Oil Stocks Crashing as Fuel Consumption Flatlines
Shares of a broad array of oil stocks are falling sharply today, following the latest weekly petroleum data survey from the U.S. Energy Information Administration. According to the latest update, U.S. refinery production slipped almost 1 million barrels per day, while gasoline consumption, as measured by the amount refiners supplied to the market, remain stuck in a narrow band that's down about 9 million barrels per day from last year.
As a result of the continued lag in a further recovery of transportation fuel demand, producer stocks in particular are taking it on the chin. At this writing, shares of Matador Resources (NYSE: MTDR), Antero Resources (NYSE: AR), Range Resources (NYSE: RRC), and Southwestern Energy (NYSE: SWN) are down between 5.3% and 8% (even though they are more focused on natural gas than oil).
On the other side of the coin, refining and oil logistics stocks including Phillips 66 (NYSE: PSX) and Sunoco LP (NYSE: SUN) are among the few oil stocks moving up today.
Source Fool.com
