The API (American Petroleum Institute) will release its weekly crude oil inventory report on January 3, 2018. The EIA will publish its crude oil inventory report on January 4, 2018. Baker Hughes will release its US oil rig report on January 5, 2018.
All of these events could influence US crude oil (DBO) prices. US oil (UWT) prices rose 3.3% last week due to several bullish drivers, which we discussed in Part 1 of this series. Higher oil (DWT) prices favor oil and gas producers (IEZ) (PXI) like Stone Energy (SGY), Contango Oil & Gas (MCF), and PDC Energy (PDCE).
Bullish drivers for US crude oil futures
Higher compliance with ongoing production cuts, strong oil demand, and a fall in OPEC’s crude oil production and exports could support oil prices.
Any fall in US and Cushing crude oil inventories could also push oil (USL) prices higher. Any unplanned supply outage could benefit oil prices.
Bearish drivers for US crude oil prices
Crude oil transported through Britain’s North Sea Forties pipeline seems to be getting back to normal capacity. Similarly, the Libyan oil pipeline has been repaired. The easing supply outage in Libya and Britain could see a drop in oil prices.