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The U.S. Energy Information Administration reported this morning that U.S. crude oil inventories fell 2.62 million barrels for the week ended March 16.
Last week inventories rose by 5 million barrels.
As of 11:20 a.m. New York time U.S. benchmark West Texas Intermediate was up 2.01% to $64.82 a barrel. International benchmark Brent was up 2.33% to $68.99 a barrel.
The Energy Select Sector SPDR (XLE) is up 2.39% this morning. Since plunging in the late January/early February sell off, the energy sector has struggled to regain ground. At $68.44 today the ETF has just pushed above the 200-day moving average at $67.95.  The 50-day moving average is at $70.83.
U.S. oil shale producers are up even more strongly than the sector this morning with Pioneer Natural Resources (PXD) ahead 2.96%, Diamondback Energy higher by 4.44%, and RSP Permian (RSPP) gaining 3.52%.  (Pioneer Natural Resources and Diamondback Energy are members of my 50 Stocks and Jubak Picks portfolios, respectively.  I hold Pioneer call options in my Volatility Portfolio. You can follow my Volatility Portfolio on either of my subscription sites, or