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Energy

Crude Inventory Drops Dramatically (XOM, CVX, SLB, HAL, BHI)

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By Paul Ausick Updated Published
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This morning’s weekly petroleum status report from the US Energy Information Administration noted a particularly steep — and unexpected — drawdown in oil stocks. Crude inventory fell by 10.6 million barrels, far more than an expected drawdown of 2.25 million barrels.

Motor gasoline inventories also fell, but by just 400,000 barrels. Gasoline production fell during the week to around 9.4 million barrels/day, and distillate production rose to around 5 million barrels/day.

The report has pushed up the price of crude oil by about 1.5% this morning, and shares in oil producers like Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX) are also rising. Shares in services companies like Schlumberger Ltd. (NYSE: SLB), Halliburton Co. (NYSE: HAL), and Baker Hughes Inc. (NYSE: BHI) are declining.

US demand for gasoline has dropped by about 1 million barrels/day when compared with the same period a year ago. Distillate production has risen by about 2.4% in the same time frame, mostly on demand for diesel fuel for export.

WTI crude is trading at $98.27 and Brent is trading at $107.19. Exxon shares are up 0.75% at $82.62 in a 52-week range of $67.03-$88.23. Chevron is trading up more than 1% at $104.76 in a 52-week range of $86.68-$110.01. Schlumberger shares are trading down about -1.86% at $66.90 in a 52-week range of $54.79-$95.64.

Paul Ausick

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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