Cushing Crude Oil Inventories Fell Again
Cushing crude oil inventories
Market surveys projected that Cushing crude oil inventories could fall on June 9—16, 2017. Cushing crude oil inventories fell for the eighth time in the last ten weeks. An expectation of fall in Cushing crude oil inventories could benefit US crude oil (IXC) (IYE) (UCO) prices this week. The rollercoaster ride in crude oil prices impacts oil and gas producers like Continental Resources (CLR), Warren Resources (WRES), and PDC Energy (PDCE).
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EIA’s crude oil inventory report
The EIA (U.S. Energy Information Administration) reported that Cushing crude oil inventories fell 1.8% or by 1.5 MMbbls (million barrels) to 63.3 MMbbls for the week ending June 9, 2017. Cushing crude oil inventories have fallen 6.8% or by 4.2 MMbbls—compared to the same period in 2016. The EIA’s next report will be released on June 21, 2017, at 10.30 AM EST.
Cushing crude oil inventories have fallen 10.5% or by 6.9 MMbbls in the last ten weeks. Read Why Did US Crude Oil Prices Hit a 7-Month Low? for more on US crude oil inventories.
US crude oil futures
July US crude oil (RYE) (BNO) (XLE) (IEZ) futures are near the levels in November 2016. US crude oil futures are trading below the key resistance level of $45 per barrel as of June 16, 2017. If US crude oil futures trade below this level for the next three trading sessions, we could see another fall in oil prices. However, the expectation of a fall in Cushing crude oil inventories could benefit crude oil prices this week. For more on the bullish drivers, read Traders Track the Key Support Level for Crude Oil Futures.
Next, we’ll analyze the US crude oil rig count for the week ending June 16, 2017.