NEW YORK, NY / ACCESSWIRE / April 20, 2017 / Oil & Gas stocks slumped on Wednesday alongside oil prices after the U.S. Energy Information Administration (EIA) reported a smaller-than-expected decline in U.S. crude inventories. On Wednesday, U.S. crude futures slumped 3.76 percent to close at $50.44 a barrel. The EIA reported crude inventories declined by 1 million barrels for the week ended April 14th, short of analysts' expectations of a decrease of 1.5 million barrels. Gasoline inventories unexpectedly grew by 1.5 million barrels, compared to expectations of a 1.9 million barrel decrease, according to a Reuters poll.

"[Wednesday's] crude drawdown was not as large as expected," John Kilduff, founding partner at Again Capital, told CNBC in an interview Wednesday. "There was also a large jump in refinery capacity utilization ahead of the peak summer driving season. That's weighing on the perception of the [EIA] report." Kilduff added, "In other words, production of these refined products is expected to rise, increasing inventories."

RDI Initiates Coverage on:

Chevron Corp.
https://ub.rdinvesting.com/news/?ticker=CVX

Exxon Mobil Corp.
https://ub.rdinvesting.com/news/?ticker=XOM

Chevron's shares declined 1.37 percent to close at $104.23 a share on Wednesday. The stock traded between $103.83 and $106.14 on volume of 6.67 million shares traded. The company has recently agreed to sell its gas stations and refinery in British Columbia, Canada to Parkland Fuel Corp. for approximately $1.1 billion. On March 31st, Chevron also announced the completion of the sale of its geothermal business in Indonesia to Star Energy Consortium. Chevron has scheduled its quarterly earnings conference call on Friday, April 28th at 11:00 a.m. ET. Shares of Chevron have fallen approximately 11.44 percent year-to-date.

Access RDI's Chevron Research Report at:
https://ub.rdinvesting.com/news/?ticker=CVX

Exxon Mobil's shares declined 0.69 percent to close at $80.49 a share on Wednesday. The stock traded between $80.30 and $81.51 on volume of 10.76 million shares traded. On Wednesday, The Wall Street Journal reported that Exxon Mobil has applied to the Treasury Department for a waiver to resume its joint venture with state oil giant PAO Rosneft, citing people familiar to the matter. Shares of Exxon Mobil have fallen approximately 10.82 percent year-to-date.

On March 30th, the company announced results from the Snoek well, confirming a new oil discovery in offshore Guyana.

"The latest discovery at Snoek demonstrates the continued success we have achieved in this technically complex play, which is just part of the significant exploration province offshore Guyana," said Steve Greenlee, president of ExxonMobil Exploration Company.

Access RDI's ExxonMobil Research Report at:
https://ub.rdinvesting.com/news/?ticker=XOM

Our Actionable Research on Chevron Corporation (NYSE: CVX) and Exxon Mobil Corporation (NYSE: XOM) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com