For Immediate Release
Chicago, IL – June 22, 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), Tesoro Corp. (TSO) and McGraw-Hill Companies Inc. (MHP).
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 Thursday’s Analyst Blog:
U.S. Crude Supplies at 22-Year High
The U.S. Energy Department's weekly inventory release showed that crude stockpiles jumped unexpectedly to their highest level since July 1990, as imports climbed. The agency’s report further revealed that refined product inventories – gasoline and distillate – increased from their previous week levels on weaker demand. Meanwhile, refinery utilization rate reflected a decrease of a meager 0.1%.
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 Tesoro Corp. (TSO).
Analysis of the Data
Crude Oil: The federal government’s EIA report revealed that crude inventories rose by 2.86 million barrels for the week ending June 15, 2012, after falling by a modest 191,000 barrels the week before.
Analysts surveyed by Platts, the energy information arm of McGraw-Hill Companies Inc. (MHP), had expected oil stocks to go down some 600,000 barrels. A jump in the level of imports and production led to the stockpile build-up 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 – increased by 360,000 barrels from previous week’s level to 47.76 million barrels. Stocks are just under the all-time high of 47.78 million barrels reached earlier in June.
At 387.30 million barrels, current crude supplies are 6.5% above the year-earlier level, and are over the upper limit of the average for this time of the year. The crude supply cover was down from 25.1 days in the previous week to 25.0 days. In the year-ago period, the supply cover was 24.2 days.
Gasoline: Supplies of gasoline increased for the second time in 3 weeks as domestic consumption edged down 4.8% to 8.69 million barrels a day and imports rose. This was partially offset by lower production.
The 943,000 barrels gain – compared to analyst projections for a 600,000 hike in supply level – took gasoline stockpiles up to 202.74 million barrels. Notwithstanding this increase, existing inventory level of the most widely used petroleum product is still 5.6% below the year-earlier levels and is in the lower limit of the average range.
Distillate: Distillate fuel supplies (including diesel and heating oil) increased by 1.16 million barrels last week, much larger than analyst expectations for a 600,000 barrel build. The rise in distillate fuel stocks – just the fourth increase in 19 weeks – could be attributed to weaker demand.
At 121.13 million barrels, distillate supplies are 14.7% below the year-ago level and are in the lower limit of the average range for this time of the year.
Refinery Rates: Refinery utilization was down a marginal 0.1% from the prior week at 91.9%.
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: https://twitter.com/zacksresearch
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