We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
The Zacks Analyst Blog Highlights: Marathon Oil, Diamondback Energy, Devon Energy, Apache Corp and Schlumberger
Read MoreHide Full Article
For Immediate Release
Chicago, IL – May 17, 2021 – 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: Marathon Oil Corporation , Diamondback Energy, Inc. (FANG - Free Report) , Devon Energy Corporation (DVN - Free Report) , Apache Corporation (APA - Free Report) and Schlumberger Limited (SLB - Free Report) .
Here are highlights from Friday’s Analyst Blog:
What to Make of EIA's Latest Crude Inventory Report?
The U.S. Energy Department's inventory release showed that crude stocks recorded a weekly decrease that was much smaller than anticipated. The second straight fall in domestic oil stocks was accompanied by a decrease in distillate inventories. Additionally, the agency said that gasoline stockpiles increased though oil supplies at the Cushing, OK, delivery hub dipped.
Below we review the EIA's Weekly Petroleum Status Report for the week ending May 7.
Analyzing the Latest EIA Report
Crude Oil: The federal government’s EIA report revealed that crude inventories edged lower by 427,000 barrels compared with expectations of a 4.1-million-barrel decline. The magnitude of stockpile draw with the world’s biggest oil consumer was less than anticipated as exports plunged to their lowest level since October 2018. This puts total domestic stocks at 484.7 million barrels — 8.8% less than the year-ago figure and 2% lower than the five-year average.
The latest report also showed that supplies at the Cushing terminal (the key delivery hub for U.S. crude futures traded on the New York Mercantile Exchange) were down 421,000 barrels to 45.9 million barrels.
Meanwhile, the crude supply cover — at 32.3 days — remained unchanged from the previous week. In the year-ago period, the supply cover was 42 days.
Let’s turn to the products now.
Gasoline: Gasoline supplies increased for the sixth week in a row. The roughly 400,000-barrel build is attributable to slightly lower demand. Analysts had forecast gasoline inventories to rise by 700,000 barrels. At 236.2 million barrels, the current stock of the most widely used petroleum product is 6.6% less than the year-earlier level and 1% below the five-year average range.
Distillate: Distillate fuel supplies (including diesel and heating oil) decreased by 1.7 million barrels to fall for the fifth consecutive week. Meanwhile, the market looked for a supply drop of 2 million barrels. Current inventories — at 134.4 million barrels — are at their lowest since April 2020, 13.3% below the year-ago level and 3% less than the five-year average.
Refinery Rates: Refinery utilization, at 85%, was down 0.4% from the prior week.
Wrapping Up
Despite worries over record-high COVID-19 cases in densely populated countries like India hampering energy usage, the commodity has spent much of the past few months trading higher on continued vaccine-related developments and their successful deployment around the world, offering hope of an earlier-than-expected pickup in demand.
The OPEC+ cartel’s calibrated production policy has also driven up oil. In its recent meeting, member countries of the OPEC+ group — a coalition between OPEC countries under kingpin Saudi Arabia and non-members led by Russia — continued with their gradual loosening of the output cuts, reflecting confidence in the fuel’s usage. Easing coronavirus infections in the United States, signs of robust demand in the world’s second-largest oil consumer, China, and the passage of the $1.9-trillion stimulus bill are the other positives in the oil story.
The renewed confidence can be gauged from the fact that the Zacks Oil/Energy sector has handsomely outperformed the S&P 500 Index so far this year. In fact, some of the major gainers of the S&P 500 in 2021 include energy-related names like Marathon Oil, Diamondback Energy, Devon Energy, Apache Corp. and Schlumberger.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
The Zacks Analyst Blog Highlights: Marathon Oil, Diamondback Energy, Devon Energy, Apache Corp and Schlumberger
For Immediate Release
Chicago, IL – May 17, 2021 – 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: Marathon Oil Corporation , Diamondback Energy, Inc. (FANG - Free Report) , Devon Energy Corporation (DVN - Free Report) , Apache Corporation (APA - Free Report) and Schlumberger Limited (SLB - Free Report) .
Here are highlights from Friday’s Analyst Blog:
What to Make of EIA's Latest Crude Inventory Report?
The U.S. Energy Department's inventory release showed that crude stocks recorded a weekly decrease that was much smaller than anticipated. The second straight fall in domestic oil stocks was accompanied by a decrease in distillate inventories. Additionally, the agency said that gasoline stockpiles increased though oil supplies at the Cushing, OK, delivery hub dipped.
Below we review the EIA's Weekly Petroleum Status Report for the week ending May 7.
Analyzing the Latest EIA Report
Crude Oil: The federal government’s EIA report revealed that crude inventories edged lower by 427,000 barrels compared with expectations of a 4.1-million-barrel decline. The magnitude of stockpile draw with the world’s biggest oil consumer was less than anticipated as exports plunged to their lowest level since October 2018. This puts total domestic stocks at 484.7 million barrels — 8.8% less than the year-ago figure and 2% lower than the five-year average.
The latest report also showed that supplies at the Cushing terminal (the key delivery hub for U.S. crude futures traded on the New York Mercantile Exchange) were down 421,000 barrels to 45.9 million barrels.
Meanwhile, the crude supply cover — at 32.3 days — remained unchanged from the previous week. In the year-ago period, the supply cover was 42 days.
Let’s turn to the products now.
Gasoline: Gasoline supplies increased for the sixth week in a row. The roughly 400,000-barrel build is attributable to slightly lower demand. Analysts had forecast gasoline inventories to rise by 700,000 barrels. At 236.2 million barrels, the current stock of the most widely used petroleum product is 6.6% less than the year-earlier level and 1% below the five-year average range.
Distillate: Distillate fuel supplies (including diesel and heating oil) decreased by 1.7 million barrels to fall for the fifth consecutive week. Meanwhile, the market looked for a supply drop of 2 million barrels. Current inventories — at 134.4 million barrels — are at their lowest since April 2020, 13.3% below the year-ago level and 3% less than the five-year average.
Refinery Rates: Refinery utilization, at 85%, was down 0.4% from the prior week.
Wrapping Up
Despite worries over record-high COVID-19 cases in densely populated countries like India hampering energy usage, the commodity has spent much of the past few months trading higher on continued vaccine-related developments and their successful deployment around the world, offering hope of an earlier-than-expected pickup in demand.
The OPEC+ cartel’s calibrated production policy has also driven up oil. In its recent meeting, member countries of the OPEC+ group — a coalition between OPEC countries under kingpin Saudi Arabia and non-members led by Russia — continued with their gradual loosening of the output cuts, reflecting confidence in the fuel’s usage. Easing coronavirus infections in the United States, signs of robust demand in the world’s second-largest oil consumer, China, and the passage of the $1.9-trillion stimulus bill are the other positives in the oil story.
The renewed confidence can be gauged from the fact that the Zacks Oil/Energy sector has handsomely outperformed the S&P 500 Index so far this year. In fact, some of the major gainers of the S&P 500 in 2021 include energy-related names like Marathon Oil, Diamondback Energy, Devon Energy, Apache Corp. and Schlumberger.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
Today, Download Marijuana Moneymakers FREE >>
Media Contact
Zacks Investment Research
800-767-3771 ext. 9339
support@zacks.com
https://www.zacks.com
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.