Energy calendar this week
Let’s track some important events for crude oil and natural gas traders from September 11 to 15, 2017.
- Tuesday, September 12: The American Petroleum Institute’s crude oil and gasoline inventory report
- Tuesday, September 12: OPEC’s (the Organization of the Petroleum Exporting Countries) “Monthly Oil Market Report”
- Tuesday, September 12: The US Energy Information Administration’s (or EIA) “Short-Term Energy Outlook” report
- Wednesday, September 13: The EIA’s crude oil inventory report
- Wednesday, September 13: The International Energy Agency’s (or IEA) monthly “Oil Market Report”
- Thursday, September 14: The EIA’s weekly natural gas storage report
- Friday, September 15: Baker Hughes’s US oil rig count report
High and low
On the other hand, crude oil prices hit $26.21 per barrel on February 11, 2016—the lowest level in more than a decade.
Crude oil price drivers for this week
WTI crude oil (IXC)(IYE) (FENY) prices are at a one-week low. Prices could fall this week due to weak demand due to hurricanes Harvey and Irma. But a fall in US and OPEC crude oil production could support crude oil prices.
US crude oil price forecasts
A Wall Street Journal survey of major banks predicts that US crude oil prices will average $51 per barrel in 2018—$2 per barrel lower than the previous estimates. Major banks downgraded their forecasts on oil prices for a fourth straight month on August 31.
In the next part of this series, we’ll see how Cushing crude oil inventories impact prices.
On September 8, energy services company Baker Hughes (BHI) released its weekly US crude oil rig count report.
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.
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.