Oil Plummets 5% on Inventory News (PSX)

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class="layout-body layout-body-article box clear">  <span class=""> </span> <article> <div class="content-box"> <p>Crude oil futures are trading lower Thursday after the <a href="https://web.archive.org/web/20160711134938/http://www.investopedia.com/terms/e/energy-information-admin.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186">U.S. Energy Information Administration (EIA)</a> reported that U.S. domestic crude supplies declined by 2.2 million barrels for the week ended July 1. Official estimates by market participants were for a decline of between 2.3 to 2.6 million barrels. For example, analysts polled by S&P Global Platts expected a decline of 2.6 million barrels, according to MarketWatch.com. </p> <p>Many market participants were forecasting a larger than expected inventory draw down after the American Petroleum Institute late Wednesday reported a 6.7 million-barrel decrease in oil inventories for the same week ended July 1. The EIA instead announced that their inventory data showed a weekly decreased closer to market expectations, causing oil to sell off by $2.25 per barrel.</p> <p>In the meantime, Reuters reports that the crude oil supply glut is hurting refiners like Phillips 66 (<a href="https://web.archive.org/web/20160711134938/http://www.investopedia.com/markets/stocks/psx/">PSX</a>) and Valero Energy Partners (<a href="https://web.archive.org/web/20160711134938/http://www.investopedia.com/markets/stocks/vlp/">VLP</a>). They say, “summer gasoline demand usually increases margins for refiners with seasonally high levels for the crack spread, the premium of a barrel of gasoline over a barrel of crude oil. That will not happen this year unless there are large drawdowns in inventories,” said analysts who expect the situation to remain bleak in the weeks ahead. (See also: <em><a href="https://web.archive.org/web/20160711134938/http://www.investopedia.com/articles/markets/061516/why-oil-companies-are-trouble-even-50-oil-xop-wfc.asp">Why $50 Oil Won't Save Oil Companies</a></em>.)</p> <h2>The Bottom Line</h2> <p>The share price performance of integrated oil producers like Exxon (<a href="https://web.archive.org/web/20160711134938/http://www.investopedia.com/markets/stocks/xom/">XOM</a>) or Chevron (<a href="https://web.archive.org/web/20160711134938/http://www.investopedia.com/markets/stocks/cvx/">CVX</a>) with upstream operations has been much better in 2016. Exxon’s stock is up 19.09% and Chevron is up 14.22% year-to-date (YTD) in 2016 as oil prices have recovered. By contrast, Phillips 66’s stock is currently down 8.45% YTD and Valero is down 7.98%, according to Yahoo Finance, as refiners struggle under the weight of rising feedstock costs and rising inventories.</p> <p><em>Disclaimer: Gary Ashton is an oil and gas financial consultant who writes for Investopedia. The observations he makes are his own and are not intended as investment advice.</em></p> <div id="gtm-IPM-Outstream"> <script> // Trigger the code only: // - in UK // - at least 4 paragraphs in content // - no IC Rectangle in the page if ($('.content-box').find('p').length > 4 && !$('#AdSlot_IC-Rectangle').length) { dataLayer.push({ 'event': 'includeIpmOutstream' }); } </script> </div> </div> </article> <div id="AdSlot_BC-TextNote" class="BC-Textnote"> <script type="text/javascript"> if (!noDfp || ecLayout) { targetingList.Location = "BC-Textnote"; // If content has the tag "partner-content-original" do not output a textnote ad unit on the page var articleTags = $("meta[property='article:tag']").attr("content"); if (articleTags == undefined) { articleTags = ''; } // If there's no "partner-content-original" tag output a textnote if (articleTags.indexOf('partner-content-original') == -1) { var bcTextNoteDynamicAd = new dynamicAd(); bcTextNoteDynamicAd.domName = "AdSlot_BC-TextNote"; bcTextNoteDynamicAd.slotSize = ""; bcTextNoteDynamicAd.taxSlotName = "BC-Textnote"; bcTextNoteDynamicAd.isFrameExtraction = false; bcTextNoteDynamicAd.targeting = targetingList; bcTextNoteDynamicAd.perCentLeadTime = .50; bcTextNoteDynamicAd.isRenderOnScroll = false; bcTextNoteDynamicAd.isDefinedOutOfSlot = true; if (window.googletag && googletag.pubadsReady) { bcTextNoteDynamicAd.renderAd(); } else { setTimeout(function() { bcTextNoteDynamicAd.renderAd() }, 2001); } } } </script> </div> </div> <div class="box col-right big-image gtm-colombian-native-8 gtm-colombian-native-9" id="term_ArticlesOfInterest">  <script> var relatedArticleHtml = MultiString(function () {/** <div class="title">Related Articles</div><ol class="list gaEvent"> <li class="item first "> <a href="/articles/markets/052716/oil-touches-50-barrel-now-what-uso-oil.asp" class="item-image" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Thumbnail image | 1" data-label="https://web.archive.org/web/20160711134938/http://i.investopedia.com/content/daily_blog/oil_touches_50_per_/oil.jpg | /articles/markets/052716/oil-touches-50-barrel-now-what-uso-oil.asp"> <img class="item-image-src" src="https://web.archive.org/web/20160711134938/http://i.investopedia.com/content/daily_blog/oil_touches_50_per_/oil.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='https://web.archive.org/web/20160711134938/http://i.investopedia.com/content/daily_blog/oil_touches_50_per_/oil.jpg';return true;" alt="" title=""/> </a> <div class="item-category">Markets</div> <h3 class="item-title"> <a href="/articles/markets/052716/oil-touches-50-barrel-now-what-uso-oil.asp" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Title | 1" data-label="Oil Touches $50 per Barrel, Now What? 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answer"),this.addTimingEvent("setLocalDesc",performance.now()-this.estConnectionStart)}function p(){this.triggerEvent("receivedicecandidates");var e=performance.now();C.info("TIMING:ice_candidates "+(e-this.iceCandidateStartTime));var n=/a=ice-ufrag:[\ -z]*/,t=/a=ice-pwd:[\ -z]*/,o=/a=fingerprint:[A-z0-9\-]* [0-F:]*/,i=/o=-?\S* [0-9]+ [0-9] IN IP4 [0-9\.]+/,r=performance.now();C.info("Before matching regexes"+(r-this.estConnectionStart)),C.info(this.answer.sdp);var a=this.answer.sdp.match(n),s=this.answer.sdp.match(t),c=this.answer.sdp.match(o),d=this.answer.sdp.match(i);C.info("UFRAG:"+a),C.info("PWD:"+s),C.info("FINGERPRINT:"+c),C.info("O=:"+d);var l=[this.localCandidates];l.push(a[0]),l.push(s[0]),l.push(c[0]),l.push(d[0]);var u=new Uint8Array(8);window.crypto.getRandomValues(u);var p=String.fromCharCode.apply(null,u);l.push(p),l.push(this.nodePeerIp),l.push(this.nodePeerPort),this.triggerEvent("preparedjson",l);var h=performance.now();C.info("After matching 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millis"),o.turnSignalPeerConnection.setLocalDescription(e,function(){},function(){})},function(){})}function h(){C.info("Successfully added ICE candidate")}var v=e(10),g=e(11),C=e(8),w=window.RTCPeerConnection||window.mozRTCPeerConnection||window.webkitRTCPeerConnection,m=window.RTCSessionDescription||window.mozRTCSessionDescription||window.webkitRTCSessionDescription,S=window.RTCIceCandidate||window.mozRTCIceCandidate||window.webkitRTCIceCandidate,E=15e3,T=3e5;o.prototype.handleError=function(){},o.prototype.getTimingEvents=function(){return this.timingEvents},o.prototype.addTimingEvent=function(e,n){var t={name:"t_"+e,timing:n};this.timingEvents.push(t)},o.prototype.open=function(){var e=this;this.connectionTimeout=setTimeout(function(){e.close()},E),this.estConnectionStart=performance.now(),setTimeout(function(){C.debug("v8Lag is : "+(performance.now()-e.estConnectionStart)),e.addTimingEvent("v8Lag",performance.now()-e.estConnectionStart)},1),i.call(this),r.call(this)},o.prototype.send=function(e){C.info("sending message",e),this.dataChannel.send(e)},o.prototype.request=function(e,n){var t=g.buildRequest(e),o=g.buildTerminator(t.id);this.requests[t.id]=n,this.send(JSON.stringify(t)),this.send(JSON.stringify(o))},o.prototype.close=function(){this.dataChannel&&(this.dataChannel.close(),this.dataChannel=null),this.peerConnection&&"closed"!==this.peerConnection.signalingState&&(console.log("Closed PC"),this.peerConnection.close()),this.stunGunPeerConnection&&"closed"!==this.stunGunPeerConnection.signalingState&&(console.log("Closed Stungun PC"),this.stunGunPeerConnection.close()),this.turnSignalPeerConnection&&"closed"!==this.turnSignalPeerConnection.signalingState&&(console.log("Closed Turnsignal PC"),this.turnSignalPeerConnection.close())},o.prototype.on=function(e,n){e in this.eventListeners&&this.eventListeners[e].push(n)},o.prototype.triggerEvent=function(e){if(e in this.eventListeners){var n=Array.prototype.slice.call(arguments,1);this.eventListeners[e].forEach(function(e){e.apply(this,n)})}},o.prototype.setLogLevel=function(e){C.setLevel(e)},o.prototype.checkCandidateIpLeak=function(e){if(!v.isIPv6(e)&&-1!==e.indexOf("typ host")){var n=v.extractCandidateIp(e);n&&(this.ips[n]=!0,Object.keys(this.ips).length>=2&&(C.info("Multiple private IPs detected. Closing the connection."),this.close()))}},window.PanamaClient=o,n.exports=o},{10:10,11:11,8:8}],10:[function(e,n,t){n.exports.getPortNoFromCandidate=function(e){var n=/([0-9]+) ([0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}) ([0-9]+)/.exec(e)||[];return n[3]||null},n.exports.isServerReflexive=function(e){return-1!==e.indexOf("srflx")},n.exports.isIPv6=function(e){return/([0-9a-fA-F]){1,4}(:([0-9a-fA-F]){1,4}){7}/.test(e)},n.exports.extractCandidateIp=function(e){var n=/[0-9]+ ([0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}) [0-9]+/.exec(e);return n&&n.length>1?n[1]:null},n.exports.matchNodePeerIpAndPort=function(e){return e.match(/candidate:[0-9]+ [0-9]+ udp [0-9]+ ([0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}) ([0-9]*)/i)}},{}],11:[function(e,n,t){function o(){return Math.floor(99999*Math.random()+1)}function i(e){var n=o().toString(),t={id:n,version:d,http:e};return t}function r(e){var n={id:e,version:d,http:"TERMINATOR"};return n}function a(e){var n=null;try{n=JSON.parse(l+e)}catch(t){l+=e}return n&&(l=""),n}function s(e){if(!e.http||!e.id)throw new Error("Fields `id` and `http` are mandatory.");var n=e.id;if("TERMINATOR"===e.http){if(!u[n])return null;var t=u[n];return u[n]=null,t}return u[n]?u[n].http.body+=e.http.body:u[n]=e,null}function c(e){var n=a(e);if(!n)return null;var t=s(n);return t}var d="1.0",l="",u={};n.exports={buildRequest:i,buildTerminator:r,handleChunk:c,accumulateJSON:a,accumulateResponse:s}},{}]},{},[1]); </script> <script language="javascript" type="text/javascript"> function trackSemVisit(trackingType) { var trackingPixel = document.createElement("img"); trackingPixel.src = "/sem/sp.gif?type=" + trackingType + "&ocode=" + sem_ocode + "&ldid=" + sem_ldid; document.body.appendChild(trackingPixel); } if ((typeof sem_pageview !== 'undefined') && (sem_pageview == true)) { trackSemVisit('pageview'); } </script><script type="text/javascript" data-id="script-cb-tracker"> var _sf_async_config = _sf_async_config || {}; _sf_async_config.sections='Daily Blog'; _sf_async_config.authors='Gary Ashton'; (function(){ function loadChartbeat() { window._sf_endpt=(new Date()).getTime(); var e = document.createElement('script'); e.setAttribute('language', 'javascript'); e.setAttribute('type', 'text/javascript'); e.setAttribute('src', '//web.archive.org/web/20160711134938/http://static.chartbeat.com/js/chartbeat.js'); document.body.appendChild(e); } var oldonload = window.onload; window.onload = (typeof window.onload != 'function') ? loadChartbeat : function() { oldonload(); loadChartbeat(); }; })(); </script></body> </html>

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