Important events on the energy calendar
Let’s take a look at some important events for the energy sector this week:
Tuesday, November 8:
- API’s (American Petroleum Institute) Crude Oil Inventory report
Wednesday, November 9:
- EIA’s (U.S. Energy Information Administration) Weekly Petroleum Status report—for information on the last report, read Analyzing the Largest Weekly Rise in US Crude Oil Inventories.
- EIA’s This Week in Petroleum report
Thursday, November 10:
- EIA’s Weekly Natural Gas Storage report—read How US Natural Gas Inventories Affect Natural Gas Prices and How Did Regional Natural Gas Inventories Move Last Week? for information about the last report
- EIA’s weekly natural gas update
- The IEA’s (International Energy Agency) monthly Oil Market report—for information about the last report, read IEA’s Monthly Oil Market Report Is Bearish for Crude Oil Prices
Friday, November 11:
- Baker Hughes’s US crude oil rig count—see Part 6 of this series for more information
- Baker Hughes’s US natural gas rig count
- OPEC’s Monthly Oil Market Report—for information about the last report, read OPEC’s Monthly Oil Market Report Is Negative for Oil Prices
Impact on crude oil prices, stocks, and ETFs
All of these events influence crude oil and natural gas prices. Uncertainty in natural gas and crude oil prices can impact oil and gas producers’ earnings such as Carrizo Oil & Gas (CRZO), Marathon Oil (MRO), ConocoPhillips (COP), PDC Energy (PDCE), and Swift Energy (SFY).
The rollercoaster ride in natural gas and crude oil prices also impacts funds such as the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), the PowerShares DWA Energy Momentum ETF (PXI), the Direxion Daily Energy Bear 3x ETF (ERY), the ProShares UltraShort Bloomberg Crude Oil (SCO), the Fidelity MSCI Energy ETF (FENY), the ProShares Ultra Bloomberg Crude Oil (UCO), the iShares Global Energy (IXC), the Energy Select Sector SPDR ETF (XLE), and the iShares US Oil Equipment & Services (IEZ).
In the next part, we’ll take a look at the crude oil market’s highs and lows in 2016. Let’s start with US crude oil prices during early morning trade on November 8, 2016.