US Crude Oil Futures: Traders Track Key Moving Averages
Energy calendar for June 19–23
Let’s take a look at some important events for crude oil and natural gas on June 19–23, 2017.
- June 20, 2017 – The API (American Petroleum Institute) will release its weekly crude oil inventory report.
- June 21, 2017 – The EIA (U.S. Energy Information Administration) will release its weekly petroleum status report.
- June 22, 2017 – The EIA will release its weekly natural gas inventory report.
- June 23, 2017 – Baker Hughes will release its weekly US crude oil and natural gas rig count report
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Crude oil futures performance
Prices fell 10.6% and 12.8%, respectively, in the past one month and three months, respectively. Lower crude oil prices have a negative impact on oil producers like ExxonMobil (XOM), Chevron (CVX), Northern Oil & Gas (NOG), and QEP Resources (QEP).
US crude oil futures and moving averages
July US crude oil futures are 6.9% and 9.8% below the 20-day and 50-day moving averages, respectively, as of June 16, 2017. Short-term moving averages suggest that prices could trade lower this week.
July US crude oil futures are also below the 100-day and 200-day moving averages of $51 and $51.7 per barrel as of June 16, 2017. Long-term moving averages suggest that prices could trade lower.
In the next part, we’ll look at how Cushing crude oil inventories impact prices.