5 Jun

Analyzing Cushing Crude Oil Inventories and US Crude Oil Futures

WRITTEN BY Gordon Kristopher

Cushing crude oil inventories 

A market survey estimated that Cushing inventories could have fallen between May 26, 2017, and June 2, 2017. Cushing inventories fell for the sixth time in the last seven weeks. Inventories have fallen by 4.6 MMbbls (million barrels) or 5.6% in the last seven weeks. A fall in Cushing inventories could benefit US crude oil (BNO) (SCO) (UCO) prices. Crude oil prices have risen 2.8% in the last four weeks.

Moves in crude oil prices could impact crude oil exploration and production companies’ profitability like Hess (HES), Northern Oil & Gas (NOG), and Triangle Petroleum (TPLM).

Analyzing Cushing Crude Oil Inventories and US Crude Oil Futures

EIA’s crude oil inventory report 

The EIA (U.S. Energy Information Administration) will release its weekly Petroleum Status Report at 10:30 AM EST on June 7, 2017. The report will be for the week ending June 2, 2017.

For the week ending May 26, 2017, the EIA reported that Cushing crude oil inventories fell by 0.74 MMbbls to 64.8 MMbbls. Inventories fell 1.1% for the week ending May 26, 2017—compared to the previous week. Cushing crude oil inventories have fallen 3.1% from the same period in 2016.


Cushing crude oil inventories have fallen 6.6% from their peak level. Lower inventories could support crude oil prices. 

Crude oil futures and moving averages 

US crude oil futures are below their 20-day, 50-day, 100-day, and 200-day moving averages of $48.9, $50, $51.2, and $52 per barrel as of June 2, 2017.

Moving averages and bearish drivers suggest that prices could see more pain in 2017. Read Will Crude Oil Futures Rise after OPEC’s Meeting? to learn about crude oil price drivers in the last 15 months.

Latest articles

US crude oil production has more than doubled since 2009 and grew by 1.1% over the last year. Currently, there are 133 operable refineries in the US.

The cannabis industry is fighting against the ongoing US-China trade war and recessionary worries, which have hurt valuations across the global market.

Higher revenues, increased ticket prices, and lower fuel costs are likely to drive American Airlines' Q3 earnings higher despite its Boeing MAX woes.

HEXO plans to report its Q4 earnings before the market opens on October 24. October has been tough for Hexo, with its stock falling 31.2% as of October 18.

Today, Advanced Micro Devices (AMD) rose 4% to over $32, making it one of the top Nasdaq gainers. Morgan Stanley raised its price target for AMD stock.

Early in 2019, President Donald Trump warned that China could overtake the US as a global power. He vowed that this would not happen under his leadership.