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OPEC Extended the Output Cut Deal: Stable Crude Oil Prices?

PART:
1 2 3 4 5
Part 3
OPEC Extended the Output Cut Deal: Stable Crude Oil Prices? PART 3 OF 5

Reviewing the Energy Calendar and Crude Oil Prices

Energy calendar 

Let’s take a look at some important events for the energy sector this week.

Wednesday, May 31:

  • The API’s (American Petroleum Institute) crude oil inventory report

Thursday, June 1:

Friday, June 2:

  • Baker Hughes’s US oil and gas rig count report

Reviewing the Energy Calendar and Crude Oil Prices

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Crude oil prices in the last 15 months  

WTI crude oil (IXC) (XES) (UCO) (SCO) prices settled at $54.45 per barrel on February 23, 2017—the highest level in almost two years. As of May 26, 2017, crude oil prices were 8.5% below their two-year highs. Oil prices rose in 2017 due to an extension of the production cut deal until March 2018 as well as high crude oil imports and demand in China and India.

WTI crude oil settled at $26.21 per barrel on February 11, 2016—the lowest level in the last 13 years. Prices hit a decade low due to record production from the US, OPEC, and Russia in 2015 and early 2016. Record global oil inventories also pressured oil prices.

As of May 26, 2017, prices have risen 90% from their 2016 lows. The rollercoaster ride in crude oil prices has a positive impact on oil producers’ earnings such as Stone Energy (SGY), Carrizo Oil & Gas (CRZO), Chevron (CVX), and Continental Resources (CLR).

Crude oil prices have fallen 12.4% year-to-date due to the rise in US crude oil rigs and US crude oil production. High US crude oil inventories also weighed on crude oil prices.

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

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