Bonanza Creek Energy Inc

US distillate inventories increased for the sixth time in the last seven weeks. The inventories rose ~11% in the last seven weeks.

US distillate inventories rose for the fourth time in the last five weeks. They rose ~3% in the last five weeks, which is bearish for diesel and oil prices.

WTI (West Texas Intermediate) crude oil (RYE) (VDE) futures hit $26.21 per barrel on February 11, 2016—the lowest level in more than a decade.

On October 3, 2017, Iraq banned selling dollars to Kurdistan’s banks due to the vote in the referendum. Geopolitical tensions could impact crude oil prices.

China’s General Administration of Customs reported that China’s crude oil imports rose to 9.21 MMbpd (million barrels per day) in March 2017.

A less-than-expected rise in gasoline inventories supported gasoline prices on May 3, 2017. Gasoline and crude oil (DIG) (SCO) (VDE) prices rose on May 3.

June WTI crude oil futures showed the neutral doji pattern on May 9. Oil prices are swinging due to the frequent change in supply and demand dynamics.

In the past year, US crude oil was more correlated with iron ore than copper. In August 2015, the correlation between crude oil and iron ore touched 75.5%.

Brent crude oil futures fell 0.7% to $49.61 per barrel on July 4, 2017. August WTI crude oil (XLE) (XOP) (PXI) futures contracts rose in electronic trading.

The US Energy Information Administration estimates that global crude oil supply outages fell by 247,000 bpd (barrels per day) to 2.0 MMbpd (million barrels per day) in June 2017.

The EIA reported that US crude oil production rose by 32,000 bpd (barrels per day) to 9,429,000 bpd on July 7–14, 2017. Production is at a two-year high.

The US Energy Information Administration (or EIA) released its weekly crude oil and gasoline inventory report on September 20, 2017.

The EIA estimated that the global crude oil supply-demand gap averaged 0.58 MMbpd (million barrels per day) in 1H16.

From June 23—30, the United States Natural Gas ETF (UNG) outperformed the United States Oil ETF (USO). UNG rose ~6.8%, while USO fell ~3.4%.

US gasoline inventories rose by 5.6 MMbbls (million barrels) or 2.6% to 226.5 MMbbls on December 1–8, 2017.

The US Dollar Index fell 0.27% to 91.86 on September 15. It’s near a 33-month low. Prices fell due to the surprise decline in US retail sales in August.

Let’s track some important events for crude oil and natural gas traders from September 11 to 15, 2017.

The EIA (U.S. Energy Information Administration) estimates that weekly US gasoline demand fell by 45,000 bpd (barrels per day), or 0.45%, to 9,797,000 bpd between July 28 and August 4, 2017.

The Russian Energy Ministry estimates that Russia’s crude oil production was flat at 10.95 MMbpd in July 2017—compared to the previous month.

August 2017 West Texas Intermediate crude oil futures contracts fell 0.5% and were trading at $46.83 per barrel in electronic trade at 1:45 AM EST on July 4, 2017.

The EIA (U.S. Energy Information Administration) will release weekly data on crude oil and gasoline inventories on June 28, 2017.

The EIA estimates that the world oil supply and demand gap averaged 780,000 bpd (barrels per day) in 1H16. It’s expected to average 650,000 bpd in 2H16.