NYMEX Benchmark Crude October: (-1.6%) to $88.74
Top Energy Stocks
Energy shares are firm even as crude oil futures falls below the $90 a barrel mark after a sharp drop last week in crude inventories was offset by higher-than-expected builds in gasoline and distillates.
Light, sweet crude for October delivery traded down 1.6% to $88.74 a barrel. In other energy futures, heating oil was down 0.07% to $2.93 a gallon while natural gas was up 2.44% to $4.07 per million British thermal units.
The federal Energy Information Administration reported that crude supplies fell 6.7 million barrels, or 1.9%, to 346.4 million barrels compared with the week before. Inventories were 3.1% lower than last year. Analysts were looking for inventories to fall by 2.9 million barrels, according to Platts survey.
Gasoline inventories, however, gained 1.9 million barrels, or 0.9%, to 210.8 million barrels, while analysts had expected a 400,000-barrel decline. Distillates, which include heating oil and diesel fuel also rose by 1.7 million barrels; analysts were only looking for a 1-million-barrel gain.
In mid-day energy news, ADRs of BP ( BP ) are higher as traders react to a report on the Gulf of Mexico oil spill. A federal inquiry into the Deepwater Horizon disaster notes that blame for the incident is to be shared, and the lead cause of the event was the cement job, according to a Dow Jones Newswire report.
Halliburton ( HAL ) was in charge of the cementing process, the report said.
BP shares are up 4.77%, or $1.74, to $38.19.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.