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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.
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.
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.
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