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.
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.