Energy-related names Noble Corporation Ordinary Shares (UK) (NYSE:NE), ENSCO PLC (NYSE:ESV), and Freeport-McMoRan Inc (NYSE:FCX) are each up by between 4% and 6% today due to surging WTI futures, which are up by 2.2% to trade above $46 per barrel. Some traders are buying WTI due to yesterday’s solid EIA report, which showed U.S. commercial crude oil inventories dropping by 6.2 million barrels to 504.6 million. Although that is still historically high, the levels are much better than before.
In addition, the news that total motor gasoline inventories inched down by 3.2 million barrels and distillate fuel inventories rose by 2.2 million barrels was also cause for bullishness. Commodity investors hope for more positive news once OPEC and Russia begin their informal meeting in Algeria on September 26.
In terms of individual hedge fund ownership, Carl Icahn‘s Icahn Capital owned 104 million shares of Freeport-McMoRan Inc (NYSE:FCX) at the end of June. Meanwhile, in terms of broader smart money ownership, 30 and 33 funds that we track were long ENSCO PLC (NYSE:ESV) and Noble Corporation Ordinary Shares (UK) (NYSE:NE) respectively at the end of June.