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
US Crude Oil Output Hit the Highest Level since May 1971
US crude output increased by 167,000 bpd to 9.64 MMbpd in October 2017—compared to the previous month. It was the highest level since May 1971.
Will US Natural Gas Futures Start 2018 on a Positive Note?
February US natural gas (UNG) futures contracts were above their 20-day moving averages on December 29, 2017.
US Crude Oil Rigs Could Impact Crude Oil Prices in 2018
Baker Hughes released its US crude oil rig count report on December 29. It reported that US crude oil rigs were flat at 747 on December 22–29, 2017.
Will the US Dollar Help Crude Oil Bulls or Bears in 2018?
The US Dollar Index fell 0.5% to 92.12 on December 29, 2017—the fourth consecutive day of losses. It’s near a three-month low.
Natural Gas Inventories Could Help US Natural Gas Prices
A larger-than-expected withdrawal in US natural gas inventories compared to historical averages would help natural gas prices this week.
Weekly US Crude Oil Production Fell for the 1st Time since October
US crude oil production declined by 35,000 bpd (barrels per day) or 0.4% to 9,754,000 bpd from December 15 to 22, 2017, per the EIA.
US Crude Oil Inventories Have Fallen ~10.6% in 2017
February WTI crude oil futures (DWT)(SCO) contracts rose 0.8% to $60.3 per barrel at 12:45 AM EST on December 29, 2017—the highest level since June 2015.
Why Oil Traders Are Tracking US Gasoline Inventories
US gasoline inventories rose by 0.5 MMbbls (million barrels) or 0.3% to 228.3 MMbbls from December 15 to 22, 2017, per the EIA.
Cushing Inventories Rose for the First Time in Nearly 2 Months
Cushing inventories rose by 754,000 barrels or 1.4% to 52.9 MMbbls (million barrels) on December 8–15, 2017, according to the EIA.
US Crude Oil Rig Count: Almost Flat in the Last 5 Weeks
Baker Hughes published its US crude oil rig report on December 22, 2017. The US crude oil rig count was flat at 747 on December 15–22, 2017.
US Gasoline Inventories: Bearish Driver for Crude Oil Futures
The EIA estimated that US gasoline inventories rose by 1.2 MMbbls (million barrels) to 227.7 MMbbls on December 8–15, 2017.
Crude Oil Prices: Which Factor Could Change the Trend?
The EIA estimated that US crude oil production rose by 9,000 bpd (barrels per day) to 9,789,000 bpd on December 8–15, 2017.
Global Crude Oil Supply Outage Is near 2012 Low
According to the EIA, global crude oil supply outages fell by 10,000 bpd (barrels per day) or 0.7% to 1,555,000 bpd in November 2017.
Analyzing the API’s Gasoline and Distillate Inventories
On December 19, 2017, the API released its crude oil inventory report. US gasoline inventories rose by 2 MMbbls (million barrels) on December 8–15, 2017.
Iran’s Crude Oil Production Is near a 9-Year High
The EIA estimates that Iran’s crude oil production fell by 10,000 bpd or 0.3% to 3,840,000 bpd in November 2017—compared to the previous month.
Libya’s Crude Oil Production Is near a 4-Year High
The EIA estimates that Libya’s crude oil production rose by 20,000 bpd (barrels per day) or 2.1% to 980,000 bpd in November 2017.
Are Crude Oil Prices Losing Bullish Momentum?
Record US crude oil production is limiting the upside for crude oil prices. US oil prices fell ~3% from the high in November 2017.
US Gasoline’s Demand Trend Is Changing
The EIA estimates that four-week average US gasoline demand fell by 21,000 bpd (barrels per day) to 9.1 MMbpd on December 1–8, 2017.
Will US Crude Oil Inventories Push Crude Oil Prices Higher?
US crude oil inventories fell 17.3% from their peak. So far, they have fallen 8.3% in 2017. Similarly, oil (DWT) (UCO) prices have risen ~9% in 2017.
US Crude Oil Rigs Indicate Future US Crude Oil Production
Baker Hughes released its weekly US crude oil rig report on December 15, 2017. US crude oil rigs fell by four to 747 or 0.5% on December 8–15, 2017.
Cushing Inventories: Largest Weekly Fall since 2009
Cushing inventories fell by 3,317,000 barrels to 52.2 MMbbls (million barrels) on December 1–8, 2017, according to the EIA.
EIA Upgrades US Natural Gas Production for 2018
US dry natural gas production was flat at 76.1 Bcf (billion cubic feet) per day on December 7–13, 2017, according to PointLogic.
US Crude Oil Production Has Risen 16% since July 2016
US crude oil production rose by 73,000 bpd (barrels per day) to 9,780,000 bpd on December 1–8, 2017, according to the EIA.
US Crude Oil Inventories Have Fallen 8.3% in 2017
US crude oil inventories fell by 5.1 MMbbls (million barrels) to 442.9 MMbbls on December 1–8, 2017, according to the EIA.
US Distillate Inventories Fell for the First Time in 4 Weeks
US distillate inventories fell by 1.3 MMbbls (million barrels) to 128.1 MMbbls on December 1–8, 2017, according to the EIA.
US Gasoline Inventories: Turning Point for Crude Oil Futures?
US gasoline inventories rose by 5.6 MMbbls (million barrels) or 2.6% to 226.5 MMbbls on December 1–8, 2017.
Will the EIA Upgrade US Crude Oil Production Estimates?
Weekly US crude oil production hit 9,707,000 bpd for the week ending December 1, 2017—the highest level ever.
US Natural Gas Futures Could Maintain Bearish Momentum
January US natural gas futures (GASL) contracts were below their 20-day, 50-day, and 100-day moving averages on December 7, 2017.
Unexpected Rise in US Natural Gas Inventories
The EIA estimated that US natural gas inventories rose by 2 Bcf (billion cubic feet) to 3,695 Bcf on November 24–December 1, 2017.
Analyzing Saudi Arabia’s Crude Oil Production Cut Strategy
A Reuters survey estimated that Saudi Arabia’s crude oil production fell by 30,000 bpd (barrels per day) to 10,000,000 bpd in November 2017.
US Gasoline Inventories Add More Pain to Crude Oil Futures
According to the EIA, US gasoline inventories rose by 6,780,000 barrels to 220.8 MMbbls (million barrels) on November 24–December 1, 2017.
US Crude Oil Inventories Have Fallen 16% from Their Peak
US crude oil inventories fell by 5.6 MMbbls (million barrels) or 1.2% to 448.1 MMbbls on November 24–December 1, 2017, according to the EIA.
OPEC’s Crude Oil Production Hit a 6-Month Low
US crude oil (UWT) (SCO) futures contracts for January delivery fell 0.42% and were trading at $57.38 per barrel at 1:00 AM EST on December 6, 2017.
Analyzing US Gasoline Inventories and Demand
The API reported that US gasoline and distillate inventories rose by 9,200,000 barrels and 4,300,000 barrels on November 24–December 1, 2017.
How Could US Tax Bill Affect Dollar and Crude Oil Prices?
The US Dollar Index advanced 0.1% to 92.8 last week. Consequently, it pressured oil prices during the week.
How OPEC and Russia Are Helping US Crude Oil Producers
January West Texas Intermediate (or WTI) crude oil (USO) (SCO) futures contracts fell 0.65% and were trading at $57.98 per barrel at 1:10 AM EST on December 4, 2017.
Production Cut Extension Could Influence US Natural Gas Rigs
Baker Hughes, a GE company, is scheduled to release its US crude oil and natural gas rig count report on December 1, 2017.
US Natural Gas Future Fell after the Natural Gas Inventory Report
The EIA released its natural gas inventory report on November 30, 2017. US natural gas inventories fell by 33 Bcf to 3,693 Bcf on November 17–24, 2017.
US Gasoline Inventories Weighed on Crude Oil Futures
US gasoline inventories rose by 3,627,000 barrels to 214 MMbbls (million barrels) on November 17–24, 2017, according to the EIA.
Crude Oil Prices Are Positive before OPEC’s Meeting
US crude oil futures for January delivery rose 0.3% to $57.47 per barrel at 1:10 AM EST on November 30, 2017. Prices rose ahead of OPEC’s meeting.
Will US Gasoline Demand Help Crude Oil Prices This Week?
According to the EIA, US gasoline demand rose by 423,000 bpd (barrels per day) or 4.6% to 9,595,000 bpd on November 10–17, 2017.
Will Russia Comply with the Crude Oil Production Cut Pact?
On November 24, 2017, Russia said that it would support extending the production cut beyond March 2018.
US Dollar Is near a 2-Month Low
The US Dollar Index fell 0.5% to 92.7 on November 24, 2017—the lowest level in almost two months. The US dollar (UUP) fell 1.27% last week.
Will OPEC’s Meeting Help Crude Oil Bulls or Bears?
OPEC’s meeting will be held on November 30, 2017. Reuters said that OPEC might extend the production cuts for nine more months.
What Could Drive US Natural Gas Futures Next Week?
The CFTC reported that hedge funds’ net long positions in US natural gas futures and options contracts rose by 33,734 contracts to 75,297 on November 7–14.
US Natural Gas Inventories Have Fallen 8% from Last Year
The EIA estimated that US natural gas inventories fell by 46 Bcf (billion cubic feet) or 1.2% to 3,726 Bcf on November 10–17, 2017.
Weather Impacts the US Natural Gas Market
January US natural gas (DGAZ) (UNG) futures contracts fell 1.4% to $3.01 per MMBtu in electronic trading at 1:05 AM EST on November 24, 2017.
OPEC’s Meeting Could Impact US Natural Gas Supply and Prices
PointLogic estimates that US natural gas production rose 0.4% to 75.9 Bcf (billion cubic feet) per day on November 16–22, 2017.
The Relationship between US Crude Oil Inventories and Oil Prices
Estimates for US crude oil inventories The EIA (U.S. Energy Information Administration) released its Weekly Petroleum Status Report on November 22, 2017. It reported that US crude oil inventories fell 1.9 MMbbls (million barrels) to 457.1 MMbbls between November 10 and 17, 2017. Inventories were 31.8 MMbbls (6.5%) lower than in the same period in 2016. The market anticipated […]
US Crude Oil Exports and Drilling Activity Impact OPEC
According to the EIA, US crude oil exports rose by 260,000 bpd to 1,129,000 bpd on November 3–10, 2017. Exports rose 30% week-over-week.
