On January 30, 2018, the API will release its crude oil inventory report. The EIA will release its weekly crude oil inventory report on January 31, 2018. Baker Hughes will release its US crude oil rigs report on February 2, 2018.
All of these events could influence oil (USO) prices this week. US oil (UWT) prices advanced 4.4% last week—bullish for the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), which has exposure to oil and gas companies.
US crude oil futures’ peak
US crude oil (UWT) futures settled at $66.14 per barrel on January 26, 2018—the highest level since December 2014. Production cuts, a fall in US crude oil inventories, supply outages, and strong oil demand have supported oil prices. Higher compliance with production cuts and a decline in US oil inventories could support oil prices.
Bearish driver for US crude oil futures
Any rise in US crude oil production and gasoline inventories could limit the upside for oil prices. Lower oil (UCO) prices have a negative impact on energy producers (VDE) (RYE) like SN Energy (SN), Bill Barrett (BBG), Stone Energy (SGY), and ExxonMobil (XOM).
Crude oil futures’ key resistance level
March US crude oil futures were above their 100-day, 50-day, and 20-day moving averages on January 26, 2018—more bullish momentum for oil prices. Prices could see key resistance at $68 and $70 per barrel. Any unplanned supply outage could help crude oil prices breach these resistance levels.
Crude oil price volatility
Read US Oil Supplies and Gasoline Inventories Could Impact Oil Prices for the latest updates on crude oil.