Crude oil (WTI) is rising by 4.16% to $38.02 per barrel and Brent oil is gaining by 3.28% to $40.95 per barrel this afternoon, according to the CNBC.com index.
Oil prices are rising after the Energy Information Administration reported that gasoline stockpiles dropped by 4.5 million barrels last week, while analysts were expecting a decline of 1.5 million barrels, the Wall Street Journal reports.
"It looks like we had a pickup in demand, up to about 20 million barrels a day," Bart Melek, head of commodity strategy at TD Securities, told the Journal. "All in all I think this is a positive for oil. We're going to test recent highs."
Based in Calgary, Encana is an exploration and production company focused on natural gas, oil and natural gas liquids.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: ECA