MW; Energy stocks retreat on Cushing inventory data
Investors found little reason to bid up equities from the petroleum and natural gas sectors Wednesday as inventory levels in Cushing, Okla. rose to their highest mark since 2004 and crude continued its retreat.
While overall U.S. inventories for petroleum fell unexpectedly in the past week, storage in Cushing, Okla. - the delivery point for West Texas Intermediate Crude - rose to 28.7 million barrels, the highest since April 2004 when the government started collecting data. See related story.
The Amex Oil Index fell about 0.4% to 914. The Amex Natural Gas Index retreated fractionally at 355. The Philadelphia Oil Service Index traded about flat at 111.
Crude oil futures continued to slip, retreating $1.51 to $37.47 a barrel, but off earlier lows below the $37 level. The futures market closes at 1 p.m. ET along with the equities market. See Futures Movers.
U.S. crude-oil stockpiles fell 3.1 million barrels to 318.2 million in the week ending Dec. 19, U.S. Energy Information Administration reported on Wednesday.
Analysts surveyed by energy information provider Platts expected an increase of 1.5 million barrels.
