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.
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- 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.