Crude oil futures
Brent oil (BNO) futures rose 0.6% to $69.2 per barrel on January 10, 2018. February WTI crude oil (DWT) (SCO) futures contracts also rose 1% to $63.57 per barrel on January 10, 2018. It’s the highest settlement since December 2014.
It favors the ProShares Ultra Bloomberg Crude Oil (UCO), which rose 1.5% to 25.9 on January 10, 2018.
Drivers for crude oil futures
A larger-than-expected fall in US crude oil inventories and an unexpected fall in US oil production boosted oil (DBO) prices on January 10, 2018. The EIA released the data yesterday.
The EIA added that US gasoline and distillate inventories rose between December 29, 2017, and January 5, 2018. It could have limited the upside for crude oil prices on January 10, 2018.
Crude oil prices have risen more than 13% since early December 2017 due to several bullish drivers. Higher oil (USL) prices benefit energy companies (XLE) (IEZ) like SM Energy (SM) and Kosmos Energy (KOS). They rose more than 2% on January 10, 2018.
The Dow Jones Industrial Average Index (DIA), the S&P 500 (SPY), and the NASDAQ (QQQ) fell 0.07%, 0.11%, and 0.14%, respectively, on January 10, 2018. Wall Street fell due to profit-booking. All three of the indexes hit a record on January 9, 2018.
In this series
In this series, we’ll discuss some bullish and bearish catalysts for crude oil prices.