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US Oil Production and Gasoline Inventories Pressure Oil Futures

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US Oil Production and Gasoline Inventories Pressure Oil Futures PART 1 OF 7

NYMEX Crude Oil Prices Made a U-Turn

Crude oil prices  

WTI (West Texas Intermediate) crude oil (XLE) (XOP) (USO) futures contracts for May delivery fell 3.8% and settled at $50.44 per barrel on April 19, 2017. US crude oil futures for May delivery will expire on April 20, 2017. June WTI crude oil futures fell 3.7% and settled at $50.85 per barrel on April 19, 2017. Brent crude oil futures fell 3.6% and settled at $52.93 per barrel on the same day.

The S&P 500 (SPY) (SPX-INDEX) fell 0.2% on April 19, 2017. Oil and gas are major parts of the energy sector. The energy sector contributed to ~6.6% of the S&P 500 as of April 14, 2017.

NYMEX Crude Oil Prices Made a U-Turn

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US crude oil prices fell for the third consecutive day. Prices fell ~5.6% from six-week highs on April 11, 2017. Prices fell due to the following:

  • rise in the US crude oil production
  • surprise build in US gasoline inventories
  • less-than-expected fall in US crude oil inventories
  • US dollar rose 0.24% to 99.64 on April 19
  • expectation of a strong dollar (UUP) in 2017 could pressure oil prices

Crude oil volatility index 

The crude oil volatility index rose 10.9% to 29.8 on April 19, 2017. It hit 24.7 on March 1, 2017—the lowest level since October 2014. Volatility in crude oil prices can impact oil and gas producers’ earnings like Chevron (CVX), Noble Energy (NBL), Denbury Resources (DNR), and Cobalt International Energy (CIE).

In this series 

In this series, we’ll look at US crude oil production, refinery demand, imports, and inventories. We’ll also look at gasoline and distillate inventories.

We’ll start by looking at US crude oil prices in early morning trade on April 20, 2017.

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