The U.S. Energy Information Administration’s announcement that oil inventories have increased by 2.3 million barrels rather than declining by 1 to 2 million barrels as expected has oil prices falling. WTI crude futures are already down 1.69% this morning to $97.91 a barrel, and crude for September delivery fell 2.1% to $97.55 on the New York Mercantile Exchange.
Falling oil prices, coupled with the Dow Jones’ 91-point drop this morning have energy stocks in the gutter. The NYSE Arca Oil & Gas Index (XOI) has fallen 1.69%, and the Philadelphia Oil Services Index (OSX) is down 1.14%. Exxon (NYSE:XOM) shares are down 0.58% and Chevron (NYSE:CVX) shares are down 0.91% — both companies are major components on the Dow Jones Industrial.
While most oil-related stocks are taking a beating today, there are three notable exceptions: ConocoPhillips (NYSE:COP), Southern Co. (NYSE:SO), and Exelon (NYSE:EXC). These three energy stocks are up after reporting better-than-expected earnings for the last quarter. But not everyone’s earnings reports were so positive; Hess Corp. (NYSE:HES) shares are down 4.01% after reporting $39 million in lost revenue due to decreased production.