Bonanza Creek Energy Inc
EIA Projections for December 2015: Key US Shale Natural Gas Production
The EIA expects less natural gas production at four key US shales by December compared to October, but it expects production to rise at three key shales.
Why Did Crude Oil Fall 2.2% Last Week?
US crude oil prices (USO) (OIIL) fell by 2.2% in the week ended June 17, 2016. Crude oil closed at $47.98 per barrel on the same day.
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.
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.
Crude Oil Futures Rose for the Seventh Straight Day
August US crude oil futures contracts rose 2.5% and closed at $46.04 per barrel on June 30. Brent crude oil futures rose and settled at $47.92 per barrel.
WTI and Brent Crude Oil Prices Were Trading almost Flat
WTI and Brent crude oil prices fell for the second day in a row due to record US crude oil inventory and profit booking.
US Distillate Inventories Rose for the Fourth Time in 5 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.
Will US Crude Oil Futures Fall from 4-Month Highs?
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.
Geopolitical Tensions Impact Crude Oil Prices
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.
Gasoline Inventories Impact Gasoline and Crude Oil Prices
The API released its weekly inventory report on December 20. It estimates that US gasoline inventories fell by 1.96 MMbbls from December 9–16, 2016.
China’s Crude Oil Imports Hit a New Record
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.
Why Did Crude Oil Prices Rise for the Third Straight Week?
US crude oil prices rose 3.3% for the week ending May 27—the third consecutive weekly gain for oil. On May 27, US crude oil prices closed at $49.33 per barrel.
Why US Gasoline Inventories Rose for the Third Straight Week
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.
Uncertain Times for the Crude Oil Market: Neutral Doji Pattern
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.
Iran’s Crude Oil Production Could Impact the Crude Oil Market
The EIA (U.S. Energy Information Administration) estimates that Iran’s crude oil production rose by 60,000 bpd to 3,780,000 bpd in January 2017.
Natural Gas Production Projected to Slow by July
The Bakken Shale is expected to witness a 3.3% drop in the next two months, the most significant decrease in natural gas production among the shales.
Analyzing the Correlation of Crude Oil and Industrial Metals
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%.
Geopolitical Tension Could Drive Brent and US Crude Oil Futures
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.
OPEC’s Crude Oil Production: How It Could Impact the Surplus
The EIA estimates that OPEC’s crude oil production fell by 903,000 bpd to 32.28 MMbpd in January 2017—compared to the previous month.
What Are the Bullish Drivers for Crude Oil Prices?
The expectation of slowing production will support crude oil prices. Crude oil prices are up more than 90% from the lows in February 2016.
Global Crude Oil Supply Outages Near 5-Year Low
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.
US Crude Oil Production Could Hit a Record
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.
Crude Oil Prices Hit a 19-Month High
US crude oil prices hit a 19-month high of $54.24 per barrel in electronic trade on February 20, 2017. US markets were closed due to President Day.
Will Iran’s Crude Oil Production Pressure Crude Oil Prices?
OPEC estimated that Iran’s crude oil production rose by 22,300 barrels per day to 3.7 MMbpd in August 2016—compared to the previous month.
China’s Teapot Refineries Impact the Crude Oil Market
The demand from China’s teapot refineries is expected to fall between June 2017 and August 2017 due to strict import quotas and tax policies.
US Gasoline Inventories Fell 4% from Their All-Time High
The EIA reported that US gasoline inventories fell by 6.6 MMbbls (million barrels) to 249.3 MMbbls between February 24, 2017, and March 3, 2017.
Weakest Upstream Stocks in the Week Ending September 14
SandRidge Energy (SD) was the weakest upstream stock in the week ending September 14. SandRidge Energy fell 22.7% last week.
Distillate Inventories: More Bullish News for Oil
The US Energy Information Administration (or EIA) released its weekly crude oil and gasoline inventory report on September 20, 2017.
Inside the Global Crude Oil Supply-Demand Gap
The EIA estimated that the global crude oil supply-demand gap averaged 0.58 MMbpd (million barrels per day) in 1H16.
Analyzing China’s Crude Oil Imports and Demand
Bloomberg estimates that China’s crude oil imports fell by 810,000 bpd (barrels per day) to 8.4 MMbpd (million barrels per day) in April 2017.
Why Did UNG Outperform USO?
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%.
Upstream Gainers This Week: Gulfport Energy Leads
As of June 26, Gulfport Energy (GPOR) had risen ~6.9% from last week’s close of $11.62 to $12.42, above its 50-day and 200-day moving averages of $10.31 and $11.59, respectively.
Centennial Resource Development Leads the Upstream Gainers
In the week starting January 29, Centennial Resource Development (CDEV) increased to $20.92 from last week’s close of $20.54 on January 26.
Will US Crude Oil Inventories Drive Oil Prices to $62 per Barrel?
For the week ending December 15, 2017, US crude oil inventories fell for the fifth straight week. So far, nationwide inventories have fallen 9.8% in 2017.
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.
Why EXXI Is the Worst-Performing Upstream Stock Year-to-Date
EXXI fell sharply from its January 9, 2017, close of $30.25 to $5.13 on December 1—a sizeable decrease of ~83.0%.
Analyzing Wall Street Targets for the Worst-Performing Upstream Stocks
The median price target for BCEI is $34.86, which is ~25.0% higher than its December 1, 2017, closing price of $27.99.
Will the FOMC Meeting Drive the US Dollar and Crude Oil Futures?
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.
What to Watch: This Week’s Key Crude Oil Price Drivers
Let’s track some important events for crude oil and natural gas traders from September 11 to 15, 2017.
Iran’s Crude Oil Production at 8-Year High
Iran is the third-largest crude oil producer among OPEC members.
What to Expect from US Gasoline Demand
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.
Russia’s Crude Oil Production Was Flat Again
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.
Cushing Crude Oil Inventories Fell for 10th Consecutive Week
Cushing crude oil inventories are at their lowest level since November 6, 2015, falling for the tenth consecutive week.
US Gasoline Inventories Are below the 5-Year Range
A better-than-expected fall in gasoline inventories supported gasoline futures on July 26, 2017. Prices rose 1.3% to $1.61 per gallon on July 26, 2017.
Will the US Dollar Continue Its Bearish Momentum This Week?
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.
Cushing Inventories Fell for the Ninth Time in 10 Weeks
The EIA (U.S. Energy Information Administration) will release weekly data on crude oil and gasoline inventories on June 28, 2017.
US Gasoline Inventories Fell for 8th Straight Week
The EIA (U.S. Energy Information Administration) reported that US gasoline inventories fell 2.9 MMbbls (million barrels) to 236.1 MMbbls between March 31, 2017, and April 7, 2017.
Decoding the World Oil Supply and Demand Gap in 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.
How Can Marathon Oil Benefit from Its Hedging Activities?
For 3Q16, crude oil hedging activities increased Marathon Oil’s (MRO) North America E&P average realized crude oil price by $1.55 per barrel.
A Look at Marathon Oil’s Hedging Strategies
In 2Q16, crude oil hedging activities increased Marathon Oil’s (MRO) North America E&P average realized crude oil price by $0.12 per barrel.
US Gasoline Inventories Are Nearing December 2015 Levels
The EIA (U.S. Energy Information Administration) reported that US gasoline inventories fell 1.9 MMbbls (million barrels) to 225.5 MMbbls between September 30 and October 7.
Top 5 Upstream Stocks with High and Low Implied Volatilities
On August 5, 2016, Stone Energy (SGY) had the highest implied volatility among the upstream stocks. Its implied volatility was ~355.5%.
Returns of Upstream Stocks with High and Low Implied Volatilities
EQT (EQT) had the lowest implied volatility among all of the upstream stocks on July 29. Its YTD returns were 39.77%. Its five-day returns were -2.93%.
Which Oil-Weighted Stocks Lead in the Correlation with Crude Oil?
On July 25, US crude oil (USO) (OIIL) (USL) (SCO) contracts for September delivery closed at $43.13 per barrel—2.4% below its previous closing price.
Oil Producers Brace for Impact of US Dollar Depreciation
August West Texas Intermediate crude oil futures contracts trading on the NYMEX rose slightly by 0.59% and closed at $45.95 per barrel on July 15, 2016.
Upstream Stocks with High Short Interest–to–Equity Float Ratios
As of July 8, 2016, Clayton Williams Energy (CWEI) has the highest short interest–to–equity float ratio among upstream stocks at 57.8%.
The Top 5 Upstream Stocks by Short Interest–to–Equity Float Ratio
As of July 1, 2016, Clayton Williams Energy (CWEI) has the highest short interest–to–equity float ratio among upstream stocks at 57.8%.
The Top 5 Upstream Stocks with the Highest Short Interests
As of June 24, 2016, Clayton Williams Energy (CWEI) had the highest short interest-to-equity float ratio among upstream stocks at 57.8%.
Which Upstream Stocks Had the Highest Short Interest?
As of June 10, 2016, Clayton Williams Energy (CWEI) had the highest short interest-to-equity float figures among upstream stocks.
Which Upstream Stocks Are Following the Oil Rally?
On May 23, 2016, US crude oil (USO) (OIIL) closed at $48.08, just 0.47% below its 2016 high of $48.31 on May 17.
Why Crude Oil Prices Rose 84% since the Lows in February 2016
The recent surge in crude oil prices impacts oil and gas producers like Energy XXI (EXXI), Bonanza Creek Energy (BCEI), PDC Energy (PDCE), and Carrizo Oil & Gas (CRZO).
What Are the Bullish Catalysts for Crude Oil Prices This Week?
The rise in gasoline demand in 2016 compared to 2015 has boosted gasoline prices. Consequently, it boosted crude oil prices.
Apache’s 2Q15 Surplus Cash Flows Dwindled in the Third Quarter
Weaker commodity prices had a major impact on Apache’s short-term as well as long-term cash flows.
Niobrara Crude Oil Production in October: More Declines since 2014
The EIA estimates that the Niobrara Shale produced 397,000 barrels of crude oil per day in October, ~4% less than production in September 2015.
Niobrara September Crude Oil Production Fell: Fifth Straight Fall
The EIA estimates that the Niobrara Shale produced 409 thousand barrels of crude oil per day in September. This is 4% less than production in August but 1% more than production a year ago.
Niobrara Crude Oil Production in August: Deepest Fall in 2015
The EIA report estimates that the Niobrara Shale produced 417.2 thousand barrels of crude oil per day in August. This is 4% less than production in July.
Why XOP Fell More Than XLE Last Week
The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell 1.96% in the week ended September 11. XOP tracks an index of 74 American energy companies
Niobrara Shale Oil and Natural Gas Production Falls Again in June
Niobrara shale oil production increased from 126 Mbpd in June 2007 to 432 Mbpd in June 2015. This is an increase of 242% in eight years.
Niobrara Shale Oil and Gas Production Drops Again in May
The number of rigs working at the Niobrara Shale decreased from 51 in April to 50 in May. A year ago, there were 94 drilling rigs in the region.
Niobrara Shale Oil and Gas Production Drops in April
Niobrara shale oil production increased from 128 thousand barrels per day (or Mbbl/d) in April 2007 to 440 Mbbl/d in April 2015. This is a 243% increase in eight years.
Niobrara Shale Oil and Gas Production Up Marginally in March
Niobrara shale oil production increased from 123 Mbbl/d in March 2007 to 422 Mbbl/d in March 2015. This marks an increase of ~241% in eight years.