TP: Oil Future Prices Settled at 4-Month High in the U.S
.S. crude futures jumped 1.2% on Tuesday, pushing beyond $97 a barrel for the first time in more than four months, as investors bet that signs of an improving economy will interpret into higher fuel demand.
Oil rallied 9.7% in early December, achieving its drive in recent days on a stream of data thats keen to improving economic circumstances in the U.S., the world’s largest oil consumer.
Sweet crude for March distribution advanced to $97.57 a barrel on the New York Mercantile Exchange, the maximum since Sept. 14. Brent crude on the ICE futures exchange ended up 88 cents, or 0.8%, at $114.22 a barrel.
According to a survey of analysts, oil stockpiles are estimated to increase by 2.7 million barrels. Gasoline stockpiles are seen growing by 200,000 barrels, though stocks of distillation, which comprise heating oil and diesel, are seen dropping by 900,000 barrels. Let’s have a look at some oil stocks.
Valero Energy Corporation (NYSE:VLO) shares boosted after it reported its 4th quarter results and beat the analysts’ estimates. Its earnings hit a seven-year high as the refining company acquired complete advantage of the rising supply of North American crude and stopped purchasing expensive light, sweet crude brought in from overseas. Valero reported a profit of $1.01 billion, or $1.82 a share, up from $45 million, or eight cents a share, a year prior. The earnings were the maximum since 2005.
In the last trading session, Valero Energy Corporation (NYSE:VLO) surged +12.78% and closed at $43.77 with the total traded volume of 25.77 million shares, more than the average volume of 8.47 million.
Halliburton Company (NYSE:HAL) shares moved up after ISI Group repeated its Strong “Buy” rating on Halliburton Company and raised its price target from $47.00 to $50.00. In the last trading session, Halliburton Company (NYSE:HAL) gained +1.49% to close at $40.88 and its overall traded volume was 14.97 million shares. HAL has earnings per share of $2.78 and its price to earnings ratio ended at 14.72.
Exxon Mobil Corporation (NYSE:XOM) will announce its latest earnings on Friday, February 1, 2013. ExxonMobil Corporation produces and sells crude oil, natural gas and petroleum products. The average estimation of analysts is for profit of $1.99 per share, an increase of 1% from the company’s actual earnings.
Exxon Mobil Corporation (NYSE:XOM) jumped +0.71%, to close at $91.76 in the last trading session and its total traded volume was 11.70 million shares.
