Energy
DOE Inventory Pleases Energy Bulls (OIH, USO, OIL)
Published:
Last Updated:
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.
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
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.