Occidental Petroleum Corp. shares slipped 4.74% to $25.94 Friday. This proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX falling 0.75% to 4,327.16 and Dow Jones Industrial Average DJIA falling 0.86% to 34,687.85.
Occidental Petroleum Corp. closed $7.56 short of its 52-week high ($33.50), which the company achieved on July 1st. The stock underperformed when compared to some of its competitors Friday, as Exxon Mobil Corp. XOM fell 2.77% to $57.32, Chevron Corp. CVX fell 2.65% to $98.62, and ConocoPhillips COP fell 2.77% to $55.50.
Occidental Petroleum Corp trading volume (18.5 M) eclipsed its 50-day average volume of 18.0 M. This was the stock’s third consecutive day of losses. U.S. oil prices finished higher after a weekly report from the Energy Information Administration (“EIA”) showed another big stockpile draw. The seventh straight fall in domestic oil stocks was accompanied by a decrease in gasoline inventories.However, the commodity pared back some of its gains on uncertainties stemming from OPEC+’s stalled meeting, one that has been held up due to differences between the United Arab Emirates and Saudi Arabia.On the New York Mercantile Exchange, WTI crude futures moved up 74 cents or 1%, to settle at $72.94 a barrel.
Gasoline supplies fell for the second time in three weeks. The 6.1-million-barrel drop is attributable to an increase in demand even as production grew. Analysts had forecast that gasoline inventories would fall by 1.7 million barrels. At 235.5 million barrels, the current stock of the most widely used petroleum product is 6.4% less than the year-earlier level and 2% below the five-year average range.