United States Brent Crude Oil Fund
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Crude Oil Prices Were Strong in Q2: What’s Next?
Crude oil prices saw a best-ever quarter in the second quarter. Brent crude and WTI crude fell to multiyear lows in April 2020.
Oil Price Update: Have Traders Turned Bullish?
Today at 10:01 AM ET, WTI (West Texas Intermediate) oil prices rose 3.8% and were at $28.65 per barrel. On Thursday, WTI prices rose by 9%.
Higher US Oil Exports: Has Iran Paved the Way?
On Wednesday, Brent crude oil active futures settled $7.3 higher than the WTI crude oil active futures—an important development for US oil exports.
Brent-WTI Spread Could Impact US Oil Exports
On Monday, Brent crude oil active futures settled $6.9 higher than the WTI crude oil active futures. On July 8, the spread was at $6.45.
Why Is OPEC’s Output at a Five-Year Low?
Last week, US crude oil August futures fell 1.6%. US crude oil August futures closed at $57.51 per barrel on Friday. SPY rose 1.7% last week.
US Oil Exports Might Slide in the Coming Weeks
On June 24, Brent crude oil active futures settled ~$6.96 higher than the WTI crude oil active futures—the lowest level since April 9. On June 17, the spread was at $8.77.
OPEC’s Meeting: Market Expects Another Output Cut Next Week
Last week, US crude oil August futures rose 8.8%—the highest weekly gain for active US crude oil futures since December 2, 2016. US crude oil August futures closed at $57.43 per barrel on June 21.
OPEC Plus Meeting Is Important for US Oil Exports
Next week, the OPEC plus meeting will be important for the Brent-WTI spread. If OPEC and its allies increase the magnitude of the production cut, the Brent-WTI spread could rise.
How the Oil Market Is Reacting to Recent Events
Last week, US crude oil July futures fell 2.7% and closed at $52.51 per barrel on June 14. On June 5, US crude oil prices fell to their lowest closing level of $51.68 per barrel since January 14.
US Oil Exports Might Continue to Grow
On June 10, Brent crude oil active futures settled ~$9 higher than the WTI crude oil active futures. On June 3, the spread was at ~$8.
US Crude Oil Exports Might Rise to a Record Level
On May 24, Brent crude oil active futures settled ~$10.06 higher than the WTI crude oil active futures. On May 17, the spread was at ~$9.29.
Will US Oil Exports Moderate in the Coming Weeks?
On May 20, Brent crude oil active futures settled ~$8.76 higher than the WTI crude oil active futures.
What Could Impact US Oil Exports?
On April 29, Brent crude oil June futures settled ~$8.54 higher than the WTI crude oil June futures. On April 22, the spread was at ~$8.49.
What Might Impact US Oil Exports in the Coming Days?
On April 22, Brent crude oil June futures settled ~$8.5 higher than the WTI crude oil June futures. On April 15, the spread was at ~$7.6.
Brent-WTI Spread Reacted Negatively to the Venezuela Crisis
On February 4, Brent crude oil April futures settled ~$7.95 higher than WTI crude oil March futures. On January 28, the spread was ~$7.82.
Oil Exports and Downstream Stocks Might Start 2019 on a High Note
On January 7, Brent crude oil March futures settled at ~$8.81—higher than WTI crude oil February futures.
US Oil Exports and Downstream Stocks Might Retreat
On January 2, Brent crude oil March futures settled at ~$8.37—higher than WTI crude oil February futures.
Brent-WTI Spread Might Drag US Oil Exports and Downstream Stocks
On December 26, Brent crude oil February futures settled at ~$8.25—higher than WTI crude oil February futures.
Will US Oil Exports End 2018 on a Low Note?
On December 17, Brent crude oil February futures settled at ~$9.41—higher than WTI crude oil February futures.
Have US Oil Exports Maxed Out?
On December 10, Brent crude oil February futures settled at ~$8.97, higher than WTI crude oil January futures.
Brent-WTI Spread Might Push Oil Exports and Downstream Stocks Up
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.
Analyzing the S&P 500 and Energy Prices in July
The S&P 500 rose ~0.49% to 2,816.29 on July 31. Renewed trade negations between the US and China supported the S&P 500.
Crucial Drivers for the S&P 500 and Crude Oil
The S&P 500 Index fell ~0.58% to 2,802.60 on July 30. Eight of the 11 key sectors in the S&P 500 dropped on July 30.
Crude Oil and the S&P 500’s Price Movement on July 17
The S&P 500 rose ~0.4% to 2,809.55 on July 17—the highest closing since February 1. The index rose due to Fed Chair Jerome Powell’s bullish comments.
US Jobs Help S&P 500 to Rise on July 6, Oil and Gas Also Rise
The S&P 500 rose ~0.85% to 2,759.82 on July 6, its highest level in two weeks.
Brent and US Crude Oil before OPEC’s Meeting
On June 8–15, Brent crude oil August futures fell 3.9%, which was 2.9 percentage points more than the fall in US crude oil.
How New Sanctions on Iran Could Affect Crude Oil Prices
On May 8, President Trump announced that the United States is exiting the Iran nuclear pact. Trump now plans to impose new sanctions on Iran.
Why Oil’s Rally Is Cooling
Between May 18 and May 25, US crude oil July futures fell 4.9%—the steepest weekly decline since February 9.
Venezuela’s Falling Crude Oil Production Drives Oil Prices Higher
The EIA estimates that Venezuela’s crude oil production decreased by 45,000 bpd (barrels per day) to 1,465,000 bpd in April—compared to March.
Is US Crude Oil Losing Momentum?
Between April 20 and April 27, US crude oil June futures fell 0.4%. Let’s take a closer look.
OECD’s Crude Oil Inventories Are near March 2015 Low
According to the EIA, OECD’s crude oil inventories declined 0.7% to 2,783.5 MMbbls in March 2018—compared to the previous month.
US Crude Oil Didn’t Reach a New 3-Year High
On April 13–20, 2018, US crude oil June futures rose 1.6% and settled at $68.4 per barrel on April 20. Last week, the US dollar rose 0.6%.
US Crude Oil Exports Reached a New Record
The EIA estimates that US crude oil exports increased by 597,000 bpd (barrels per day) to record high of 2,175,000 bpd on March 23–30, 2018.
OPEC’s Crude Oil Production Declined in March 2018
A Reuters survey showed that OPEC’s crude oil production declined by 90,000 bpd (barrels per day) to 32.19 MMbpd—compared to February 2018.
OPEC’s Crude Oil Production Is near April 2017 Low
OPEC’s crude oil production decreased by 170,000 bpd to 32.04 MMbpd in March 2018. OPEC had the lowest output since April 2017.
API Reported a Large Build in US Crude Oil Inventories
The API estimates that US oil inventories increased by 5.3 MMbbls (million barrels) to 430.6 MMbbls on March 16–23, 2018.
Crude Oil Futures Hit a 6-Week High
The WTI (West Texas Intermediate) crude oil futures contracts for May delivery increased 2.6% to $65.17 per barrel on March 21, 2018.
Crude Oil Futures Fell before the US Oil Inventories Report
US crude oil futures contracts for May delivery fell 0.4% to $62.13 per barrel on March 19, 2018.
Crude Oil Traders Track Venezuela’s Oil Production
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.
US Shale Oil Production Could Pressure Crude Oil Futures
April US crude oil futures contracts fell 1.1% to $61.36 per barrel on March 12, 2018. Brent oil futures fell 0.8% to $64.95 per barrel on March 12, 2018.
Brent and US Crude Oil Futures Are near a 1-Week Low
April West Texas Intermediate crude oil futures contracts fell 2.3% to $61.15 per barrel on March 7, 2018.
Why OPEC’s Crude Oil Production Declined in February
April US crude oil futures rose 0.2% from the previous settlement and were trading at $62.68 per barrel at 1:05 AM EST on March 6, 2018.
US Crude Oil Futures Are near a 2-Week Low
April US crude oil futures contracts fell 2.2% to $61.64 per barrel on February 28, 2018—the lowest settlement since February 15, 2018.
Crude Oil Futures Hit a 2-Week High
April WTI crude oil futures contracts rose 1.8% to $62.77 per barrel on February 22, 2018. Brent oil futures rose 1.4% to $66.39 per barrel.
India’s Crude Oil Imports Surged in January
India’s crude oil imports increased 12.5% to a record high of 4.93 MMbpd in January 2018—compared to the previous month.
Analyzing Iran’s Crude Oil Production
According to the EIA, Iran’s crude oil production increased by 10,000 bpd to 3.8 MMbpd in January 2018—compared to December 2017.
Venezuela’s Crude Oil Production: Bullish Crude Oil Prices
Venezuela’s crude oil production declined by 35,000 bpd (barrels per day) or 2.1% to 1,605,000 bpd in January 2018.
Why the Brent-WTI Spread Is Important
On February 16, 2018, Brent crude oil futures settled $3.16 above WTI crude oil prices. The Brent-WTI spread was at $3.6 on February 9, 2018.
Saudi Arabia and the US Dollar Support Crude Oil Futures
March US crude oil futures contracts rose 2.4% to $60.60 per barrel on February 14, 2018. Brent oil futures rose 2.6% to $64.36 per barrel.
OECD’s Crude Oil Inventories Are near June 2015 Low
According to the EIA, OECD’s crude oil inventories declined 0.2% to 2,865 MMbbls in January 2018—compared to the previous month.
Why OPEC’s Crude Oil Production Rose in January
A Reuters survey showed that OPEC’s crude oil production increased by 100,000 bpd (barrels per day) to 32.4 MMbpd (million barrels per day) in January 2018.
Will China’s Crude Oil Imports Rise in 2018?
China’s crude oil imports increased 10% to 8.4 MMbpd (million barrels per day) in 2017 from 2016, according to China’s General Administration of Customs.
Brent-WTI Spread Is Declining: What Does It Mean?
On January 29, 2018, the difference between Brent crude oil (BNO) active futures and WTI crude oil active futures was $3.9—the lowest since August 17, 2017.
Global Crude Oil Supply Outages Could Push Oil Prices Higher
According to the EIA, global crude oil supply outages increased by 208,000 bpd or 14% to 1,738,000 bpd in December 2017—compared to November 2017.
US and OECD’s Crude Oil Inventories Could Impact Oil’s Price Rally
US crude oil inventories decreased by 1.1 MMbbls to 411.6 MMbbls on January 12–19, 2018. They also fell ~12% in 2017.
OPEC Could Extend Crude Oil Production Cuts beyond 2018
March US crude oil futures contracts fell 0.9% to $65.56 per barrel on January 29, 2018. Brent oil futures fell 1.5% to $69.46 per barrel on the same day.
Strong Demand and Production Cuts Could Impact Crude Oil Futures
US crude oil futures (DWT) (UCO) contracts for March delivery rose 0.96% to $66.14 per barrel on January 26, 2018.
Why Oil Rigs Could Pressure Natural Gas Prices in the Coming Months
In the week ended January 19, 2018, the natural gas rig count was 88.2% below its historic high of 1,606 in 2008.
Will the US Dollar and Inventories Impact Crude Oil Futures?
March US crude oil (DBO) (UWT) futures contracts increased 1.8% to $65.61 per barrel on January 24, 2018.
Crude Oil Prices Could Hit $80 per Barrel in 2018
BBL Commodities is one of the largest oil hedge funds in the world. BBL Commodities expects that Brent crude oil prices could hit $80 per barrel in 2018.
US Oil Exports Could Threaten International Oil Prices
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.
Oil Prices after the EIA’s Inventory Report
After the EIA released the data on January 18, US crude oil prices were almost flat due to other factors like rising US production.
What Could Impact Oil This Week?
On January 24, 2018, oil prices could react to the EIA’s crude oil inventories and US crude oil weekly production data.
Why US Natural Gas Traders Are Tracking OPEC’s Production
Baker Hughes, a GE company, released its weekly US natural gas rigs report on January 19, 2018. Natural gas rigs increased by two to 189 on January 12–19.
OECD’s Crude Oil Inventories: Trump Card for Crude Oil Bulls?
The EIA estimates that global crude oil inventories could rise in 2018 and 2019, which is bearish for oil prices.
Traders Could Start Booking a Profit in Crude Oil Futures
On January 16, 2018, Goldman Sachs said that crude oil prices could exceed its forecast in the coming months.
Will US Oil Production Pressure Crude Oil Futures?
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.
Oil at a 3-Year High: Factors to Watch This Week
The EIA (U.S. Energy Information Administration) Drilling and Productivity Report could be important for US crude oil as well as natural gas prices.
Oil Inventory Data Could Push Oil Higher
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.
Will Crude Oil Futures and Wall Street Extend Their Rally?
February WTI crude oil futures contracts rose 0.34% to $64.52 per barrel at 12:05 AM EST on January 16, 2018. It’s the highest level since December 2014.
Crude Oil Futures Continued to Rally, Wall Street Fell
February WTI crude oil futures contracts also rose 1% to $63.57 per barrel on January 10, 2018. It’s the highest settlement since December 2014.
EIA Upgraded Crude Oil Price Forecasts for 2018
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.
US Oil Exports Are Crucial for Oil Prices in 2018
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.
Stockpiles Could Push US Crude Oil to a New 3-Year High
On January 8, 2018, US crude oil (USO) (USL) February 2018 futures were 0.5% below their three-year high. The EIA will report the data on January 10, 2018.
Crude Oil Futures: Next Important Resistance Level
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.
Will Crude Oil Futures and S&P 500 Move in the Same Direction?
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.
Crude Oil Futures and Wall Street Extends the Rally
US crude oil futures contracts for February delivery also rose 0.6% to $62.01 per barrel on January 4, 2018—the highest settlement since December 2014.
Russia’s Crude Oil Production Reached a 30-Year High
Russia’s crude oil production averaged 10.98 MMbpd (million barrels per day) in 2017, according to Russia’s Ministry of Energy.
Key Events for Oil Prices This Week
On January 2–5, 2018, US crude oil prices will be more reactive to the inventory and weekly US crude oil production data.
Should Oil Traders Follow US Oil Exports in 2018?
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.
How Much Fall in Inventories Could Support Oil This Week?
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.
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.
Is Iraq’s Crude Oil Production Bullish or Bearish for Oil Traders?
The EIA estimates that Iraq’s crude oil production fell by 35,000 bpd (barrels per day) to 4,320,000 bpd in November 2017 compared to the previous month.
Will Crude Oil Prices Start 2018 on a Positive Note?
A Reuters survey estimated that Brent and US crude oil prices could average $58.84 per barrel and $54.78 per barrel in 2018.
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.
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.
Comparing WTI’s and Brent’s Performance
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 […]
What Oil Bulls Could Expect for Oil Inventories
Oil stockpiles In the week ended December 8, 2017, US crude oil inventories fell by 5.1 MMbbls (million barrels) to 443 MMbbls. However, motor gasoline inventories rose 5.7 MMbbls. The data was released by the EIA (U.S. Energy Information Administration) on December 13. That day, US crude oil prices fell 0.9%. Inventory spread The gap between US oil inventories […]
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.
Oil Traders Track OECD’s Crude Oil Inventories
The EIA estimates that OECD’s oil inventories fell by 2.5 MMbbls (million barrels) to 2,953.2 MMbbls in November 2017—compared to the previous month.
Brent Is Outperforming WTI Crude Oil
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.
Crude Oil Prices Could End 2017 on a High Note
A Reuters poll estimated that WTI crude oil (USL) prices could average $54.78 per barrel in 2018 after extending the production cuts.
Iraq’s Crude Oil Production and Exports Could Help Oil Bulls
Reuters estimated that Iraq’s crude oil production fell by 50,000 bpd (barrels per day) to 4,330,000 bpd in November 2017—compared to the previous month.
Oil Traders Should Watch US Oil Exports
On December 5, 2017, Brent crude oil (BNO) active futures were priced $5.24 higher compared to WTI crude oil (USO) (UCO) active futures.
Analyzing Crude Oil Inventories and Oil Prices
In the week ending November 24, 2017, US crude oil inventories fell by 3.4 MMbbls (million barrels) to 453.7 MMbbls.
Improving US Crude Oil Drilling Costs and Oil Exports
US crude oil exports rose by 462,000 bpd or 41% to 1,591,000 bpd on November 10–17, 2017, according to the EIA.
WTI Crude Oil Is Rising Faster than Brent
On November 28, 2017, Brent crude oil (BNO) active futures closed at $5.62 higher than US WTI crude oil (USO) (UCO) active futures.
Will the Inventories Spread Impact US Crude Oil?
US commercial crude oil inventories fell by 1.9 MMbbls in the week ending November 17, 2017—0.5 MMbbls more than the market’s expected fall.
Analyzing Libya’s Crude Oil Production
Libya is one of OPEC’s members. The EIA estimated that its crude oil production rose by 35,000 bpd or 3.8% to 960,000 bpd in October 2017.
Crude Oil Futures: What Could Drive Volatility This Week?
US crude oil (DWT) (UCO) futures hit $58.95 per barrel on November 24, 2017—the highest level in nearly three years.