Wednesday, September 22, 2010

Exxon (NYSE:XOM), Chevron (NYSE:CVX), BP (NYSE:BP), Conoco (NYSE:COP) On High Oil Supplies

Oil inventories increased by about one million barrels last weak, pushing the share prices of majors like Exxon (NYSE:XOM), Chevron (NYSE:CVX), BP (NYSE:BP), Conoco (NYSE:COP) all down on the day, although Exxon rebounded some as the day went on.

The big blow was analysts had been looking for a drop in oil inventory of about 1.5 million barrels, creating the 2.5 million oil barrel miss.

For indices tracking the energy sector, the NYSE Arca Oil Index (AMEX:XOI) fell $7.04 to 1,001.85, a drop of 0.70 percent; the Amex Natural Gas Index gained $0.70, or 0.14 percent, rising to $513.77 at 3:41 PM EDT; while the Philadelphia Oil Service Index dropped slightly to $189.62 as of 3:43 PM EDT.

BP was at $38.18, falling $0.41, or 1.06 percent at 3:31 PM EDT; Conoco fell to $56.09, losing $0.43, or 0.76 percent at 3:34 PM EDT; Exxon rose slightly to $61.59, gaining $0.05, or 0.08 percent at 3:44 PM EDT, and Chevron fell to $79.34, dropping $0.41, or 0.51 percent as of 3:45 PM EDT

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