Low oil prices have an upside: CEOs

Yes, the oil supply data looks tough, but don't believe all the figures just yet, says Marathon Petroleum Corporation's CEO, Gary Heminger.

U.S. crude oil inventories fell by 5.1 million barrels from the previous week, while U.S. gasoline spiked to 10.1 million barrels last week, according to the Energy Information Administration.

"This data is a bit in arrears into getting into either the [Department of Energy] and even some of the [American Petroleum Institute] data," he said, noting that the agencies often revise their figures in early part of the calendar year.

The market is tighter than the numbers suggest because the refining side is running at a high-capacity utilization rate, Heminger said, in an Wednesday interview with "Power Lunch." "We have very good optics of actual demands... in our retail stores, and I am not seeing anywhere near a drop-off in gasoline demand or diesel demand versus the inventory build."

In the same vein, Saudi Arabia will continue to keep pumping oil into the market, which pleases PBF Energy CEO Thomas Nimbley.

"Low, flat price of crude worldwide and in the U.S. spurs demand," he said. "Gasoline demand in the U.S. [for the] first nine months of '15 versus '14 is up 3.3 percent."

The EIA's monthly data reported gasoline consumption in the United States increased by 3 percent during the first nine months of 2015 in comparison with the first nine months of 2014. The agency reports that the increase in the demand of U.S. gasoline reflects employment growth and lower gasoline prices.

While market watchers are focused on commodity prices, Diamondback CEO Travis Stice states that his company is focused on "execution, extremely low-cost operations and a pristine balance sheet," he said on Tuesday.

"You have to be the last man standing in a commodity-based business," the Texas-based CEO said. "The only way that you could be the last man standing is to make sure that your cost structure is the lowest and your execution is the highest."

Still, Cenovus Energy CEO Brian Ferguson, explained that while there is an excess of supply in the oil market, companies continue to increase production because of existing investments.

"We've got a couple of major oil sands projects that were well advanced — about 80 percent complete — when prices started to drop," he said. "We're not funding future phases beyond that until I see some clear signs... on the direction of prices."

—Reuters contributed to this report.