CEIX - Energy roundup - good data bad price action

Energy stocks (XLE) were not immune from Wednesday's steep selloff in equities (SPY), despite relatively positive developments across the commodity landscape. Natural gas prices (UNG) traded green most of the day, and are set to close flat, as continued production growth challenges led Pioneer's (PXD) Sheffield to forecast Henry Hub (NG1:COM) reaching $10/mcf this year. US crude oil (USO) inventories fell by 7.9mb last week, as reported by the EIA Wednesday morning. And despite rising refinery utilization, 95% on the east coast and 92% nationally, gasoline inventories collapsed by almost 5mb on the week. HSBC added to the chorus of Wall Street banks calling "higher-for-longer" refining margins Wednesday, as JPMorgan's commodity strategist called for $6.00 retail gasoline prices this summer, and China cut gasoline and diesel exports by over 50%. In-basin coal prices east of the Mississippi continued their stratospheric rise, as elevated natural gas and seaborne coal prices improved cost

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Energy roundup - good data, bad price action