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The Zacks Analyst Blog Highlights: Royal Dutch Shell, Chevron, ConocoPhillips, Phillips 66 and Marathon Petroleum
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For Immediate Release
Chicago, IL – August 26, 2019 – 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: Royal Dutch Shell , Chevron (CVX - Free Report) , ConocoPhillips (COP - Free Report) , Phillips 66 (PSX - Free Report) and Marathon Petroleum (MPC - Free Report) .
Here are highlights from Friday’s Analyst Blog:
U.S. Gasoline & Distillates Stocks Up, Cushing Supplies Slump
Oil prices edged down 0.6% on Thursday, extending losses from a 0.8% drop the previous session amid fears of a global economic slowdown and a report from the U.S. government showing a surprise increase in fuel stockpiles.
Analysis of the EIA Data
Crude Oil: The federal government’s EIA report revealed that crude inventories fell by 2.7 million barrels for the week ending Aug 16, compared to the 3.1 million barrels drawdown that energy analysts had expected. While lower than anticipated, supplies fell for the first time in three weeks. Higher refinery crude runs and decrease in imports largely drove the stockpile decline with the world's biggest oil consumer. This puts the total domestic stocks at 437.8 million barrels – 7.2% above the year-ago figure and 2% over the five-year average.
Meanwhile, oil prices drew some support from stockpile draw at the Cushing terminal in Oklahoma. The key delivery hub for U.S. crude futures traded on the New York Mercantile Exchange saw inventories decline 2.5 million barrels to 42.3 million barrels – the lowest since February.
The crude supply cover was down from 25.5 days in the previous week to 25.1 days. In the year-ago period, the supply cover was 23 days.
Turning to products, and it is a fairly bearish story.
Gasoline: Gasoline supplies edged up 312,000 barrels as demand for the fuel decreased by 306,000 barrels per day to 9.63 million barrels per day. Analysts had forecast 1.6 million barrels decline. At 234.1 million barrels, the current stock of the most widely used petroleum product is unchanged from the year-earlier level but exceeds the five-year average range by 4%.
Distillate: Distillate fuel supplies (including diesel and heating oil) rose 2.6 million barrels last week on higher production and slightly lower demand, while analysts were looking for an inventory draw of 200,000 barrels. Current supplies – at 138.1 million barrels – are 5.6% higher than the year-ago level though stocks remain 2% below than the five-year average.
Refinery Rates: Refinery utilization was up 1.1% from the prior week to 95.9%.
About the Weekly Petroleum Status Report
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 the companies engaged in the oil and refining industry.
The data from EIA generally acts as a catalyst for crude prices and affect producers, such as Royal Dutch Shell, Chevron and ConocoPhillips– all carrying Zacks Rank #3 (Hold) – and refiners such as Phillips 66 and Marathon Petroleum.
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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 http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights: Royal Dutch Shell, Chevron, ConocoPhillips, Phillips 66 and Marathon Petroleum
For Immediate Release
Chicago, IL – August 26, 2019 – 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: Royal Dutch Shell , Chevron (CVX - Free Report) , ConocoPhillips (COP - Free Report) , Phillips 66 (PSX - Free Report) and Marathon Petroleum (MPC - Free Report) .
Here are highlights from Friday’s Analyst Blog:
U.S. Gasoline & Distillates Stocks Up, Cushing Supplies Slump
Oil prices edged down 0.6% on Thursday, extending losses from a 0.8% drop the previous session amid fears of a global economic slowdown and a report from the U.S. government showing a surprise increase in fuel stockpiles.
Analysis of the EIA Data
Crude Oil: The federal government’s EIA report revealed that crude inventories fell by 2.7 million barrels for the week ending Aug 16, compared to the 3.1 million barrels drawdown that energy analysts had expected. While lower than anticipated, supplies fell for the first time in three weeks. Higher refinery crude runs and decrease in imports largely drove the stockpile decline with the world's biggest oil consumer. This puts the total domestic stocks at 437.8 million barrels – 7.2% above the year-ago figure and 2% over the five-year average.
Meanwhile, oil prices drew some support from stockpile draw at the Cushing terminal in Oklahoma. The key delivery hub for U.S. crude futures traded on the New York Mercantile Exchange saw inventories decline 2.5 million barrels to 42.3 million barrels – the lowest since February.
The crude supply cover was down from 25.5 days in the previous week to 25.1 days. In the year-ago period, the supply cover was 23 days.
Turning to products, and it is a fairly bearish story.
Gasoline: Gasoline supplies edged up 312,000 barrels as demand for the fuel decreased by 306,000 barrels per day to 9.63 million barrels per day. Analysts had forecast 1.6 million barrels decline. At 234.1 million barrels, the current stock of the most widely used petroleum product is unchanged from the year-earlier level but exceeds the five-year average range by 4%.
Distillate: Distillate fuel supplies (including diesel and heating oil) rose 2.6 million barrels last week on higher production and slightly lower demand, while analysts were looking for an inventory draw of 200,000 barrels. Current supplies – at 138.1 million barrels – are 5.6% higher than the year-ago level though stocks remain 2% below than the five-year average.
Refinery Rates: Refinery utilization was up 1.1% from the prior week to 95.9%.
About the Weekly Petroleum Status Report
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 the companies engaged in the oil and refining industry.
The data from EIA generally acts as a catalyst for crude prices and affect producers, such as Royal Dutch Shell, Chevron and ConocoPhillips– all carrying Zacks Rank #3 (Hold) – and refiners such as Phillips 66 and Marathon Petroleum.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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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 http://www.zacks.com/performance for information about the performance numbers displayed in this press release.