Global Crude Oil Supply Outages Drive Crude Oil Prices
The EIA estimates that global crude oil supply outages fell by 72,000 bpd (barrels per day) to 2.2 MMbpd (million barrels per day) in December 2016.
The EIA estimated that US gasoline demand rose by 5,000 bpd (barrels per day) to 8,470,000 bpd between December 30, 2016, and January 6, 2017.
The API released its weekly inventory report on January 18, 2017. It estimates that US gasoline inventories rose by 9.8 MMbbls from January 6–13, 2017.
On January 18, 2017, the API released its weekly crude oil inventory report. US crude oil inventories fell by ~5 MMbbls from January 6–13, 2017.
March WTI crude oil (ERX) (IEZ) (USL) (USO) (ERY) (RYE) futures contracts fell 2.6% and settled at $51.89 per barrel on January 18, 2017.
Gold and silver are weaker in the early hours. After rising to two-month high price levels, gold prices pulled back after Janet Yellen’s comments.
From January 11, 2017, to January 18, 2017, natural gas (UGAZ) (DGAZ) February futures rose 2.4%. The US Dollar Index fell 0.8% during that period.
According to data from the EIA, natural gas inventories fell by 151 Bcf during the week ending January 6, 2017—compared to the previous week.
On January 13, the natural gas rig count was 136. It was 135 in the previous week. The number of active natural gas rigs rose by one over the past year.
In the last four trading sessions, natural gas February futures rose 2.4% due to cooler weather forecasts. They closed at ~$3.30 per MMBtu on January 18.
Diamond Offshore Drilling’s short-interest-to-equity float ratio is currently 29.3%, the highest among the OFS stocks that are part of the VanEck Vectors Oil Services ETF.
Tidewater (TDW) has fallen 58.7% in the past year. It has the highest implied volatility of all the oilfield services companies that make up the VanEck Vectors Oil Services ETF (OIH).
On January 17, 2017, Tidewater (TDW) had the highest implied volatility among the OFS (oilfield equipment and services) companies that are part of the VanEck Vectors Oil Services ETF (OIH).
US crude oil futures contracts for February delivery rose ~3.3% between January 10, 2017, and January 17, 2017. The US dollar fell ~1.6% during that period.
US commercial crude oil inventories rose by ~4.1 MMbbls (million barrels) in the week ending January 6, 2017—compared to the previous week.
The US crude oil rig count was 522 in the week ending January 13—a fall of seven rigs compared to the previous week, according to data released by BHI.
US crude oil futures contracts for February delivery closed at $52.48 per barrel on January 17, 2017—0.2% more than the previous closing price.
Cabot Oil & Gas’s (COG) short interest ratio on January 17, 2017, was ~4.2%. Its short interest ratio two months ago was ~5.2%.
Currently, Cabot Oil & Gas (COG) has an implied volatility of ~53.6%, which is ~21.0% higher than its 15-day average of ~44.3%.
About 53.0% of analysts have rated Cabot Oil & Gas (COG) a “buy,” and ~47.0% have rated it a “hold.” The average broker target price implies a return of ~29.0%.