Shares of oil and energy companies like Carrizo Oil & Gas (Nasdaq:CRZO), Exxon Mobil (NYSE:XOM), Petrobras (NYSE:PBR) and Chesapeake Energy (NYSE:CHK) closed mixed Wednesday as crude oil prices rebounded after two days of trading down.
Crude-oil futures were up Wednesday, gaining strength after a period of weakness midway through the day as investors focused on a supply report and hefty gains for gasoline futures.
Crude for May delivery was up 86 cents, or 0.8%, to settle at $107.11 a barrel on the New York Mercantile Exchange. Futures ended a two-day losing streak that had slashed almost 6 percent from prices on Friday.
The Energy Information Administration said crude oil inventories rose 1.6 million barrels for the week ended April 8.
The EIA reported a drop in gasoline inventories of 7 million barrels. Distillates supplies were down 2.7 million barrels.
Both figures showed deeper declines than projected. Analysts were looking for a decrease of 1.3 million for gasoline and unchanged stocks of distillates, which include diesel and heating oil.
Gasoline for May delivery increased 8 cents to $3.24 a gallon, also ending a two-session losing run and reaching the highest prices since Friday.
May heating oil was up 3 cents, or 1 percent, to $3.20 a gallon.
Chesapeake Energy closed Wednesday at $32.40, gaining $0.47, or 1.47 percent. Exxon Mobil closed at $83.16, down $0.02, or 0.02 percent. Carrizo Oil & Gas closed at $35.55, rising $0.19, or 0.54 percent. Petrobras ended the day at $37.20, dropping $1.01, or 2.64 percent.
Thursday, April 14, 2011
Petrobras (PBR) (CRZO) (XOM) (CHK) Close Mixed as Crude Prices Rebound
Labels:
Carrizo,
Chesapeake Energy,
ExxonMobil,
Gasoline Prices,
Petrobras
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