Yesterday the Energy Information Administration reported that U.S. crude inventories grew by 2.3 million barrels last week to total 525.9 million barrels.
The increase was higher than the American Petroleum Institute's estimates of a 942,000 barrel-increase for the same period. Analysts expected a rise of 900,000 barrels, Reuters reported.
The higher-than-expected build fueled increasing concerns over a growing global oversupply.
However, a report from energy monitoring service Genscape today revealed that the Cushing, OK delivery hub for U.S. crude stockpiles logged a loss of 714,282 barrels for the week ended on August 30.
Additionally, Saudi Arabian Foreign Minister Adel al-Jubeir said Thursday that OPEC countries and non-OPEC producers are looking to reach an agreement to reduce oil output, Reuters reports.
The Genscape report and al-Jubeir's comments did little to bolster sentiment today, however.
Crude oil (WTI) was down 3.2% to $43.27 per barrel while Brent crude was falling 2.88% to $45.54 per barrel this afternoon, heading toward their sharpest weekly decline since January.
Western Refining is an El Paso, TX-based crude oil refiner and marketer.
Separately, 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 rated this stock as a "hold" with a ratings score of C.
The company's strengths can be seen in multiple areas, such as its attractive valuation levels and notable return on equity. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, generally higher debt management risk and poor profit margins.
You can view the full analysis from the report here: WNR