What’s Pushing US Crude?
US crude oil futures
On August 8, 2017, US crude oil (USO) (USL) (DBO) September futures fell 0.4% and closed at $49.17 per barrel. Between August 1 and August 8, 2017, US crude oil active futures were not able to cross over the $50 mark. However, US crude oil prices were almost unchanged during this period.
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In the seven calendar days to August 8, 2017, the S&P 500 Index (SPY) and the S&P 400 Mid-Cap Index (IVOO) fell 0.1% and 0.9%. But the Dow Jones Industrial Average Index (DIA) rose 0.6% during this time period. The mixed sentiment among US equity indexes could be because of flat oil prices.
Why oil prices could fall
US crude oil production near a two-year high could be worrisome for oil prices, and US shale oil production could reach 5.58 million barrels per day in August 2017, which could be bearish for oil prices.
On August 8, 2017, US crude oil active futures fell 0.4% below their 200-day moving average. US crude oil active futures were 3.1%, 5.9%, and 2.5% above their 20-day, 50-day, and 100-day moving averages, respectively. But the 50-day moving average is still 5.9% below the 200-day moving average—a sign that prices are not yet fully in bullish mode.