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Energy

Shaking It Up in Weekly Oil Inventories (OIH, USO, OIL)

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By Douglas A. McIntyre Updated Published
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The weekly data on oil inventories from the Department of Energy is out and we are seeing another bullish yet mixed bag here in the numbers for oil prices.  We are also 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) react to this news.

  • Crude oil inventories fell by a sharp -4.73 million barrels to 332.75 million barrels. Dow Jones had estimates around -2.5 million barrels but we were looking for a level closer to -3 million barrels based upon trader discussions.
  • Gasoline inventories did not show the same trend as gasoline inventory rose by +547,000 barrels for the week to 207.7 million barrels.  Dow Jones had estimates at a gain of 600,000 barrels, but we were looking for a flat figure with no real change.
  • Distillates posted the biggest rise of 2.237 million barrels to 167.79 million barrels.
  • Refining capacity ran at 86.94%, down form 87.2% a week ago.

The Oil Services HOLDRs (NYSE: OIH) has gained some steam here and is up 2.1% at $117.85.  The United States Oil (NYSE: USO) ETF has also popped on the news initially and is up over 0.5% at $36.91 after having been nin negative territory before the data. The iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) also went from negative to being sharply better and positive as shares are up 0.7% at $24.35.

Jon C. Ogg
September 16, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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