S&P 500
7,401.00
+0.91%
Dow Jones
49,665.70
+0.19%
Nasdaq 100
29,241.00
+2.43%
Russell 2000
2,860.88
+0.82%
FTSE 100
10,263.70
+0.48%
Nikkei 225
63,767.70
+2.68%

Energy

DOE Inventory Pleases Energy Bulls (OIH, USO, OIL)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
There is some mixed data from the Department of Energy on its weekly inventory data today, although the negatives here seem to outweigh the gains.  We are 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) as the key oil and oil service ETFs.  NYMEX WTI Crude is up at the highs of the session and trading up $2.21 at $72.90 at 10:37 AM EST.  So much for those sub-$70 prices from yesterday.

  • Crude stockpiles fell by -3.689 million barrels to 332.387 million barrels.  Dow Jones was looking for a draw by -1.7 million barrels, and our discussions with traders yesterday had only a draw of 1.5 million barrels expected.
  • Gasoline stockpiles rose by 879,000 barrels to 217.213 million barrels.  Dow Jones had estimates at a gain of 1.4 million, while we were only looking for 1 million.
  • Distillate stockpiles fell by -2.954 million barrels to 164.363 million barrels.

Refineries ran at 79.95%, down from 81.05% last week.  Dow Jones had 81.4% estimates, but we were told yesterday to be happy with anything still close to 81%.  This was one of the larger disappointments.

The Oil Services HOLDRs (NYSE: OIH) is up 2% at $119.70, the United States Oil (NYSE: USO) ETF is up 2.6% at $36.87 and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is up 2.8% at $24.36.  All key ETFs were already up since the 10:30 data, but shares are up even more now.

JON C. OGG

Photo of Douglas A. McIntyre
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.

Continue Reading

Douglas A. McIntyre |

DOE Mixed Inventory Driving Oil Prices (OIH, DIG, USO, OIL)

The Department of Energy’s weekly energy inventories data is giving another mixed picture similar to last week.  The difference is…

Douglas A. McIntyre |

Huge Surprise in Oil Inventory Data (OIH, USO, OIL)

The Department of Energy just released the weekly inventory data in crude and oil products, and the headline figures are…

Douglas A. McIntyre |

Oil Inventories Heading Wrong Way (OIH, DIG, USO, OIL)

The Department of Energy has just released its weekly oil inventories data and those wanting stable prices from oil data…

Douglas A. McIntyre |

Oil Inventories Head Wrong Way, Again (OIH, DIG, USO, OIL)

The latest weekly inventories data from Department of Energy in crude and oil products is adding more support and adding…

Douglas A. McIntyre |

Oil Inventory Surprise (OIH, USO, OIL)

The Department of Energy has just released its weekly inventory data for crude oil, gasoline, distillates, and refining levels.  This…

Douglas A. McIntyre |

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

The weekly data on oil inventories from the Department of Energy is out and we are seeing another bullish yet…

Douglas A. McIntyre |

DOE Oil Inventories Back Up (OIH, DIG, USO, OIL)

We have just seen this week’s latest Department of Energy weekly oil inventory data.  The new report is on the…

Douglas A. McIntyre |

DOE Oil Inventory Heads the Right Way (OIH, DIG, USO, OIL)

The Department of Energy has just released this week’s oil inventories data.  While there are gains almost on all counts,…

Douglas A. McIntyre |

Crude Inventories See Small Gain (OIH, USO, OIL)

Last week’s draw-down in crude oil is not being mirrored this week.  We just saw the weekly Department of Energy …

Top Gaining Stocks

Akamai
AKAM • Vol: 21,556,944
Micron Technology
MU • Vol: 65,135,624
Intel
INTC • Vol: 227,504,426
Monster Beverage
MNST • Vol: 15,284,847
Dell Technologies
DELL • Vol: 12,167,525

Top Losing Stocks

Mettler Toledo International
MTD • Vol: 539,266
Motorola Solutions
MSI • Vol: 3,101,643
Expedia
EXPE • Vol: 4,189,786
Coterra Energy
CTRA • Vol: 73,319,495
Fidelity National Information Services
FIS • Vol: 11,468,820