United States Brent Crude Oil Fund
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Why the US Economy Stalled in 1Q15
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.
Rising Oil Inventories Spread Impacts Oil Prices
US commercial crude oil inventories rose by ~9.5 MMbbls (million barrels) in the week ending on February 10, 2017—compared to the previous week.
Must-know effects of the Ukraine crisis on your oil investments
The immediate effect of the current crisis between Russia and Ukraine is that it has likely provided some support to oil prices and caused some volatility in oil prices.
Is $30 for Crude Oil Coming?
US crude oil (USO) (OIIL) (USL) (DBO) futures contracts for May delivery closed at $48.24 per barrel on March 21, 2017.
Why Could Oil Inventories Pressure Crude Oil Prices?
The relationship between crude oil inventories and crude oil prices is inverse. Crude oil prices bottomed out in early 2016.
US Crude Oil Inventories Rose: What It Could Mean for Oil Prices
According to the EIA’s (Energy Information Administration) report on February 15, 2017, US crude oil inventories rose 9.5 MMbbls (million barrels) in the week ended February 10, 2017.
Crude Oil Futures Hit Multi-Month Highs but S&P 500 Falls
November US crude oil (DBO)(DWT)(SCO) futures contracts rose 3% to $52.22 per barrel on September 25—the highest level since April 2017.
Crude Oil Traders Are Closely Watching These Bearish Drivers
In the previous two parts of this series, we covered bullish drivers for crude oil prices. Now let’s look at some key bearish drivers for crude oil prices in 2016.
Brent-WTI Spread: Why It’s Crucial for Energy Investors
On March 28, 2017, WTI (West Texas Intermediate) crude oil active futures were trading at a discount of $2.96 per barrel to Brent crude oil active futures.
What Are the Key Bearish Drivers for Crude Oil Prices in 2016?
Multiyear low crude oil prices impact domestic and international oil producers’ margins like PetroChina, Comstock Resources, Whiting Petroleum, and Denbury Resources.
US Oil Inventories Spread Impacts Crude Oil Prices
US commercial crude oil inventories rose by ~6.5 MMbbls (million barrels) in the week ending January 27, 2017—compared to the previous week.
Will EIA’s Crude Oil Inventories Data Follow API Data?
November WTI (West Texas Intermediate) crude oil futures contracts rose 1.4% to $51 per barrel in electronic trade at 5:20 AM EST on October 19, 2016.
How US Consumer Sentiment Affects Energy Commodities
The US consumer sentiment index was at 96.9 in March’s final reading.
Libya’s Crude Oil Production: Bullish or Bearish for Oil Prices?
A Reuters survey estimates that Libya’s crude oil production rose by 50,000 bpd to 930,000 bpd in September 2017—compared to the previous month.
Brent-WTI Spread: Will US Oil Exports Rise Further?
On October 24, 2017, Brent crude oil (BNO) active futures were $5.86 above WTI crude oil active futures.
Iran’s Crude Oil Exports Could Impact Crude Oil Prices
The rise in crude oil export capacity suggests that Iran’s getting ready for a massive increase in crude oil production in 2018.
Will Saudi Arabia Cause Colossal Damage for Crude Oil Futures?
According to the Wall Street Journal, Saudi Arabia’s crude oil production hit 10.7 MMbpd (million barrels per day) in June 2017.
Oil Inventory Spread Could Help Oil Prices Rise
On May 24, 2017, the EIA released crude oil inventory data for the week ending May 19, 2017. It reported a fall of ~4.4 MMbbls in oil inventories.
Crude Oil Reverses as US Dollar Hits 14-Year High
February WTI (West Texas Intermediate) crude oil (PXI) (XOP) (XES) (IEZ) (ERX) (USL) (ERY) futures contracts fell 2.6% and settled at $52.33 per barrel on January 3, 2017.
US Distillate Inventories Rose for the First Time in 5 Weeks
US distillate inventories rose by 0.4 MMbbls to 146.7 MMbbls on May 19–26, 2017. Distillate inventories rose 0.3% week-over-week but fell 1.9% YoY.
US Crude Oil Inventories Could Reach Record Levels
On February 22, the API will release its weekly crude oil inventory report. US crude oil inventories could have risen from February 10–17, 2017.
Will EIA and API Crude Oil Inventories Impact Crude Oil Prices?
On November 15, the API released its weekly crude oil inventory report. US crude oil inventories rose by 3.6 MMbbls from November 4–11, 2016.
Why Goldman Sachs Revised Its Crude Oil Price Forecast
Goldman Sachs (GS) forecast that Brent crude oil prices could test $50 per barrel in 2H16 due to recent supply outages.
Crude Oil Futures Near 7-Week High
September US crude oil (RYE) (VDE) (BNO) futures contracts rose 3.3% to $47.8 per barrel on July 25, 2017.
What the Brent–WTI Spread Indicates
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.
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.
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.
Inventories Spread Could Boost Your Long Bets on Oil
The EIA’s crude oil inventory report for the week ending July 14 will be announced on July 19. Analysts expect crude oil inventories to fall by 3.6 MMbbls.
How the Dollar Is Affecting Oil
US crude oil (DBO) (USL) (OIIL) July futures rose 5% between May 16 and May 23, 2017.
EIA Downgraded US and Brent Crude Oil Price Forecasts
The EIA released its monthly STEO report on May 9, 2017. It estimates that US WTI crude oil prices would average $50.68 per barrel in 2017.
Saudi Arabia’s Crude Oil Production Rose: Will Prices Fall More?
Saudi Arabia reported that its crude oil production rose by 263,300 bpd (barrels per day) to 10.01 MMbpd (million barrels per day) in February 2017.
US Crude Oil Imports and Refinery Demand Drive Inventories
US refinery crude oil demand fell by 54,000 bpd (barrels per day) to 15,893,000 bpd between January 27, 2017, and February 3, 2017.
US Refinery Demand Impacts Crude Oil Inventories
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.
US Crude Oil Production Hit a 13-Month High
US crude oil production is at the highest level since February 2016. The rise in crude oil production pressured crude oil prices on March 8, 2017.
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.
Crude Oil Fell Again: What about Oil-Weighted Stocks?
On July 11, 2016, US crude oil closed at $44.76 per barrel. That’s 1.4% below its previous closing price. That’s also 12.6% below its highest level for 2016.
Could Oil Inventories Maintain Their Bullish Momentum?
Inventory data According to the EIA (U.S. Energy Information Administration), US crude oil inventories fell 7.2 MMbbls (million barrels) in the week ended July 21, 2017. The fall was twice the expected fall of 3.3 MMbbls. Bullish inventory data buoyed oil prices by 1.8% on the same day. Inventory spread A rise in surplus crude […]
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.
The Falling Demand For Oil, Impact On Prices
With China in a less oil-intensive stage of development, the demand for oil could stay low for a while.
US Crude Oil and Gasoline Futures Moved Together
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.
Oil Traders Focus on US Crude Oil Inventories
On January 31, the API released its weekly crude oil inventory report. It reported that US crude oil inventories rose by 5.8 MMbbls from January 20–27.
Why Morgan Stanley Expects Crude Oil Prices to Trend even Lower
As of the end of April, crude oil prices had rallied by almost 70% since the lows of February 2016. But prices were still ~60% lower than in June 2014.
Will US Crude Oil Inventories Pressure Oil Prices?
September US crude oil (BNO) (IEZ) (UCO) futures contracts fell 0.3% to $46.4 per barrel in electronic trading at 2:15 AM EST on July 19, 2017.
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.
US and Brent Crude Oil Price Forecast for the Next 6 Months
Brent crude oil futures are trading below their 20-day, 50-day, 100-day, and 200-day moving averages of $49.9, $51.6, $53.3, and $53.8 per barrel.
Why the Brent-WTI Spread Could Make Global Oil Supplies Rise
On October 17, 2017, Brent crude oil (BNO) active futures closed $6 above the WTI (West Texas Intermediate) crude oil futures.
Oil Bulls, Don’t Worry About the Rising US Dollar
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%.
Will API Inventory Report Limit Upside for Crude Oil Prices?
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.
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.
How the US Dollar Could Be Crucial to Oil Investors
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%.
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.
Federal Reserve and OPEC Pressure Crude Oil Prices
On December 14, the Federal Reserve reported that it would raise the interest rate by 25 basis points. As a result, the US Dollar Index appreciated by 0.7%.
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.
Analyzing Key Energy Events This Week
If the EIA (U.S. Energy Information Administration) reports another fall in the US commercial crude oil inventory, it could push oil prices higher.
Key Events for Energy Investors this Week
The EIA’s “Drilling Productivity” report should be important for crude oil (USO)(DBO)(OIIL) and natural gas (UNG) prices.
US Dollar near 9-Month High: Is It Bearish for Crude Oil Prices?
December WTI crude oil futures contracts rose on October 21, 2016, due to expectations of OPEC and Russia reaching an agreement to cap production.
Why the Ruble Is on the Rise
The recovery of oil prices in the latter half of 2016 has helped the Russian ruble to appreciate along with improved exports.
Why Traders Are Tracking the API’s Crude Oil Inventories
A market survey estimates that US crude oil inventories fell by 2.83 MMbbls on June 23–30, 2017. Gasoline inventories might have fallen by 0.5 MMbbls.
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%.
OPEC Mania Is Back: Will Crude Oil Soar?
US crude oil rose on November 18 due to the market’s belief that OPEC (Organization of the Petroleum Exporting Countries) members might cut their output.
Will Russia Support OPEC if Production Cuts Continue?
On April 28, 2017, the Ministry of Energy of Russia said the country’s oil production fell 300,000 bpd to meet the targeted production cut in April 2017.
US Distillate Inventories and Crude Oil Price Forecasts
The EIA reported that US distillate inventories rose by 0.3 MMbbls to 151.4 MMbbls on June 2–9, 2017. Inventories rose for the third straight week.
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.
How the Dollar Could Impact Oil’s Recovery
US crude oil (DBO) (USL) (OIIL) futures contracts for June 2017 delivery rose 3.7% between May 10 and May 17, 2017.
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.
Did the US Dollar Impact Oil Prices Last Week?
US crude oil (DBO) (USL) (OIIL) futures contracts for June 2017 delivery fell 3.8% between April 25, 2017, and May 2, 2017.
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.
Libya’s Crude Oil Production Nears 4-Year High: What’s Next?
Libya is an OPEC member but was exempt from the production cut deal due to political and economic instability.
Crude Oil Prices Skyrocket as OPEC Agrees to Cut Production
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.
President Trump Impacts Iran and Crude Oil Futures
On May 8, President Trump said that the US is exiting the Iranian nuclear deal. He plans to impose new sanctions on Iran.
Why the Brent-WTI Spread Matters to Energy Investors
On March 7, WTI crude oil active futures were trading at a discount of $2.78 per barrel to Brent crude oil active futures.
What the Oil Inventories Spread Suggests for Oil Prices
In the week ending June 23, 2017, US crude oil inventories rose by 0.1 MMbbls (million barrels) to 509.2 MMbbls, according to EIA data on June 28, 2017.
Is WTI Crude Oil Outdoing Brent?
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.
Are US Oil Producers Making Oil’s Rise a Bull Trap?
US crude oil (USO) (OIIL) (USL) (DBO) futures contracts for May delivery closed at $51.03 per barrel on April 4—1.6% above the previous day’s closing price.
Oil price drop wreaks havoc on Russian economy
The continued oil price drop, coupled with the impact of Western sanctions that are fueling inflation in the economy, is wreaking havoc on Russia’s economy.
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.
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 Russia’s Crude Oil Production Impact Crude Oil Prices?
Russia is the largest crude oil producer in the world. Its crude oil production was flat at 11.1 MMbpd in February 2017—compared to the previous month.
How Energy ETFs Are Correlated to Falling Oil Prices
At ~65.2%, the VanEck Vectors Oil Services ETF (OIH) showed the highest correlation with US crude oil between April 4–May 4, 2017.
Will the US Crude Oil Inventories Report Benefit Crude Oil Prices?
US crude oil inventories hit an all-time high of 543.6 MMbbls in the week ending April 29, 2016. This will limit the upside potential for crude oil prices.
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.
Iran’s Crude Oil Exports Hit a Record: What’s Next?
A Reuters survey estimates that Iran’s crude oil production rose by 10,000 bpd to 3.77 MMbpd in March 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.
Which Oil-Weighted Stocks Have Strong Correlations with Crude Oil?
On July 18, 2016, US crude oil (USO) (OIIL) (BNO) (SCO) contracts for September delivery closed at $45.94 per barrel.
The Kurdish Referendum: Is Brent Outperforming WTI Crude?
On September 26, Brent crude oil active futures were $6.56 more than US crude oil active futures. On September 19, the Brent-WTI spread was at $5.66.
Is the US Dollar’s Fall Helping Oil?
US crude oil futures contracts for June delivery fell 1.7% between April 11, 2017, and April 18, 2017. The US Dollar Index fell 1.2% during that period.
Will OPEC’s Meeting Impact Crude Oil Futures?
September West Texas Intermediate crude oil (XOP) (UCO) (VDE) futures contracts fell 0.4% and closed at $49.39 per barrel on August 7, 2017.
US Crude Oil Production Near 2-Year High
The EIA reported that US crude oil production rose 59,000 bpd to 9.4 MMbpd between June 30, 2017, and July 7, 2017.
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.
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.
US Crude Oil Inventories Fall Again: How Is Crude Oil Reacting?
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.
How Will the US Dollar Affect Crude Oil Prices in 2017?
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.
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.
What Could Drive Crude Oil Prices Higher?
US crude oil inventories fell 15% from their peak in March 2017 for the week ending November 3, 2017, which helped oil (USO) (UCO) prices.
Why the Service Sector’s Contribution to Brazil Is Important
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.
US Crude Oil Inventories Fell 10% from Their Peak
The EIA reported that US crude oil inventories fell by 1.5 MMbbls (million barrels) or 0.3% to 481.8 MMbbls on July 21–July 28, 2017.
Why US Crude Oil Prices Hit Highest Level since July 2015
April WTI (West Texas Intermediate) crude oil (BNO) (IXC) (IYE) futures contracts rose 1.6% and settled at $54.45 per barrel on February 23, 2017.
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.
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.
Oil Bears Track OECD’s Crude Oil Inventories
The EIA estimates that OECD’s oil inventories rose by 2.5 MMbbls to 2.98 MMbbls in September 2017—compared to August 2017.
