USO, XOM, MRO, DVN: why are oil inventories down today?
Oil inventories are down today and we explain why in a market update for Wednesday!
So what exactly is driving oil stocks down today? The drop in the price of crude oil is behind the decline in these inventories. The price of crude is currently trading at around $116.70 a barrel on Wednesday afternoon. That’s down about 5.5% and easily explains why oil inventories are down today.
It should be noted that the price of crude oil has increased over the past two weeks with the start of the war between Russia and Ukraine. This also led to a rise in oil inventories and also pushed up gasoline prices.
While it’s hard to know how long oil prices will decline, be aware that the value of oil inventories is strongly tied to crude oil prices. With that in mind, here’s how it affects several oil stocks today!
Why Oil Inventories Are Down Today
- United States Oil ETF (NYSEARC:USO) stock starts us off with shares down more than 8% on Wednesday afternoon.
- Exxon Mobil (NYSE:XOM) stocks are up, with shares of the oil company slipping nearly 2% at the time of this writing.
- Marathon Oil (NYSE:MRO) the stock joins others with bed stocks taking more than 2% in afternoon trading.
- Devon Energy (NYSE:NDV) stocks close out our list of oil stocks down today with a drop in value of more than 1% at the time of this writing.
Investors looking for more stock market news for Wednesday are in the right place!
We have all the stock market news traders need to know today! This includes what’s lying around Natera (NASDAQ:NTRA) stock down today, why General Electric (NYSE:GE) the stock is up this afternoon, along with the overall stock market move today. You can check out all this news at the following links!
More stock market news for Wednesday
As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.
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