- Crude oil prices extend earlier gains after the U.S. reported crude stocks fell by nearly 10M barrels last week, far more than expected, as refiners processed 17.8M bbl/day of crude, the most ever in a single week, and the U.S. exported a record high 3M bbl/day.
- Crude stocks at the Cushing, Okla., delivery hub fell by 2.7M barrels.
- U.S. WTI crude currently +2.7% at $72.43/bbl after surging 3.6% yesterday, and Brent +1.9% at $77.79/bbl.
- Since last week's OPEC meeting, WTI is up ~10% following uncertainty over the future of Iranian crude exports, perceptions that Saudi Arabia may run out of spare capacity and problems with Syncrude in Canada.
- Energy stocks are rallying across the board: XOM +1.5%, CVX +2%, BP +2.5%, RDS.A +1.4%, COP +2.2%, SLB +1.7%, HAL +2.6%, BHGE +3.2%, WFT +5.4%, NOV +2.8%, MRO +1.8%, HES +3.6%, DVN +3.8%, APC +2.6%, APA +3.5%, CHK +7.3%, EOG +3.4%, PXD +3.6%, WLL +3.2%, RIG +8.2%, ESV +9.2%, NE +8.2%, DO +7.5%, RDC +7.6%.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, UBRT, ERYY, DBRT, ERGF, OILD, OILU, USAI
- Now read: ConocoPhillips: Cash Is King
Original article