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
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.