Cushing crude oil inventories  

A market survey estimates that Cushing crude oil inventories have risen between September 8 and September 15. Cushing is the largest storage hub in the United States. Any rise in Cushing crude oil inventories should have a negative impact on crude oil (FXN)(FENY)(IXC) prices.

Lower crude oil (VDE)(IYE)(USL) prices have a negative impact on oil and gas producers like the Northern Oil & Gas (NOG), Apache (APA), Noble Energy (NBL), Stone Energy (SGY), and QEP Resources (QEP).

Cushing Inventories: Bullish or Bearish for Crude Oil Prices?

EIA’s Cushing crude oil inventories 

The EIA (US Energy Information Administration) released its weekly crude oil inventory report on Wednesday, September 13. It estimates that Cushing inventories rose by 1,023,000 barrels or 1.7% to 59 MMbbls (million barrels) between September 1 and September 8. However, Cushing crude oil inventories are down 3.1 MMbbls or 5% from the same period in 2016.

US crude oil inventories 

The EIA also estimates that US crude oil inventories rose by 5.8 MMbbls (million barrels) or 1.3% to 468.2 MMbbls from September 1 to 8, 2017. However, US crude oil inventories are down 11.2 MMbbls or 2.5% year-over-year.


Cushing crude oil inventories have risen by 3.2 MMbbls or 5.7% in the last eight weeks. They also rose for the third consecutive week. US crude oil inventories rose for the second straight week. Any rise in Cushing and nationwide crude oil inventories could weigh on crude oil (ERY)(ERX) prices.

Next, we’ll analyze how the US crude oil rig count impacts crude oil prices.

Latest articles

Broadcom (AVGO) stock fell ~8.5% after markets closed yesterday following the semiconductor giant's fiscal 2019 second-quarter earnings release. It missed analysts' revenue estimate and cut its fiscal 2019 revenue guidance by $2 billion to $22.5 billion due to sluggishness in its semiconductor solutions business.

The SPDR Gold Shares ETF (GLD), which tracks physical gold prices, has underperformed the broader markets year-to-date, rising just 4.4% compared to the S&P 500’s (SPY) gain of 15.9% as of June 14. The sentiment for gold, however, has been turning around.

Safe havens such as Treasuries and gold were back in favor on June 14 as stocks fell due to rising tensions in the Middle East, concerns over growth, and the looming threat of the US-China trade war. The tech-heavy Nasdaq Composite Index fell 0.67% in the first hour of trading.

Lululemon (LULU) stock rose 2.1% on June 13 in reaction to better-than-expected first-quarter results and an upgraded outlook for fiscal 2019 overall. The company's first-quarter adjusted EPS grew 34.5% to $0.74 on revenue growth of 20.4% to $782.32 million. Analysts had expected EPS of $0.70 and revenue of $755.31 million. Here's why the outlook got an upgrade.

14 Jun

IEA Again Slashes Its Oil Demand Growth Estimate

WRITTEN BY Rabindra Samanta

As of 4:40 AM Eastern Time today, US crude oil active futures were at $51.83, ~4% below their closing level in the previous week. If US crude oil prices stay at those levels today, they'll mark their third week of decline in five weeks.

Amazon is discontinuing its Amazon Restaurants service, which has been delivering food for restaurants in parts of the United States. Amazon Restaurants launched in the United States in 2015 and entered the British market the following year. However, it met strong opposition in the British market.