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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.
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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.
U.S. crude oil inventories jumped last week even as refining utilization remained high, the EIA said on Wednesday in a majorly bearish report.
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).
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.
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The federal government's EIA report revealed that crude inventories plunged by 9.5 million barrels for the week ending Jul 5, more than 4.5 times what energy analysts had expected.