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Traders Are Tracking the US Dollar, Rigs, and Inventories

PART:
1 2 3 4 5
Part 3
Traders Are Tracking the US Dollar, Rigs, and Inventories PART 3 OF 5

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

US Crude Oil Futures: Traders Track Key Moving Averages

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Crude oil futures performance 

July US crude oil (RYE) (BNO) (XLE) (IEZ) prices have fallen 21.5% year-to-date due to bearish drivers. To learn more, read Crude Oil Prices Fell below 200-Day Moving Average.

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.

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