For Immediate Release
Chicago, IL – November 27, 2012 – 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 Exxon Mobil Corp. (XOM), Chevron Corp. (CVX), ConocoPhillips (COP), Valero Energy Corp. (VLO) and Tesoro Corp. (TSO).
Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513
Here are highlights from Monday’s Analyst Blog:
U.S. Crude, Fuel Supplies Fall
The U.S. Energy Department's weekly inventory release showed that crude stockpiles logged a surprise decline, as imports fell. The report further revealed that refined product inventories – gasoline and distillate – decreased from their previous week levels. Meanwhile, refiners scaled up their utilization rates by 1.5%.
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 companies engaged in the oil and refining industry, such as Exxon Mobil Corp. (XOM), Chevron Corp. (CVX), ConocoPhillips (COP), Valero Energy Corp. (VLO) and Tesoro Corp. (TSO).
Analysis of the Data
Crude Oil: The federal government’s EIA report revealed that crude inventories fell by 1.47 million barrels for the week ending November 16, 2012, following a climb of 1.09 million barrels in the previous week.
The analysts surveyed by Platts had expected oil stocks to go up some 1 million barrels. An uptick in refinery utilization rates and lower imports led to the stockpile drawdown with the world's biggest oil consumer.
However, crude inventories at the Cushing terminal in Oklahoma – the key delivery hub for U.S. crude futures traded on the New York Mercantile Exchange – jumped 1.47 million barrels from the previous week’s level to 45.15 million barrels. Stocks are currently just under the all-time high of 47.78 million barrels reached in June.
At 374.47 million barrels, current crude supplies are 13.2% above the year-earlier level, and comfortably exceed the upper limit of the average for this time of the year. The crude supply cover was down from 25.5 days in the previous week to 25.4 days. In the year-ago period, the supply cover was 22.6 days.
Gasoline: Supplies of gasoline were down for the second time in as many weeks despite domestic consumption declining marginally. The fall in gasoline inventories could be attributed to plummeting Gulf Coast stocks.
The 1.55 million barrels drop – compared to analyst projections for a 1.25 million barrels increase in supply level – took gasoline stockpiles down to 200.39 million barrels. As a result of this decrease, the existing inventory level of the most widely used petroleum product is now 4.4% off the year-earlier levels and is in the lower half of the average range.
Distillate: Distillate fuel supplies (including diesel and heating oil) dropped by 2.67 million barrels last week, much higher than analysts' expectations for a 1 million barrels decrease in inventory level. The sharp decline in distillate fuel stocks – the ninth in 10 weeks – could be attributed to stronger demand and lower imports, partially offset by higher production.
At 112.84 million barrels, distillate supplies are 15.2% below the year-ago level and are well under the lower limit of the average range for this time of the year.
Refinery Rates: Refinery utilization was up 1.5% from the prior week to 87.5%. The analysts were expecting the refinery run rate to go up by 0.7%.
Want more from Zacks Equity Research? Subscribe to the free Profit from the Pros newsletter: http://at.zacks.com/?id=5515.
About Zacks Equity Research
Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.
Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today: http://at.zacks.com/?id=5517
Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leon Zacks. As a PhD from MIT Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros at http://at.zacks.com/?id=5518.
Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Follow us on Twitter: http://twitter.com/zacksresearch
Join us on Facebook: http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts
Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
Zacks Investment Research
800-767-3771 ext. 9339
More From Zacks.com
- Financial Technical Analysis