CHICAGO, April 8, 2011 /PRNewswire/ -- 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 (NYSE: XOM), Chevron Corp. (NYSE: CVX), ConocoPhillips (NYSE: COP), Valero (NYSE: VLO) and Tesoro (NYSE: TSO).
(Logo: http://photos.prnewswire.com/prnh/20101027/ZIRLOGO)
Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter:
Here are highlights from Friday's Analyst Blog:
Crude Inventories on Upward March
The U.S. Energy Department's weekly inventory release showed a continued build-up in crude stockpiles. The agency's report further revealed that distillate stocks were added to their supplies, while gasoline inventories declined for the seventh-straight week though the fall was lower-than-projected. Meanwhile, refinery run-rates improved from the previous week.
The Energy Information Administration ("EIA") Petroleum Status Report – which contains data for the previous week ending on 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 oil and refining industry, such as ExxonMobil (NYSE: XOM), Chevron Corp. (NYSE: CVX), ConocoPhillips (NYSE: COP), Valero (NYSE: VLO) and Tesoro (NYSE: TSO).
Crude Oil
The federal government's EIA report revealed that crude inventories rose by 1.95 million barrels for the week ending April 01, 2011, against expectation of a much smaller gain set by analysts surveyed by Platts, an energy information. Rising domestic production led to the stockpile build-up with the world's biggest oil user, even as imports fell.
At 357.66 million barrels, current crude supplies are 0.4% higher than the year-earlier level and are above the upper limit of the average for this time of the year. The crude supply cover remained unchanged from the previous week at 25.0 days. In the year-ago period, the supply cover was 25.1 days.
However, crude inventories at the Cushing terminal in Oklahoma – the key delivery hub for U.S. crude futures – came off slightly (by 16,000 barrels) from last week's all-time high to 41.87 million barrels.
But despite the continued glut in domestic oil stocks, crude prices continue to march higher and are currently trending at around $108 a barrel. This can be mainly attributable to concerns that the unrest in Libya will boil over to other oil rich nations in the Middle East and lead to a supply shortfall.
Gasoline
Supplies of gasoline fell for the seventh successive week as firms cut down on inventories to facilitate the changeover from winter to summer-grade gasoline specifications.
The 357,000 barrel drop – way short of projections – took gasoline stockpiles to 216.68 million barrels, down from a 20-year high of 241.1 million barrels in February. Current inventory levels are 2.6% below year-earlier levels but are in the upper half of the average range.
Distillate
Distillate fuel inventories (including diesel and heating oil) were up by 195,000 barrels last week, compared with analyst expectations for a larger build. The increase in distillate fuel supplies can be attributed to a rise in production partly offset by lower imports and improved demand.
At 153.52 million barrels, distillate supplies were 5.4% more than the year-ago level and also above the upper boundary of the average range for this time of the year.
Refinery Rates
Refinery utilization was up 0.3% from the prior week to 84.4%. Analysts were expecting the refinery run rate to increase 0.6% to 84.7%.
Want more from Zacks Equity Research? Subscribe to the free Profit from the Pros newsletter
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:
About Zacks
Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. 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
Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Follow us on Twitter: http://twitter.com/zacksresearch
Join us on Facebook: http://www.facebook.com/ZacksInvestmentResearch
YouTube Channel: http://www.youtube.com/user/ZacksInvestmentNews
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.
Media Contact
Zacks Investment Research
800-767-3771 ext. 9339
[email protected]
http://www.zacks.com
SOURCE Zacks Investment Research, Inc.
Share this article