Exxon (XOM) (COP) (CVX) (BP) Rising on Lower Gas Inventory

Shares of oil companies Exxon Mobil (NYSE:XOM), ConocoPhillips (NYSE:COP), Chevron (NYSE:CVX) and BP (NYSE:BP) were trading up today after a report from the Energy Information Administration saying gas inventory was up less than expected and oil inventory was flat.

Light, sweet crude West Texas Intermediate oil for June delivery is up $3.61 to $100.52 a barrel on the Nymex.

Brent crude July contracts rose $2.74 to $112.73 a barrel.

This could be an indicator that refinery demand may possibly be on the rebound.

MF Global wrote in a note to clients, “We think oil prices will continue to erode and we still think $90 is a reasonable short-term target on WTI, although short-term, we are getting a tad oversold and may be in for a bounce here.”

Chevron was trading at $102.96, gaining $2.55, or 2.54 percent, as of 2:19 PM EDT. BP was at $43.16, up $0.36, or 0.84 percent. ConocoPhillips (COP) was trading at $73.03, jumping $1.49, or 2.08 percent. Exxon Mobil (XOM) was at $81.76, rising $1.35, or 1.68 percent.