Yesterday, the U.S. Energy Information Administration (EIA) reported a 3.5 million barrel climb in crude stockpiles for the week ended February 19.
Even though this figure was below the 7.1 million-barrel rise reported by the American Petroleum Institute (API) on Tuesday, it was still a build, pushing the total domestic crude to another weekly high at 507.6 million barrels, MarketWatch reports.
This is also 74 million barrels higher than last year's figures.
"The market lacks drivers so U.S. crude oil inventory is still the main thing traders look at," OCBC energy analyst Barnabas Gan told MarketWatch. "The latest figure clearly shows that the global glut isn't going anywhere."
Crude oil (WTI) is slipping 2.86% to $31.23 per barrel and Brent crude is slumping 2.73% to $33.47 per barrel.
Separately, TheStreet Ratings currently has a "Sell" with a letter grade of D.
This is driven by some concerns, 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. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself.
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.
You can view the full analysis from the report here: NBR