Energy Down After Stockpiles Data - Energy Roundup
Shares of oil and gas companies fell alongside oil futures after a reported buildup in U.S. stockpiles. On Wednesday, the U.S. Energy Information Administration reported that the amount of crude in storage rose by 2.4 million barrels in the week ended March 2, compared with average analyst forecasts for a 2.3 million barrel build. Phil Flynn, senior market analyst at Price Futures Group, said factors related to the "shoulder season" between winter and summer has likely played a part in the recent buildup in oil inventories as refineries slow activity. "Refiners must retool, and we must draw down winter blends of gas and build up those summer time blends," said Mr. Flynn, in a note to clients.
-Rob Curran, firstname.lastname@example.org
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March 07, 2018 16:25 ET (21:25 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.