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Is OPEC's Production Cut Rebalancing the Crude Oil Market?

PART:
1 2 3 4 5 6 7
Part 4
Is OPEC's Production Cut Rebalancing the Crude Oil Market? PART 4 OF 7

Will US Crude Oil Prices Test New Highs?

Crude oil prices and US stock exchanges  

US crude oil (BNO) (PXI) (FENY) prices are near an 18-month high as of February 13, 2017. Meanwhile, the S&P 500 (SPY) (SPX-INDEX), Dow Jones (DJIA-INDEX), and NASDAQ (COMP-INDEX) are near all-time highs. Bullish momentum in the US stock market could support oil demand and oil prices. For more on crude oil prices, read Part 1 and Part 2 of this series.

Crude oil’s highs in the last 12 months  

NYMEX crude oil prices settled at $54.1 per barrel on December 28, 2016—the highest since July 14, 2015. As of February 13, 2017, crude oil prices are 2.2% below their highs.

Key bullish drivers for crude oil in 2017  

Will US Crude Oil Prices Test New Highs?

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Crude oil’s lows in the last 12 months 

US crude oil settled at $26.21 per barrel on February 11, 2016. Crude oil prices hit 13-year lows due to:

As of February 13, 2017, crude oil prices have risen 102% from their 2016 lows. Higher crude oil (IYE) (IXC) (SCO) prices have a positive impact on oil producers’ earnings such as Occidental Petroleum (OXY), Hess (HES), Synergy Resources (SYRG), and PDC Energy (PDCE).

Key bearish drivers for crude oil in 2017    

Crude oil price forecasts  

Tortoise Capital Advisors thinks that US WTI and Brent crude oil prices could trade between $50 and $60 per barrel in 2017. In the last part of this series, we’ll look at some crude oil price forecasts.

In the next part of the series, we’ll look at Cushing crude oil inventories and their impact on crude oil prices.

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