- U.S. crude oil jumped to its highest level in two weeks after government data showed domestic stockpiles fell last week by 5.8M barrels, nearly 4x more than expected; October WTI +3.1% to settle at $67.86/bbl, Brent +3% at $74.80/bbl.
- "As refinery runs continue to kick around close to a record high - easing just 89K bbl/day last week - and as imports have dropped off on the prior week, crude inventories have shown a solid draw, particularly on the U.S. Gulf Coast," said Matt Smith, commodities research director at ClipperData.
- Oil also has found support from a weakening dollar this week and the prospect of a drop in oil exports from Iran.
- Price Futures Group's Phil Flynn thinks oil "may have put in its low price for the year. Barring any shock headlines or economic catastrophes, the technical seasonal outlook and the fundamentals suggest that the downside correction in oil should be over."
- Among individual energy names: XOM +1.5%, CVX +1.1%, BP +1.4%, RDS.B +1.3%, COP +1.8%, MRO +3.7%, VLO +1.5%, PXD +1.6%, APC +1.9%, APA +1.6%, DVN +2.4%, CLR +2.5%, NFX +2.4%, SWN +2.6%, RRC +3.8%, CHK +3%.
- 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, ERYY, ERGF, OILD, OILU, USAI
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Original article