Chicago, IL – March 09, 2015 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include the Exxon Mobil Corp. (XOM-Free Report), Chevron Corp. (CVX-Free Report), Devon Energy Corp. (DVN-Free Report), Valero Energy Corp. (VLO-Free Report) and Phillips 66 (PSX-Free Report).
Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.
Here are highlights from Friday’s Analyst Blog:
Crude Supplies, Production Notch New Record Highs
The U.S. Energy Department's weekly inventory release showed that crude stockpiles recorded another massive build, the eighth in a row. The report further revealed that within the ‘refined products’ category, gasoline stocks rose, while distillate supplies were down from the week-ago level.
Analysis of the Data
Crude Oil: The federal government’s EIA report revealed that crude inventories jumped by 10.30 million barrels for the week ending Feb 27, 2015, following a climb of 8.43 million barrels in the previous week.
The analysts surveyed by Platts – the energy information arm of McGraw-Hill Financial Inc. – had expected crude stocks to go up some 3.7 million barrels. Sustained strength in domestic production – now at their all-time highest level – together with a drop in refinery utilization rates, led to another huge stockpile build with the world's biggest oil consumer.
In particular, crude inventories at the Cushing terminal in Oklahoma – the key delivery hub for U.S. crude futures traded on the New York Mercantile Exchange – were up 536,000 barrels from the previous week’s level to 49.22 million barrels. Nevertheless, stocks are currently 5% under the all-time high of 51.86 million barrels reached in Jan 2013.
Following the eighth successive weekly inventory surge, at 444.37 million barrels, current crude supplies are up 22.2% from the year-ago period and is at the highest level during this time of the year in 80 years at least. The crude supply cover was up from 28.1 days in the previous week to 29.0 days. In the year-ago period, the supply cover was 23.9 days.
Gasoline: Supplies of gasoline were up for the fifteenth time in 17 weeks, as domestic consumption weakened and imports increased. To some extent, this was offset by lower production.
The 46,000 barrels gain – contrary to analysts’ projections for a 1.7 million barrels decrease in supply level – took gasoline stockpiles up to 240.06 million barrels. After the latest build, the existing inventory level of the most widely used petroleum product is 4.9% higher than the year-earlier level and is well over the upper limit of the average range.
Distillate: Distillate fuel supplies (including diesel and heating oil) were down 1.72 million barrels last week, compared to analysts’ expectations for a 2.2 million barrels fall in inventory level. The decrease in distillate fuel stocks – the fourth time in as many weeks – could be attributed to lower production, partly offset by weak demand and higher imports. At 122.98 million barrels, distillate supplies are 7.4% above the year-ago level but are in the lower half of the average range for this time of the year.
Refinery Rates: Refinery utilization was down 0.8% from the prior week to 86.6%.
About the Weekly Petroleum Status Report
The Energy Information Administration (EIA) Petroleum Status Report, containing data of the previous week ending Friday, outlines information regarding the weekly change in petroleum inventories held and produced by the U.S., both locally and abroad.
The report provides an overview of the level of reserves and their movements, thereby helping investors understand the demand/supply dynamics of petroleum products. It is an indicator of current oil prices and volatility that affect the businesses of the companies engaged in the oil and refining industry.
The data from EIA generally acts as a catalyst for crude prices and affect producers, such as Exxon Mobil Corp. (XOM-Free Report), Chevron Corp. (CVX-Free Report) and Devon Energy Corp. (DVN-Free Report), and refiners such as Valero Energy Corp. (VLO-Free Report) and Phillips 66 (PSX-Free Report).
Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.
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