Here’s Why These Five Stocks Are Trading Higher Today

Crude-related names Oasis Petroleum Inc. (NYSE:OAS) , ENSCO PLC (NYSE:ESV), and Chesapeake Energy Corporation (NYSE:CHK) have surged by 4%, 5%, and 11%, respectively, after the EIA released bullish inventory data. According to the agency, oil inventories fell by 14.5 million barrels last week, the most since 1999, and gasoline inventories retreated by 4.2 million barrels. Distillates were the only soft spot, rising by 3.4 million barrels for the time period. Production in the lower 48 states rose by 15,000 barrels per day while production in Alaska fell by 45,000 barrels per day. As a result of the data, WTI futures are up by 3.6%. Although crude inventories are still considerably higher than their five-year averages, the near-record drop alleviates much of the oversupply concern in the market. If the coming week’s EIA numbers also show drops, many traders believe sentiment around WTI and Brent will turn positive. Oasis, ENSCO, and Chesapeake will all experience higher demand if crude prices rise.

Of the around 750 elite funds that we track, 30 funds owned shares of ENSCO PLC (NYSE:ESV), 31 had a bullish position in Chesapeake Energy Corporation (NYSE:CHK), and 33 were long Oasis Petroleum Inc. (NYSE:OAS) at the end of the second quarter.

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