- Crude oil prices are climbing, reversing earlier losses, after U.S. crude stockpiles fell unexpectedly by 1.61M barrels in the week ended Feb. 16, compared with analyst consensus for a 1.8M barrel increase.
- Oil in storage in Cushing, Okla., the delivery point for Nymex WTI futures, dropped by 2.7M barrels, and WTI crude currently +2.2% at $63.03/bbl; Brent crude +1.7% at $66.52/bbl.
- “Even though refinery runs dropped below 16 million barrels per day for the first time since the aftermath of Hurricane Harvey, lower net imports have resulted in a draw,” says Clipper Data director of commodity research Matt Smtih. “The big jump in crude exports appears to have been because the EIA included the first export cargo from LOOP in last week’s number."
- Energy (XLE +2.2%) is by far today's top gainer among industry groups; some of the biggest movers are CHK +22.8%, WLL +25.5%, GPOR +17%, XOM +2.2%, COP +2.9%, OXY +2.1%, APC +3.1%, HES +4.1%, MUR +4.3%, ETP +4.2%, ETE +3.5%, EOG +2.5%, RIG +4.8%, SWN +8.8%.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, XES, ERY, DIG, UGA, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, IEZ, 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, USAI
- Now read: Crude Oil's Correction Is Healthy For The Future
Original article