United States Brent Crude Oil Fund

The US economy stalled in 2014 for several reasons, including seasonality, weather, strength of the dollar, the West Coast port strike, and the oil price slump.

On October 24, 2017, Brent crude oil (BNO) active futures were $5.86 above WTI crude oil active futures.

The rise in crude oil export capacity suggests that Iran’s getting ready for a massive increase in crude oil production in 2018.

Goldman Sachs (GS) forecast that Brent crude oil prices could test $50 per barrel in 2H16 due to recent supply outages.

September US crude oil (RYE) (VDE) (BNO) futures contracts rose 3.3% to $47.8 per barrel on July 25, 2017.

On August 15, Brent crude oil active futures were trading $3.25 more than the WTI crude oil active futures. On August 8, the spread stood at $2.97.

US crude oil (DBO) (USL) (OIIL) July futures rose 5% between May 16 and May 23, 2017.

US refineries operated at 93.4% of their operable capacity in the week ending May 5, 2017. The rise in refinery demand is bullish for crude oil prices.

June gasoline futures contracts rose 1.3% to $1.53 per gallon on May 3, 2017. Prices rose due to the less-than-expected rise in US gasoline inventories.

On October 17, 2017, Brent crude oil (BNO) active futures closed $6 above the WTI (West Texas Intermediate) crude oil futures.

US crude oil futures contracts for June 2017 delivery fell 3.7% between May 2, and May 9, 2017, while the US Dollar Index rose 0.7%.

November WTI (West Texas Intermediate) crude oil futures contracts rose 0.32% to $50.97 per barrel in electronic trade at 5:10 AM EST on October 12, 2016.

US crude oil futures contracts for June delivery fell 6.2% between April 18, 2017, and April 25, 2017. Meanwhile, the US Dollar Index fell 0.7%.

December WTI crude oil futures contracts rose on October 21, 2016, due to expectations of OPEC and Russia reaching an agreement to cap production.

The recovery of oil prices in the latter half of 2016 has helped the Russian ruble to appreciate along with improved exports.

US crude oil (DBO) (USL) (OIIL) futures contracts for June 2017 delivery rose 3.7% between May 10 and May 17, 2017.

A Reuters survey estimated that Brent and US crude oil prices could average $58.84 per barrel and $54.78 per barrel in 2018.

US crude oil (DBO) (USL) (OIIL) futures contracts for June 2017 delivery fell 3.8% between April 25, 2017, and May 2, 2017.

Libya is an OPEC member but was exempt from the production cut deal due to political and economic instability.

Crude oil prices hit a one-month high as OPEC reached an agreement to cut production by 1.2 MMbpd in its meeting in Vienna.

On November 21, Brent crude oil (BNO) active futures closed $5.74 above US crude oil (USO)(UCO) active futures. In other words, the Brent-WTI (West Texas Intermediate) spread was $5.74.

February US crude oil (UWT) (USL) futures contracts rose 0.5% to $61.73 per barrel on January 8. Prices are near the highest level since December 2014.

On November 28, 2017, Brent crude oil (BNO) active futures closed at $5.62 higher than US WTI crude oil (USO) (UCO) active futures.

At ~65.2%, the VanEck Vectors Oil Services ETF (OIH) showed the highest correlation with US crude oil between April 4–May 4, 2017.

On December 11, 2017, Brent crude oil (BNO) active futures settled $6.7 more than WTI (West Texas Intermediate) crude oil (USO) (UCO) active futures.

According to the U.S. Energy Information Administration’s report on June 29, 2016, US crude oil inventories fell by 4.1 MMbbls in the week ended June 24, 2016.

February 2017 WTI (West Texas Intermediate) crude oil (PXI) (ERX) (USL) (ERY) futures contracts rose 0.1% and settled at $53 per barrel on December 23, 2016.

On December 5, 2017, Brent crude oil (BNO) active futures were priced $5.24 higher compared to WTI crude oil (USO) (UCO) active futures.

The service sector is the main contributor to Brazil’s GDP and job creation, but it’s currently suffering from structural weakness and poor international performance.

On October 31, 2017, Brent crude oil (BNO) active futures were ~$7 above US crude oil (UCO) futures.

A rising dollar has and will continue to put downward pressure on oil prices, causing trouble for the energy sector (XLE).

The Brent-WTI spread On December 18, 2017, Brent crude oil (BNO) active futures’ premium to WTI (West Texas Intermediate) crude oil (USO) (UCO) active futures was $6.30. On December 11, 2017, the Brent-WTI spread was $6.70. On December 11, 2017, the shutdown of the Forties Pipeline System boosted Brent oil prices. That day, the spread expanded […]

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

On November 7, 2017, the difference between Brent crude oil (BNO) active futures and US crude oil (USO) active futures, or the Brent-WTI (West Texas Intermediate) spread, was $6.50.

A Reuters poll estimated that WTI crude oil (USL) prices could average $54.78 per barrel in 2018 after extending the production cuts.

WTI crude oil (UCO) futures closed at $62.01 per barrel on January 4, 2018—the highest level since December 2014. WTI prices rose ~12.4% in 2017.

TIPS may offer some value as inflation breakeven seems modest. TIPS provide investors a hedge against inflation just like gold (GLD) and other commodities (DBC).

February WTI crude oil futures contracts fell 0.9% to $63.73 per barrel on January 16. Brent oil futures fell 1.6% to $69.15 per barrel on the same day.

On January 16, 2018, Goldman Sachs said that crude oil prices could exceed its forecast in the coming months.

According to the EIA, OECD’s crude oil inventories declined 0.2% to 2,865 MMbbls in January 2018—compared to the previous month.

On September 10, 2018, Brent crude oil November futures settled ~$9.83 higher than WTI crude oil October futures, the highest level for the Brent-WTI spread since June 19, 2018.

The EIA estimates that Venezuela’s crude oil production increased by 15,000 bpd to 1,620,000 bpd in February 2018—compared to January 2018.

In the week ending January 12, 2018, US crude oil exports were at ~1.25 MMbpd—234,000 barrels per day more than the previous week.

The EIA estimates that global crude oil inventories could rise in 2018 and 2019, which is bearish for oil prices.

In the week ending January 5, 2018, US crude oil inventories fell by 4.9 MMbbls (million barrels)—1 MMbbls more than the market’s expected fall.

The EIA forecast that Brent (BNO) crude oil would average $59.74 per barrel in 2018—4.3% higher than the previous estimates in December 2017.

On January 8, 2018, Brent crude oil (BNO) active futures were $6.05 stronger than WTI (West Texas Intermediate) crude oil (USO) (UCO) active futures.

In the week ended December 22, 2017, US crude oil inventories were 431.9 MMbbls (million barrels), a fall of 4.6 MMbbls compared to the previous week.

On December 29, 2017, the price difference between Brent crude oil (BNO) active futures and WTI (West Texas Intermediate) crude oil (USO) (UCO) active futures was $6.45.

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.