Oil stocks have moved to the upside Wednesday morning. The buying interest came after the release of a report showing gasoline inventories dropped steeply during the last week caused oil prices to jump. Traders also digested Pyramid Oil Co. (PDO) posting a hefty rise in second quarter earnings.
Pyramid was among the sector's biggest winner, soaring about 22%. Goodrich Petroleum Co. (GDP) and Mexco Energy Corp. (MXC) each posted gains of at least 7%.
Around 11:10 am Eastern Time, Pyramid Oil stock was up $2.07 at $11.38 a share, while Goodrich Petroleum shares were up $4.33 at $50.70 and shares of Mexco Energy were up $1.76 at $24.62.
Meanwhile, Fieldpoint Petroleum Corp. (FPP), Toreador Resources Corp. (TRGL) and CNOOC Ltd. (CEO) were all up about 6%.
Crude oil prices surged Wednesday morning amid the release of data showing gasoline inventories fell sharply in the recent week. Crude oil supplies were modestly lower in the recent week, according to data released by the Energy Information Administration.
Following the report, light sweet crude for September delivery surged as high as $115.69 before coming back. Oil moved at $114.84, up $1.83, about 15 minutes after the data was made public. Crude had touched a fresh 3 1/2-month low on Tuesday.
Total motor gasoline inventories decreased by 6.4 million barrels, moving lower for a third straight week. Experts were looking for a more modest drop of about 2.5 million barrels. Stockpiles and are in near the lower boundary of the average range. Inventories decreased by a combined 7.9 million barrels in the two previous weeks.
U.S. commercial crude oil inventories fell by 400,000 million barrels from the previous week, according to data. Analyst expectations varied for the report with some looking for a modest build and others looking for a mild decline. At 296.5 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year.
Distillate fuel inventories decreased by 1.7 million barrels and are in the upper half of the average range for this time of year. Propane/propylene inventories increased by 2.0 million barrels last week but remain below the lower limit of the average range. Total commercial petroleum inventories decreased by 5.4 million barrels last week, and are in the lower half of the average range for this time of year.
Before the opening bell on Wednesday, Pyramid reported its second quarter revenue increased 91% to $2.1 million from $1.1 million last year. Net income improved by 154% to $908,000, or $0.24 per diluted share, from $357,000, or $0.10 per diluted share, in the second quarter last year.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.