Crude Oil Prices Impacted by EIA Inventory Data: June 26 Week
Crude Oil Closed Flat, Refined Product Prices Down in June 26 Week
Crude oil prices
WTI (West Texas Intermediate) crude oil prices closed almost flat for the week ending June 26. Crude oil closed at $59.63 per barrel. Brent rose marginally to $63.26 per barrel on Friday, June 26. The weekly rise for WTI was 0.03%, while Brent rose ~0.4%.
When prices rise, it’s positive for energy companies’ margins like ConocoPhillips (COP), Chevron (CVX), Occidental Petroleum (OXY), and Apache (APA). All of these companies are part of the iShares US Energy ETF (IYE). They account for 21% of IYE. Higher prices also benefit MLPs (master limited partnerships) like MarkWest Energy Partners (MWE). It transports crude and refined products.
Weekly recap
WTI crude oil prices rose 0.11% on Monday, June 22—compared to Friday, June 19. Prices settled at $59.68 per barrel, while Brent rose 0.5% and closed at $63.34 per barrel.
Prices continued to rise on Tuesday as well. They were boosted by market speculation that crude oil and gasoline inventories will fall—in the EIA’s (U.S. Energy Information Administration) weekly inventory report. This is bullish for crude oil prices. The report will to be released the following day.
WTI (West Texas Intermediate) rose by 2.2% and settled at $60.27 per barrel, while Brent crude oil rose by 1.75% and settled at $64.45 per barrel on Tuesday.
On Wednesday, WTI crude oil prices fell after the EIA reported a surprise rise in gasoline inventories and a more-than-expected rise in distillate inventories. The weekly rise in production also lent a bearish sentiment.
WTI crude oil fell ~1.2% to settle at $60.27 per barrel, while Brent crude oil fell ~1.5% to settle at $63.49 per barrel on Wednesday. To learn more about last week’s crude inventory report, read June 24: Higher Demand, Lower Imports Pull Crude Oil Stocks Lower.
On Thursday, crude oil prices continued to fall. WTI fell by ~1%, while Brent crude oil fell 0.4% to close at $59.70 per barrel and $63.20 per barrel, respectively, on Thursday.
Prices continued to feel the bearishness of the inventory report. Prices also fell on Friday. WTI crude oil fell 0.1% and ended the week at $59.63 per barrel. Brent crude oil fell ~0.1% to close at $63.26 per barrel on Friday.
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