April WTI (West Texas Intermediate) crude oil (ERX) (PXI) (ERY) futures contracts rose 0.8% and were trading at $54.2 per barrel in electronic trade at 3:25 AM EST on February 21, 2017. US markets were closed on February 20, 2017, due to the President Day holiday. Broader markets like the S&P 500 (SPY) (SPX-INDEX) and Dow Jones (DJIA-INDEX) rose 0.2% and 0.02%, respectively, on February 17, 2017.
US crude oil prices hit a 19-month high of $54.24 per barrel in electronic trade on February 20, 2017, due to the following:
Receive e-mail alerts for new research on SPY:
Interested in SPY?
Don’t miss the next report.
However, crude oil prices’ upside could be limited due to the following:
Follow the series to learn more about bearish drivers. Any rise in US crude oil production and inventories will put a lid on crude oil (FENY) (USO) (UCO) prices. Moves in crude oil prices impact oil producers such as Denbury Resources (DNR), SM Energy (SM), Chevron (CVX), ExxonMobil (XOM), and Bonanza Creek Energy (BCEI). Read Crude Oil Market: Where’s the Smart Money Going? to learn more.
In this series, we’ll focus on the American Petroleum Institute’s crude oil inventories, record gasoline inventories and consumption, Libya’s crude oil production, Iran’s crude oil production, and some crude oil price forecasts.