Energy Stocks Climb on Unexpected Drop in U.S. Oil Stockpiles – Latest Updates on BHI, CVX, DNR and ECA
New York, New York – April 7th, 2016 – Energy stocks climbed higher Wednesday as oil prices surged as a result of an unexpected drop in U.S. inventories. On Wednesday, the Energy Information Administration reported U.S. crude oil inventories declined by 4.9 million barrels for the week ended April 1st. Analyst surveyed by Bloomberg had forecasted an increase of 2.85 million barrels. Brent crude, the international benchmark, spiked 5.3 percent to $39.88 a barrel.
U.S. refineries played a major role in the larger-than-expected supply drop. Data from the EIA showed refineries ran at 91.4 percent of capacity for the week ended April 1st, up from 90.4 percent the week before. "For refiners, they see a market with strong demand for gasoline and decent profit margins. I expect they will begin ramping up in order to capture the sweet spot of high volume and high margins for as long as it lasts," said David Thompson, executive vice-president at Washington-based energy-specialized commodities broker Powerhouse.
Here is how some Energy stocks reacted Wednesday:
Baker Hughes Inc. (NYSE: BHI) shares surged 8.82 percent to close at $42.83 a share Wednesday. The stock traded between $38.77 and $43.25 on volume of 14.88 million shares traded. The Wall Street Journal has reported that the Justice Department has filed antitrust lawsuit to block Halliburton‘s $35 billion deal to acquire Baker Hughes. Shares of Baker Hughes have fallen approximately 7.0 percent year-to-date and are also down roughly 7.0 percent in the past month.
Find out more about Baker Hughes including full access to the equity report at:
Chevron Corporation (NYSE: CVX) shares increased 2.35 percent to close at $94.83 a share Wednesday. The stock traded between $92.82 and $95.00 on volume of 6.83 million shares traded. Chevron is scheduled to hold its quarterly earnings conference call on Friday, April 29, 2016, at 11:00 a.m. ET. Shares of Chevron have gained approximately 5.0 percent year-to-date and are up roughly 8.0 percent in the past month.
Find out more about Chevron including full access to the equity report at:
Denbury Resources Inc. (NYSE: DNR) shares spiked 10.95 percent to close at $2.23 a share Wednesday. The stock traded between $2.01 and $2.29 on volume of 16.33 million shares traded. Denbury Resources have announced John P. Dielwart as its new Chairman of the Board, succeeding Wieland F. Wettstein. Shares of Denbury Resources have gained approximately 10.0 percent year-to-date and are down roughly 31.0 percent in the past month.
Find out more about Denbury Resources including full access to the equity report at:
Encana Corporation (NYSE: ECA) shares gained 3.14 percent to close at $5.92 a share Wednesday. The stock traded between $5.74 and $6.01 on volume of 10.97 million shares traded. Encana reported proved net natural gas reserves (after royalties) were approximately 3.1 Tcf down 2.4 Tcf from the previous year. Shares of Encana have gained approximately 16.0 percent year-to-date and are up roughly 8.0 percent in the past month.
Find out more about Encana including full access to the equity report at:
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