The Zacks Analyst Blog Highlights: ExxonMobil, Chevron, ConocoPhillips , Valero Energy and Tesoro - Press Releases
May 11 2012 - 4:30AM
Zacks
For Immediate
Release
Chicago, IL – May 11, 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).
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Here are highlights from
Thursday’s Analyst Blog:
Crude Supplies Jump to
22-Year High
The U.S. Energy Department's weekly
inventory release showed that crude stockpiles jumped to their
highest level since August 1990, as imports climbed. However, on
the bullish side, the agency’s report revealed that refined product
inventories – gasoline and distillate – dropped sharply from their
previous week levels on stronger demand. Meanwhile, refinery
utilization rate reflected an increase of 0.4%.
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), 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 3.65 million barrels for the week ending May 4, 2012, after
climbing by 2.84 million barrels the week before. In fact, oil
supplies have shot up by more than 33 million barrels over the past
couple of month, as Saudi Arabia – the world’s largest crude
exporter – continues to churn out volumes at or near record
levels.
Analysts surveyed by Platts had
expected oil stocks to go up some 2.2 million barrels. An uptick in
the level of imports and production led to the stockpile build-up
with the world's biggest oil consumer even as refiners improved
their utilization rates.
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 1.16 million barrels from previous week’s level to hit
a new all-time high of 44.13 million barrels.
At 379.52 million barrels, current
crude supplies are 2.5% 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 up from 25.9 days in the previous week to 26.0
days. In the year-ago period, the supply cover was 26.3 days.
Gasoline: Supplies
of gasoline decreased for the twelfth consecutive week as domestic
consumption edged up and imports plunged. The 2.61 million barrels
drop – much more than analyst projections for a 600,000-barrel draw
– took gasoline stockpiles down to 207.11 million barrels, the
lowest since November last year. The existing inventory level of
the most widely used petroleum product is 0.6% above the
year-earlier levels and is in the middle of the average range.
Distillate:
Distillate fuel supplies (including diesel and heating oil)
decreased by 3.25 million barrels last week, compared to analyst
expectations for an unchanged inventory level. The fall in
distillate fuel stocks – the eleventh decline in 13 weeks – could
be attributed to stronger demand and a sharp drop in imports,
partially offset by higher production.
At 120.77 million barrels,
distillate supplies are 16.3% 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 up 0.4% from the prior week at 86.4%.
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CONOCOPHILLIPS (COP): Free Stock Analysis Report
CHEVRON CORP (CVX): Free Stock Analysis Report
TESORO CORP (TSO): Free Stock Analysis Report
VALERO ENERGY (VLO): Free Stock Analysis Report
EXXON MOBIL CRP (XOM): Free Stock Analysis Report
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