US crude oil prices
June WTI (West Texas Intermediate) crude oil (UCO) (BNO) (VDE) futures contracts rose 0.1% and settled at $49.62 per barrel on April 26, 2017. US crude oil prices rose due to a larger-than-expected draw in US crude oil inventories and record refinery crude oil demand. The S&P 500 (SPY) (SPX-INDEX) fell 0.1% on April 26, 2017. Oil and gas are major parts of the energy sector. The energy sector contributed to ~6.6% of the S&P 500 as of April 21, 2017.
Brent crude oil prices
Brent crude oil futures fell 0.5% and settled at $51.82 per barrel on April 26, 2017. Prices fell due to oversupply concernspressure oil prices. Brent and WTI crude oil futures diverged on April 26, 2017.
Meanwhile, Brent crude oil prices have fallen ~11.7% YTD (year-to-date). WTI crude oil prices have fallen ~12.6% YTD. The expectation of a strong dollar (UUP) in 2017 could also oversupply concernspressure oil prices.
Crude oil volatility index
In this series
In this series, we’ll look at US crude oil production, refinery demand, imports, and inventories. We’ll also look at gasoline inventories.
We’ll start by looking at US crude oil prices in early morning trade on April 27, 2017.