Crude oil (WTI) is up by 1.14% to $31.81 per barrel and Brent oil is up by 2.45% to $32.58 per barrel this afternoon, according to the CNBC.com index.
Oil prices are rising after data from the Energy Information Administration showed that inventories of distillates fell by 4 million barrels last week, while analysts were expecting an increase of 2 million barrels, Reuters reports.
"The draw in distillate stocks is bullish, but we know there was cold weather in the United States in the last week, so I would say the reason behind the draw has something to do with the cold winter weather and, as such, the impact should be short-lived," Tamas Varga of PVM Oil Associates told Reuters.
Additionally, the EIA reported that crude oil inventories rose by 8.4 million barrels last week, less than the American Petroleum Institute's projections that stockpiles rose by 11.4 million barrels, the Wall Street Journal reports.
Based in Canada, Encana is an exploration and production company focused on oil and natural gas.
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. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. 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