Energy stocks are falling amid a surge in crude inventories
Energy stocks across the board are down on Friday amid record US crude inventories.
According to US government data, stockpiles rose 564,000 barrels to 518.7 million last week, the highest level in weekly data since 1982, according to Bloomberg. Analysts from Goldman Sachs and Energy Aspects Ltd said deliveries purchased before oil producers started cutting output in January were responsible for the surge in US stockpiles, Bloomberg reports.
The US rig count also continues to rise. US oil-rig count increased by five to a total of 602 this week, according to Baker Hughes. After the rig-count release, West Texas Intermediate crude futures for April delivery were down by 0.8% to $54.02 per barrel, but on track for a weekly gain.
Here are the numbers:
- Exxon Mobil: - 1.16%
- Chevron: -1.17%
- Range Resources: -5.25%
- Transocean: -3.91%
- Newfield Exploration: -2.51%
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