering the move…
Douglas A. McIntyre |

DOE Oil Inventories Back Up (OIH, DIG, USO, OIL)

We have just seen this week’s latest Department of Energy weekly oil inventory data.  The new report is on the…
Jon C. Ogg |

DOE Surprise… Refineries Coming Back (OIH, USO, VLO, SUN, HES)

If you have followed the oil patch, the news from the refining sector has been abominable.  Overall, we have seen…
Douglas A. McIntyre |

Crude Inventories See Small Gain (OIH, USO, OIL)

Last week’s draw-down in crude oil is not being mirrored this week.  We just saw the weekly Department of Energy …
Douglas A. McIntyre |

Huge Surprise in Oil Inventory Data (OIH, USO, OIL)

The Department of Energy just released the weekly inventory data in crude and oil products, and the headline figures are…
Douglas A. McIntyre |

DOE Inventory Data Highlights Ongoing Refinery Woes (OIH, USO, UCO, VLO)

The Department of Energy has released some mixed data on weekly oil inventory data, and the take for refining is…
Douglas A. McIntyre |

Inventory & SPR Data Confuse Oil Bulls & Bears (OIH, USO, OIL, UCO)

There were two very interesting events in the crude oil markets today.  As with almost all Wednesday’s we got the…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618