Energy calendar this week
Let’s track some important events for oil and gas traders from August 14 to 18, 2017.
- August 15: the American Petroleum Institute will release its weekly crude oil and gasoline inventory report
- August 16: the EIA (U.S. Energy Information Administration) will release its Weekly Petroleum Status Report
- August 17: the EIA will release its weekly natural gas inventory report
- August 18: Baker Hughes will release its weekly US oil and gas rig count report
High and low
WTI (West Texas Intermediate) active crude oil (IXC)(IYE)(XOP) futures hit $26.21 per barrel on February 11, 2016—their lowest level in more than a decade. In contrast, prices hit $54.45 per barrel on February 23, 2017—their highest level in more than two years.
Crude oil futures and moving averages
September US crude oil futures are above their 20-day, 50-day, and 100-day moving averages as of August 11, 2017. But they’re below their 200-day moving average of $51.14 per barrel as of August 11, 2017.
Will crude oil futures rise above $50 per barrel?
- higher compliance by OPEC with the production cut deal in August 2017
- a fall in OPEC crude oil exports in August 2017
- a massive fall in global and US crude oil and product inventories in the coming months
Traders are skeptical about the production cut deal’s success. Read Crude Oil: Price Forecasts and Hedge Funds’ Position for more information on crude oil price forecasts.
In the next part of this series, we’ll see how Cushing crude oil inventories impact prices.