Analyzing Crude Oil Prices in 2016 and 2017


Nov. 20 2020, Updated 5:20 p.m. ET

Crude oil prices 

WTI (West Texas Intermediate) crude oil (BNO) (XLE) (IEZ) (RYE) (XOP) (PXI) futures contracts for February delivery rose 1.5% and were trading at $53.1 per barrel in electronic trade at 5:10 AM EST January 17, 2017. For more on crude oil (ERY) (ERX) (USL) (USO) (UCO) and the dollar, read Part 1 of the series.

Article continues below advertisement

Crude oil’s lows in the last 12 months

US crude oil settled at $26.21 per barrel on February 11, 2016. Crude oil prices hit 13-year lows due to the following:

As of January 16, 2017, crude oil prices rose 99.4% from their 2016 lows. Higher crude oil (IYE) (IXC) (FENY) (SCO) prices have a positive impact on producers’ earnings such as ConocoPhillips (COP), Occidental Petroleum (OXY), Northern Oil & Gas (NOG), and Triangle Petroleum (TPLM).

Key bearish drivers for crude oil in 2017  

Article continues below advertisement

Crude oil’s highs in the last 12 months  

US crude oil prices settled at $54.1 per barrel on December 28, 2016—the highest since July 14, 2015. As of January 16, 2017, crude oil prices are 3.4% below their highs.

Key bullish drivers for crude oil 2017  

Reuters poll

Reuters poll estimated that Brent and US WTI crude oil prices will average $57.01 per barrel and $55.23 per barrel in 2017, respectively. In the last part of this series, we’ll look at some crude oil price forecasts.

In the next part of the series, we’ll look at Cushing crude oil inventories and their impact on crude oil prices.


More From Market Realist

    • CONNECT with Market Realist
    • Link to Facebook
    • Link to Twitter
    • Link to Instagram
    • Link to Email Subscribe
    Market Realist Logo
    Do Not Sell My Personal Information

    © Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.