For Immediate Release
Chicago, IL – March 12, 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 ExxonMobil 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 Friday’s Analyst Blog:
US Crude Supplies on the Rise
The U.S. Energy Department's weekly inventory release showed a marginal build-up in crude stockpiles, as supplies at the Cushing Storage Hub reached their highest level since July 2011. The agency’s report further revealed that despite gasoline and distillate stocks declining from their previous week levels, product demand continues to be weak. Meanwhile, refinery utilization rate reflected a small increase of 0.3%.
The Energy Information Administration ("EIA") Petroleum Status Report – which contains data for 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 businesses of companies engaged in the oil and refining industry, such as ExxonMobil Corp. ( XOM), Chevron Corp. ( CVX), ConocoPhillips ( COP) and Valero Energy Corp. ( VLO) and Tesoro Corp. ( TSO).
Analysis of the Data
Crude Oil: The federal government’s EIA report revealed that crude inventories rose by 832,000 barrels for the week ending March 02, 2012, after jumping by 4.16 million barrels last week.
Analysts surveyed by Platts had expected oil stocks to go up some 2 million barrels. Surging inventories at Cushing and soft demand led to the stockpile buildup 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 – grew by 2.37 million barrels from last week’s level to 36.18 million barrels, the most since the week ending July 22, 2011. Stocks reached an all-time high of 41.90 million barrels in April last year.
At 345.70 million barrels, current crude supplies are 0.9% below the year-earlier level, but are in the upper limit of the average for this time of the year. The crude supply cover remained flat week over week at 23.5 days. In the year-ago period, the supply cover was 25.3 days.
Gasoline: Supplies of gasoline decreased for the third consecutive week even as domestic consumption fell 1.2% to 8.26 million barrels a day. The reduction in gasoline inventories could be attributed to lower production and a drop in imports.
The 396,000 barrels dip – much lower than that of projections – took gasoline stockpiles down to 229.53 million barrels. The existing inventory level of the most widely used petroleum product is marginally above the year-earlier levels and is in the upper limit of the average range.
Distillate: Distillate fuel inventories (including diesel and heating oil) were down by 1.94 million barrels last week, well above analyst expectations for a 1.5 million barrels decrease. The fall in distillate fuel supplies – for the fourth consecutive week – could be attributed to lower production and a decline in imports, partially offset by weak demand.
At 139.50 million barrels, distillate supplies are 10.1% below the year-ago level and are in the middle of the average range for this time of the year.
Refinery Rates: Refinery utilization was up 0.3% from the prior week at 83.9%. Analysts were expecting the refinery run rate to decline 0.4% to 83.2%.
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.
More From Zacks.com