Gordon Kristopher
Disclosure: I am in full compliance with all ethics and other policies for Market Realist research analysts. I am not invested in securities that I cover on Market Realist.
More From Gordon Kristopher

Natural Gas Prices Are Following the Price Channel
Mild weather and rising inventory estimates could drag natural gas prices lower. The key support for natural gas prices is seen at $2.60 per MMBtu.

Crude Oil Inventory Buildup Erases Crude Oil Gains
The weekly commercial crude oil inventory report was released by the EIA on April 8, 2015. Weekly crude oil inventories rose by 10.95 MMbbls.

Crude Oil Prices Settle below Key Moving Averages after Brexit
Market surveys project that the global crude oil glut could narrow due to supply outages in 2016.

Traders Are Tracking OPEC’s Meeting on June 22
The crude oil production from OPEC and non-OPEC producers is expected to increase by 300,000 bpd–600,000 bpd in OPEC’s upcoming meeting.

Crude Oil Inventories Rose despite Oil Demand from US Refineries
The rise in US crude oil production would have contributed to the rise in US crude oil inventories between October 28 and November 4, 2016.

Iran and Iraq’s Role in OPEC’s Meeting
The EIA estimates that Iran’s crude oil production was flat at 3.81 MMbpd in April 2017—compared to March 2017. Production rose 8.8% YoY.

Cushing Inventories Hit December 2014 Low
Analysts estimate that Cushing inventories could have declined on March 2–9. The EIA is scheduled to release its crude oil inventories report on March 14.

Is Natural Gas Supply and Demand Narrowing?
Natural gas production from the lower 48 states of the US increased slightly by 0.6% to 79.82 Bcf as of May 20, 2015—compared to the previous week.

How a Fed Rate Hike Could Hurt Crude Oil Prices
The US Dollar Index (DXY) has risen 8% against global currencies in 2015. The rising dollar should put further pressure on the pessimistic oil market.

US Crude Oil Rig Count Hit Lowest Levels since 1940s: What’s Next?
The US crude oil rig count fell by ten to 362 rigs for the week ending April 1, 2016, which is the lowest level since the 1940s.

Decoding OPEC Members’ Crude Production in July 2016
Lower crude oil prices impact US and international oil producers’ profitability such as PetroChina (PTR), Sanchez Energy (SN), and Stone Energy (SGY).

Behind the Natural Gas Price Forecasts for 2016 and 2017
In its March report, the EIA stated that the US natural gas supply-demand gap could average 2.89 Bcf per day in 2016 and rise to 4.05 Bcf per day in 2017.

What’s Affecting Natural Gas Futures?
December natural gas (UNG) (BOIL) futures contracts trading on NYMEX fell 0.97% to $3.05 per MMBtu (or million British thermal units) on October 26, 2017.

US Crude Oil Rigs Are Steady at March 2015 High
Baker Hughes reported that US crude oil rigs were flat at 863 on July 6–13. The rigs have risen by 98 or ~12.8% year-over-year.

US Crude Oil Inventories Are near January 2016 Levels
The EIA released its weekly crude oil inventory report on September 28, 2016. US crude oil inventories are near January 2016 levels.

S&P 500 trades at its highest since December 2014
The S&P 500 was trading at 2,068.59 on February 10, 2015, the highest level since December 30, 2014.

Will Gasoline Inventories Impact Gasoline and Crude Oil Prices?
The API released its weekly inventory report on December 28, 2016. It estimates that US gasoline inventories fell by 2.8 MMbbls from December 16–23, 2016.

EIA Crude Oil Inventory Report Supports Bearish Traders
The EIA reported that the US commercial crude oil inventory rose by 2.6 MMbbls (million barrels) to 487.4 MMbbls for the week ending December 25, 2015.

World Bank: US Natural Gas Prices Could Trade Higher in 2017
US natural gas inventories are 16.4% more than their five-year average. High natural gas inventories could keep a lid on US natural gas prices.

Decoding US Natural Gas Inventories by Region
The EIA estimates that US natural gas inventories will be ~4.0 trillion cubic feet by the end of October 2016, which is the start of the 2016–2017 heating season.

Natural Gas Prices and Gas Rigs Move in the Same Direction
On Friday, June 5, Baker Hughes released the weekly natural gas rig count report. As expected, natural gas rigs fell by three to 222 for the week ending June 5.

US Natural Gas Supplies Fell due to Drop in Imports from Canada
PointLogic reported that natural gas supplies fell by 1.1% to 79.3 Bcf (billion cubic feet) per day for the week ending June 29, 2016, compared to the previous week.

Nordic Bank SEB Revises Crude Oil Price Forecasts
Leading Nordic bank SEB raised its Brent crude oil forecast to $48 per barrel for 2016 compared to its previous forecast of $44 per barrel.

Crude Oil Prices Rise for the Second Day, Led by EIA Inventory Data
The unexpected fall in crude oil inventory supported crude oil prices. The fall in US imports might have led to the fall in the US oil inventory.

Cushing Crude Oil Inventories: What Does the Future Hold?
Bloomberg surveys projected that Cushing crude oil inventories fell by 0.7 MMbbls (million barrels) for the week ending June 3—compared to the previous week.

Natural Gas Could Test the Key Support of $2.50 per MMBtu
The key support level for natural gas is seen at $2.50 per MMBtu. Prices hit this mark multiple times in April 2015. Resistance is seen at $2.75 per MMBtu.

Will OPEC Successfully Implement Its Production Cap Plans?
An OPEC meeting is scheduled for November 30, 2016, in Vienna. The meeting could provide details about the quota system for OPEC members.

US Crude Oil Prices near 18-Month High: What’s Next?
US crude oil (BNO) (USO) (UCO) (IEZ) prices are near an 18-month high as of February 6, 2017. The S&P 500, Dow Jones, and NASDAQ are near all-time highs.

Will Crude Oil Futures Extend the Bullish Momentum?
Record US crude oil production, profit-booking, and a larger-than-expected increase in Cushing inventories could pressure oil prices this week.

Will the API Inventory Report Lead the Crude Oil Price Drop?
Rising refinery utilization and declining US output will support crude oil prices. This is positive for crude oil prices.

Non-OPEC Crude Oil Production: Will It Impact Oil Prices in 2017?
Figures from the EIA suggest that non-OPEC crude oil production rose by 350,805 bpd to 44.6 MMbpd in September 2016—compared to the previous month.

Will the US Crude Oil Output Rise in November?
The EIA (U.S. Energy Information Administration) published that the US crude oil output rose by 48,000 bpd to 9.2 MMbpd for the week ending October 30, 2015.

Commodities and the S&P 500 Are Feeling the Heat
The SPDR S&P 500 ETF (SPY) fell ~0.5% to $268.8 on April 19, 2018. SPY targets to follow the S&P 500 Index’s performance.

Natural Gas Prices Are Trading Close to the Key Resistance
September natural gas futures contracts rose for the third day in a row. Natural gas prices have been trading close to the key resistance of $2.90 per MMBtu.

US Crude Oil Rig Counts Rose by 4 Last Week: What Does It Mean?
On October 14, 2016, Baker Hughes (BHI) released its weekly US crude oil rig count. It reported that the US crude oil rig count rose by four to 432 rigs from October 7–14, 2016.

Crude Oil Traders Are Skeptical about OPEC Production Cap Plans
WTI (West Texas Intermediate) crude oil futures contracts for November delivery fell 1.1% and closed at $50.79 per barrel on October 11, 2016.

US Retail Gasoline Prices Rose for 3rd Time in 14 Weeks
The EIA (U.S. Energy Information Administration) reported that US retail gasoline prices rose 0.9% week-over-week and settled at $2.24 per gallon for the week ending October 3, 2016.

Will Crude Oil Prices Test $60 per Barrel?
Brent crude oil prices could trade between $35 and $40 per barrel in 2016 due to a stronger dollar, oversupply, and near-record US crude oil inventories.

Natural Gas Prices Slump due to Increasing Inventory Data
Natural gas futures for July delivery slumped by 4.95% on Thursday. Natural gas prices declined due to rising inventory data. It continued its losing streak.

US Crude Oil Rig Count Fell for 4th Straight Week
Last week, Baker Hughes reported that the US crude oil rig count fell by one rig to 515 rigs for the week ending January 15, 2016.

Hot Summer Weather Forecast Sends Natural Gas Prices Higher
Natural gas futures contracts for August delivery rose by 1.5% and settled at $2.69 per MMBtu on July 21. Prices rose due to the hot summer weather forecast.

Cushing Crude Inventories Could Boost Crude Oil Prices
Cushing crude oil inventories fell by 276,000 barrels from September 16–23, 2016. A decrease in crude oil inventories at Cushing will support crude oil prices.

EIA and API Crude Oil Inventories Will Benefit Crude Oil Prices
The API released its weekly crude oil inventories report on July 6. US crude oil inventories fell by 6.7 MMbbls for the week ending July 1, 2016.

Crude Oil Prices Fall Due to Possible Panic Selling
NYMEX-traded WTI crude oil futures contracts for September delivery fell by 2.47% and settled at $42.23 per barrel on Thursday, August 13, 2015.

Crude Oil Futures Hit Multi-Month Highs but S&P 500 Falls
November US crude oil (DBO)(DWT)(SCO) futures contracts rose 3% to $52.22 per barrel on September 25—the highest level since April 2017.

US Crude Oil Inventories Supported Crude Oil Prices
A Platts survey estimated that US crude oil inventories fell by 200,000 barrels from August 5–12. A larger fall in crude oil inventories supported crude oil prices.

Crude Oil Traders Are Closely Watching These Bearish Drivers
In the previous two parts of this series, we covered bullish drivers for crude oil prices. Now let’s look at some key bearish drivers for crude oil prices in 2016.

Crude Oil Market: Will Bullish Oil Traders Control 2017?
January WTI crude oil futures fell for the third straight day yesterday. Prices fell below the key psychological levels of $42 per barrel on November 30.

Will 2017 or 2018 Mark the Return of the Bulls?
The EIA published its monthly STEO report on January 12, 2016. The global crude oil production will rise to 95.9 MMbpd in 2016 and 96.7 MMbpd in 2017.

Global Crude Oil Supply Outages Impact Crude Oil Prices
The EIA estimates that global crude oil supply outages fell by 38,000 bpd to 2,284,000 bpd in November 2016—compared to the previous month.

What Are the Key Bearish Drivers for Crude Oil Prices in 2016?
Multiyear low crude oil prices impact domestic and international oil producers’ margins like PetroChina, Comstock Resources, Whiting Petroleum, and Denbury Resources.

Monthly US Natural Gas Production Fell in October
The EIA estimated that US-marketed natural gas production fell by 0.64 Bcf per day to 77.93 Bcf per day in October—compared to September 2016.

US Gasoline Futures Recover from a 1-Month Low
January gasoline futures rose 0.7% to $1.42 per gallon on November 23, 2016. Prices rose despite the larger-than-expected rise in US gasoline inventories.

Iran’s Crude Oil Production Could Help Crude Oil Bulls
The EIA estimates that Iran’s crude oil production was flat at 3.8 MMbpd (million barrels per day) in March 2017—compared to February 2017.

Crude Oil Rigs Could Fall More as the Bloodbath Continues
Baker Hughes will release the weekly crude oil rig count report on July 24, 2015. The crude oil rig count fell by seven to 638 for the week ending July 17.

Natural Gas Prices Are Trading in a Narrow Range
The long-term oversupply concerns could drag natural gas prices lower. The key support for natural gas prices is seen at $2.60 per MMBtu.

US Dollar and Oversupply Concerns Pressure Crude Oil Prices
March WTI (West Texas Intermediate) crude oil (ERX) (IEZ) (USO) (PXI) futures contracts fell 1.6% and settled at $52.17 per barrel on February 7, 2017.

Will US Shale Oil Production Rise for an 11th Straight Month?
Baker Hughes (BHI) published its weekly US oil and gas count report on October 13. US oil rigs fell by five to 743 from October 6 to 13.

What to Expect from OPEC’s Crude Oil Production in August 2017
October WTI (or West Texas Intermediate) crude oil (USO) (UCO) futures contracts rose 0.4% and were trading at $47.73 per barrel in electronic trade at 2:00 AM EST on August 22, 2017.

US Gasoline Demand Is Important for Crude Oil Bulls
The EIA estimated that four-week average US gasoline demand rose by 134,000 bpd (barrels per day) to 9,102,000 bpd from March 10–17, 2017.

Libya’s Crude Oil Production: Time to Sell Oil Futures?
Libya plans to pump 1.25 million barrels per day of crude oil by December 2017. An increase in Libya’s crude oil production could weigh on oil prices.

Crude Oil and Natural Gas Futures Rose, SPY Fell
The energy sector, which accounts for ~6.2% of the S&P 500 Index, fell 0.4% on June 13. XLE fell ~0.4% to $76.42 on June 13.

EIA Downgrades US Crude Oil Price Forecast for 2017
Lower crude oil prices tend to narrow the supply and demand imbalance.

US Crude Oil Rigs Are Near 3-Month High
Baker Hughes, a GE company, published its weekly US crude oil rig report on December 1, 2017.

WTI and Brent Crude Oil Prices Hit 2016 High
Crude oil prices rose by ~42% since the lows in February 2016. The major reasons were the slowing US production and the new crude oil production deal.

Market Moves Focus to OPEC Meeting in November
Crude oil prices rose 12% in August 2016, partially due to speculation around OPEC’s attempts to cap output.

Global Crude Oil Supply Outages Are near a 6-Year Low
Global crude oil supply outages are near the six-year low. Any fall in the crude oil supply outage could increase the supplies and pressure oil prices.

US Crude Oil Price Forecast for the Rest of 2016 and Beyond
The EIA estimates that US WTI (West Texas Intermediate) crude oil prices will average $47 per barrel in November 2016 and December 2016.

World Bank Thinks US Natural Gas Prices Could Rise in 2018
World Bank expects that US natural gas prices could average $3.1 per MMBtu in 2018, which would be 4% higher than the average level in 2017.

Will EIA’s Crude Oil Inventories Data Follow API Data?
November WTI (West Texas Intermediate) crude oil futures contracts rose 1.4% to $51 per barrel in electronic trade at 5:20 AM EST on October 19, 2016.

What’s in the Cards for US Natural Gas Prices in August?
US natural gas inventories are 23.2% higher than their five-year average. High inventories could limit the upside potential for US natural gas prices.

Natural Gas Supplies Rose for the Week Ended August 17
The EIA (U.S. Energy Information Administration) reported that US natural gas production averaged 78.9 Bcf per day in July 2016.

Crude Oil Prices Fell below the 200-Day Moving Average
Crude oil prices were $50–$54 per barrel between December 2016 and early March 2017. Prices broke below $50 per barrel on March 9, 2017.

Libya’s Crude Oil Production: Bullish or Bearish for Oil Prices?
A Reuters survey estimates that Libya’s crude oil production rose by 50,000 bpd to 930,000 bpd in September 2017—compared to the previous month.

Natural Gas Prices: Flat for the Second Day, Test a 5-Month Low
October natural gas futures contracts rose by 0.86% on September 24. Natural gas prices rose despite a larger-than-expected rise in the natural gas inventory.

Declining Crude Oil Inventory versus Oversupply Sentiments
July WTI crude oil futures trading on NYMEX showed the rectangular trading range pattern. Prices have been fluctuating between $58 and $61 per barrel for a few weeks.

Cushing Inventories Rise for the First Time in 12 Weeks
Cushing is the largest crude oil storage hub in the United States. A market survey estimates that Cushing inventories fell from August 4 to August 11.

Global Crude Oil Supply and Demand Could Balance in 2017
The EIA estimates that the global crude oil supply could outstrip demand by 1.1 MMbpd (million barrels per day) in 2H16—compared to 2.2 MMbpd in 1H16.

Crude Oil Prices Rally Due to Short Covering
WTI (West Texas Intermediate) crude oil futures contracts for January delivery rose slightly by 0.4% and closed at $43.04 per barrel on Wednesday.

Bearish Momentum in Crude Oil Prices Pressures Gasoline Futures
April gasoline futures fell 2.4% to $1.65 per gallon on March 8, 2017. Prices fell despite the massive fall in US gasoline inventories.

US Distillate Inventories Rose for the Sixth Time in 7 Weeks
US distillate inventories increased for the sixth time in the last seven weeks. The inventories rose ~11% in the last seven weeks.

Natural Gas Plunged due to Massive Inventory Data
May natural gas futures fell by 4.47% and settled at $2.52 per MMBtu on April 9, 2015. Natural gas prices plunged because of the massive inventory buildup.

Energy Calendar for Oil and Gas Traders: April 17–21
The energy sector contributed to ~6.6% of the S&P 500 (SPY) (SPX-INDEX) on April 13, 2017. Oil and gas are major parts of the energy sector.

Analyzing US Natural Gas Consumption Trends
PointLogic estimates that US natural gas consumption dropped ~1.4% to 56.7 Bcf per day on May 17–23.

How Did Crude Oil Prices React to the Last 3 OPEC Meetings?
OPEC’s meeting in Vienna is scheduled on Thursday, June 2, 2015. There aren’t any optimistic cues that the group will reach an agreement to cap production.

Analyzing Crude Oil Prices in 2016 and 2017
Crude oil prices were $54.1 per barrel on December 28—the highest since July 14, 2015. As of January 16, 2017, crude oil prices are 3.4% below their highs.

Iran’s Crude Oil Exports Could Impact Crude Oil Prices
The rise in crude oil export capacity suggests that Iran’s getting ready for a massive increase in crude oil production in 2018.

Who will drive crude oil consumption?
Current lower oil prices and growth from China, India, the United States and Asia Pacific countries will drive crude oil consumption in the long term.

Natural Gas Prices Rise Due to Warm Weather Estimates
On Thursday, September 3, 2015, natural gas prices rallied due to speculation of an increase in demand for natural gas as a result of the warm weather forecast.

US Dollar at a 13-Year High: Crude Oil Market’s Turning Point?
The US Dollar Index rose 0.4% to 101.4 on November 18, 2016—the highest level in the last 13 years. It also rose 4% in the last two weeks.

Libya’s Crude Oil Production: Bears Could Control Oil Prices
Libya’s crude oil production was at 1,030,000 bpd in July 2017. Production has risen ~60% from its levels in January 2017.

How the Crude Oil Market Could React to the Doha Oil Producers Meeting
A meeting of oil producers is scheduled in Doha, Qatar, for April 17. The meeting is meant to support crude prices and will focus on freezing production.

Why investors should track crude oil inventory levels
The difference between actual and expected changes in US crude oil inventory levels affects crude prices and thus revenues and earnings of major companies.

Gold Prices: Driven by Delayed Interest Rate Hike and Weak Dollar
Gold prices gained 1.71% YTD (year-to-date)—despite the US Dollar Index increasing by almost 9% YTD. Prices are in a long-term downtrend.

Bear Market: Crude Oil Prices Hit March 2009 Lows
September WTI crude oil futures contracts trading in NYMEX rose slightly by 0.64% on August 14. Crude oil prices rose despite oversupply concerns.

Will Crude Oil Futures Trend Higher after OPEC Meeting?
The American Petroleum Institute will release its crude oil inventory report on Tuesday, December 5, 2017.

Natural Gas Prices Fell Almost 5% Due to Natural Gas Stocks’ Data
September natural gas futures contracts fell by 4.91% on August 13, 2015. Prices fell due to a better-than-expected rise in natural gas inventory data.

Oil Prices Fall despite the Draw in US Crude Oil Inventories
The EIA estimated that US crude oil inventories fell by 3.4 MMbbls (million barrels) to 453.7 MMbbls on November 17–24, 2017.

Will Saudi Arabia Cause Colossal Damage for Crude Oil Futures?
According to the Wall Street Journal, Saudi Arabia’s crude oil production hit 10.7 MMbpd (million barrels per day) in June 2017.

Will Crude Oil Prices Breach $60 per Barrel in 1H17?
Goldman Sachs expects Brent crude oil to average $58 per barrel in 2H17. Likewise, it expects WTI crude oil prices to average $57.50 per barrel.