US crude oil
On April 26, US crude oil June futures rose just 0.2% and closed at $68.19 per barrel. That same day, the US dollar rose 0.4%, a factor that could have limited US crude oil’s upside.
Here are the performances of the US crude-oil-tracking ETFs on April 26:
- United States Oil ETF (USO): rose 0.4%
- PowerShares DB Oil ETF (DBO): rose 0.6%
- ProShares Ultra Bloomberg Crude Oil ETF (UCO): rose 0.6%
Brent and WTI crude oil diverge
In the trailing week, Brent crude oil futures rose 1.3% compared to a 0.2% fall in US crude oil futures. On April 26, Brent crude oil futures closed at $6.55 more than WTI (West Texas Intermediate) crude oil futures, its highest level since December 28, 2017.
Concerns surrounding a possible reimposition of US sanctions on Iran, coupled with rising US crude oil production, could have widened this spread.
On April 26, natural gas June 2018 futures rose 1.1% and settled at $2.84 per million British thermal units. The EIA’s (U.S. Energy Information Administration) natural gas inventory report was released on April 26. It reported a decline of 18 Bcf (billion cubic feet) in natural gas inventories for the week ended April 20, which was 7 Bcf more than the market’s expected fall. In the trailing week, natural gas June futures rose 5.3%.