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Oil Stock Winners and Losers: ConocoPhillips

Weekly petroluem inventories fell but the integrateds' shares sagged with the overall stock market.

Updated from 11:26 a.m. EDT

Shares of most integrated oil companies closed lower Wednesday despite a drop in weekly petroleum inventories.

The Amex Oil index closed down 2.9% to 933.14. Light, sweet crude oil futures for June closed down 82 cents to settle at $57.82 on the New York Mercantile Exchange.

For the week ended May 8, crude inventories fell by 4.7 million barrels, or 1.3%, to 370.6 million barrels, 17.6% above year-ago levels, the Energy Department's Energy Information Administration said.

Analysts had expected an increase of 1.4 million barrels, according to Platts, the energy information unit of McGraw-Hill Cos.

Gasoline inventories fell by 4.1 million barrels, or 1.9%, to 208.3 million barrels, s 0.5% below year-ago levels. Analysts expected stockpiles to rise by 400,000 barrels.

Gasoline demand over the four weeks ended May 8 was 1.2% lower than a year earlier, averaging 9 million barrels a day. U.S. refineries ran at 80.4% of total capacity on average, 4.9% lower from the prior week. Analysts expected capacity to remain at 85.3%.

Among stocks,

Exxon Mobil

(XOM) - Get Exxon Mobil Corporation Report

closed down 1.5% to $69.77.


(CVX) - Get Chevron Corporation Report

finished down 1.6% to $68.10.

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(COP) - Get ConocoPhillips Report

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closed down 2.2% to $46.04.

Royal Dutch Shell


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