Another Bad Day For Airline Stocks: Oil Moves Up on Weak Inventory Numbers
As of this posting nearly every airline stock we track is down on the day.
One big reason -- the price of crude is on the march again.
As of this writing, the price of crude is up more than $6/barrel, hovering around $137.60.
The main mover today is inventory news.
The Energy Information Administration reported today that crude supplies fell by 4.6 million barrels last week. Analysts were looking for a drop of only 1.4 million barrels, according to according to a poll by energy research firm Platts.
Related problem number two -- the dollar was trading down today as well.