The Department of Energy is out with its weekly oil inventory data showing a surprise build-up of crude products. The DOE showed that crude oil Stocks rose by 2.717 million barrels to 380.1 million barrels in the week. We were expecting closer to flat, but Dow Jones was calling for a drop of 800,000 barrels. United States Oil (NYSEMKT: USO) has fallen sharply and is now down 1.5% at $32.66 so far.
Gasoline stocks rose a sharp 4.134 million barrels to 210.04 million barrels. The estimate from Dow Jones was for a drop of 500,000. We were expecting a flat reading. United States Gasoline (NYSEMKT: UGA) also fell on the news and is now down by over 2% at $51.28 on the day.
We do not track distillate stocks but these also rose by 1.708 million barrels to 125.239 million barrels. Dow Jones had an estimate of +1.1 million barrels.
The big gain also came in refineries, which ran at a high level of 93.0%. Last week it was 92.0%, and Dow Jones was calling for 91.8%. Phillips 66 (NYSE: PSX) has not really reacted to the higher refining rates and shares are down 0.75% at $34.97, while Valero Energy Corp. (NYSE: VLO) is down by 1.5% at $24.82.
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 still down, but off its lows as shares are down 0.4% at $37.12 on the day.
JON C. OGG
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
