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Despite some temporary hiccups, oil prices are supported by improving fundamentals. This has helped the likes of DVN, MRO, FANG, OXY, COP and EOG notch up healthy year-to-date gains.
With oil prices remaining relatively strong despite minor hiccups, energy companies like Occidental Petroleum (OXY), Coterra Energy (CTRA) and Hess Corporation (HESS) have seen solid gains in 2022.
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Weekly figures from EIA show that domestic crude output has dropped to 10.7 million barrels per day, since reaching 13.1 million in the second week of March. Things You Should Know About the EIA ...
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A lower oil rig count and the Russian cap also contributed, though U.S. crude inventories were the highest since June 2021. [2] For the week ending February 3, oil fell nearly 8 percent, with Brent at one point reaching $79.72, lowest since January 11, and WTI reaching $73.13, lowest since January 5.
The Energy Information Administration reported U.S. crude production in March was the highest since November. [110] Then OPEC and other countries agreed to a production increase, but U.S. crude inventories fell, so WTI finished June 2 higher at $116.87, with Brent at $117.61. [111]
The federal government's EIA report revealed that crude inventories rose by 3.1 million barrels, compared to the 1.3 million barrels increase that energy analysts had expected.