16 Jan

Oil at a 3-Year High: Factors to Watch This Week

WRITTEN BY Rabindra Samanta

Key energy events

Between January 16 and January 19, 2018, the events mentioned in the table below could be important for US crude oil prices as well as natural gas prices.

Key events January 16–18, 2018

Oil at a 3-Year High: Factors to Watch This Week

The EIA (U.S. Energy Information Administration) Drilling and Productivity Report (or DPR) could be important for US crude oil (USO) (DBO) (UCO) as well as natural gas (UNG) (BOIL) prices. A rise in production and productivity levels of oil and natural gas from the US major shale regions could limit the upside in these two energy commodities.

US crude oil futures

On January 12, 2018, US crude oil futures closed at $64.30 per barrel, their highest closing price since December 8, 2014. On the same day, natural gas futures closed at $3.20 per MMBtu (million British thermal unit), their highest closing price since November 13, 2017.

In addition to the EIA data, OPEC’s (Organization of the Petroleum Exporting Countries) Monthly Oil Market Report and the IEA (International Energy Agency) Oil Market Report could be important for US crude oil prices, which are at their three-year highs. Higher oil (BNO) prices could benefit the energy exposure of equity indexes such as the S&P 500 Index (SPY) (SPX-INDEX) and the Dow Jones Industrial Average Index (DIJA-INDEX). So these events could also impact the equity indexes.

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