6 Nov

Crude Oil over 2-Year High, But Is the Worst Over?

WRITTEN BY Rabindra Samanta

US crude oil

Between October 27 and November 3, 2017, US crude oil (USO) (OIIL) (USL) December futures rose 3.2% and closed at $55.6 per barrel on November 3, 2017. It was the highest weekly closing price for active US crude oil futures since the week ended July 10, 2015.

Crude Oil over 2-Year High, But Is the Worst Over?

The US oil rig count fell by eight to 729 in the week ended November 3, 2017. However, US oil drillers could soon add more oil rigs to benefit from higher oil prices. Meanwhile, rising US oil exports could offset the benefits of a possible extension of the OPEC (Organization of the Petroleum Exporting Countries) production cut deal.

These factors could limit oil’s upside. According to the EIA (US Energy Information Administration), WTI crude oil prices could average ~$50.5 per barrel in 2018—9.2% lower than the closing price on November 3, 2017.

Last week, the S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA) rose 0.3% and 0.4%, respectively.

Natural gas

Between October 27 and November 3, 2017, natural gas (UNG) (FCG) (BOIL) December futures rose 0.7% and closed at $2.98 per MMBtu (million British thermal units) on November 3, 2017. EIA’s natural gas inventory data could have boosted natural gas prices almost to the $3 mark.

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