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The big news is U.S. crude oil inventories are at their highest level since the EIA began keeping weekly data in August of 1982. U.S. Inventory Report Crushes Oil Prices
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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Some of the top gainers of the S&P 500 year to date are energy-related names Marathon Oil (MRO), Diamondback Energy (FANG), EOG Resources (EOG), Devon Energy (DVN) and Hess Corporation (HES).
U.S. crude oil inventories jumped last week even as refining utilization remained high, the EIA said on Wednesday in a majorly bearish report.