Are Crude Oil Inventories On the Rise?
In the week ending July 8, crude oil inventories rose by 2.3 million barrels, according to an announcement made by the American Petroleum Institute late Tuesday. During that same time period, gasoline stockpiles fell by 1.6 million barrels, inventories of distillates increased by 4.8 million. This news comes ahead of tomorrow morning’s report from the Department of Energy. Analysts expect crude oil stockpiles to decline by 2.1 million barrels, gas stockpiles to increase by 700,000 barrels, and distillates to increase by 800,000 barrels.
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Energy stocks were mostly down or flat today though crude futures climbed 2.4% on the New York Mercantile Exchange. Chevron (NYSE:CVX) shares were mostly flat, losing 0.02% today after announcing that it expects its second-quarter earnings to top its first-quarter earnings of $3.09 a share. Tesoro (NYSE:TSO) didn’t fare quite so well, with shares falling off 2.79% after being downgraded to under-perform by Bank of America Merrill Lynch (NYSE:BAC). HollyFrontier Corp. (HFC) was cut to neutral, pushing shares down 1.16%. Valero Energy Corp. (NYSE:VLO) shares fell 0.32%, Marathon Petroleum Corp. (MPC) shares gained 0.95%, Clean Energy Fuels (NASDAQ:CLNE) were up 14.94%, Chesapeake Energy Corp. (NYSE:CHK) shares were up 0.07%, Sunoco (NYSE:SUN) shares fell 2.33%, Tidewater (NYSE:TDW) shares rose 0.74%, and National Oilwell Varco (NYSE:NOV) shares fell 1.11%.
The NYSE Arca Oil Index (XOI) was down 0.57% at close today, and the NYSE Arca Natural Gas Index (XNG) was down 0.07%. The Philadelphia Oil Service Index (OSX) fell 0.84%.