After yesterday's sharp rise in oil prices, we are seeing the market stepping back a bit today as this week's Energy Information Administration inventory report shows growing inventories.As we discussed yesterday, the cold wintry weather which has finally taken hold across most of America had oil traders betting on a strong oil market over the upcoming weeks. We have seen oil make a nice bounce from its lows earlier this month when it was trading down around the $50 a barrel mark; yesterday we saw prices trading over $57 for a short period.
Today we get a little snap back into reality with an inventory report that shows oil inventories climbed 2.7 million barrels last week. Analyst's had been expecting to see about a 1.1 million barrel increase and this has put some pressure on the precious crude.
Currently oil has fallen $0.91 to $56.06 but all the major oil stocks are at this point doing alright so far in the today's trading. As of 10:55 this morning:
- ExxonMobil Corporation (NYSE: XOM) is trading up 0.2% to $74.52 up $0.13.
- Chevron Corporation (NYSE: CVX) is currently trading at 72.92 falling a slight 0.2% down $0.15.
- Valero Energy Corp. (NYSE: VLO) is trading at $54.05 gaining 0.4% or $0.21.
- BP p.l.s. ADR (NYSE: BP) is getting hit the hardest with the stock falling 0.9% to $63.04 down $0.55.
- Oil Service Holders Trust (NYSE: OIH) has put up the best day with a 1.1% rise to $136.89 up $1.51.
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