US crude oil
In the week ended December 29, 2017, US crude oil inventories are expected to fall below 425 MMbbls (million barrels) for a further upside in oil prices. We’ll look at that more in Part 3 of this series. In the next part, we’ll analyze the influence of oil prices on US crude oil production.
A possible rise in US oil production may pose a threat to higher oil prices. Higher US crude oil exports could negatively impact oil prices globally. We’ll look at that in the last part of this series.
On December 29, 2017, US crude oil active futures were 4.5%, 7.3%, 14.4%, and 19.9% above their 50-day, 20-day, 100-day, and 200-day moving averages, respectively. On the same day, US crude oil’s 50-day moving average was 11.7% higher than its 200-day moving average, which could indicate a further bullishness in oil prices.