ProShares Ultra Oil & Gas

Schlumberger’s revenues from North America staged a noteworthy recovery, rising 27% from 2Q16 to 2Q17.

Hedge funds reduced their net long positions in US crude oil futures and options by 12,094 contracts to 157,891 contracts on September 5–12, 2017.

A market survey estimates that US crude oil inventories would have risen by 2.9 MMbbls (million barrels) on September 8–15, 2017.

October WTI (West Texas Intermediate) crude oil (USO)(UCO)(DIG) futures contracts rose 0.16% and were trading at $49.98 per barrel in electronic trading at 2:10 AM EST on September 18.

On September 13, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report.

Revenues from Weatherford International’s (WFT) Latin American region fell the most by 18.5% from 2Q16 to 2Q17.

West Texas Intermediate crude oil (DBO) (DIG) (XLE) futures contracts for October delivery rose 1.2% to $48.07 per barrel on September 11, 2017.

US distillate inventories  On August 30, 2017, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report. The EIA estimates that US distillate inventories rose by 0.5% to 149.1 MMbbls (million barrels) between August 18 and 25, 2017. Inventories fell by 5.6 MMbbls, or 3.6%, from the same period in 2016. Inventories […]

US crude oil production  The EIA (U.S. Energy Information Administration) estimates that US crude oil production rose by 2,000 bpd (barrels per day) to 9,530,000 bpd between August 18 and 25, 2017. Production rose 1,042,000 bpd, or 12.3%, from the same period in 2016. It has risen for three consecutive weeks to August 25, and has reached […]

In 2Q17, Schlumberger reported a net loss of ~$74 million—a sharp improvement compared to 2Q16 when it reported a net loss of $2.16 billion.

Let’s track some important events for oil and gas traders between August 28 and September 1, 2017.

US crude oil production hit 9.6 MMbpd (million barrels per day) in June 2015, the highest level ever.

October WTI (or West Texas Intermediate) crude oil (USO) (UCO) futures contracts rose 0.4% and were trading at $47.73 per barrel in electronic trade at 2:00 AM EST on August 22, 2017.

Baker Hughes released its US crude oil rig count report on August 18, 2017. It reported that the US crude oil rig count fell by five to 763 on August 11–18.

The EIA reported that US crude oil inventories fell by 8.9 MMbbls or 1.8% to 466.4 MMbbls on August 4–11, 2017—the biggest draw since September 2016.

September WTI (West Texas Intermediate) crude oil (OIH) (SCO) (DIG) futures contracts rose 0.5% to $47.81 per barrel in electronic trading at 1:50 AM EST on August 16, 2017.

Let’s track some important events for oil and gas traders from August 14 to 18, 2017.

The short interest in Schlumberger (SLB), as a percentage of its float, is 1.5% as of August 7, 2017—compared to 1.6% as of June 30, 2017.

The API estimates that US gasoline inventories rose by 1.5 MMbbls (million barrels) on July 28–August 4, 2017.

In 1H17, Weatherford’s revenues fell 8%—compared to 1H16. It managed to lower its net losses significantly during this period.

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.

Schlumberger’s (SLB) Production segment witnessed the highest revenue growth (17.6% rise) in 2Q17 over 2Q16.

In 1Q17, Weatherford International’s net loss was $443 million.

Short interest in Schlumberger (SLB) as a percentage of its float is 1.2% as of July 6, 2017, compared to 1.2% as of March 31, 2017.

In the week ended June 23, 2017, natural gas inventories were at 2,816 Bcf (billion cubic feet)—46 Bcf more compared to the week earlier.

Schlumberger’s 1Q17 revenue by geography From 4Q16 to 1Q17, Schlumberger (SLB) witnessed 6% revenue growth in North America, while it saw a steep revenue decline of ~10% in the Europe/CIS[1.Commonwealth of Independent States]/West Africa region. Schlumberger’s revenue from Latin America was resilient in 1Q17, remaining unchanged from 4Q16. Schlumberger accounts for 6.5% of the ProShares […]

In the week ended June 16, 2017, natural gas inventories rose 61 Bcf (billion cubic feet) to 2,770 Bcf based on EIA data released on June 22, 2017.

On June 22, 2017, WTI crude oil (USO) (OIIL) active futures’ implied volatility was 29.7%, up 1.7% compared to its 15-day average.

The EIA reported that natural gas inventories rose by 78 Bcf (billion cubic feet) to 2,709 Bcf in the week ending June 9, 2017.

Short interest in Nabors Industries (NBR) as a percentage of its float was 11.4% as of June 19, 2017, compared to 10.1% as of March 31, 2017.

On June 15, 2017, US crude oil active futures’ implied volatility was 27.9%.

In the week ended June 2, 2017, natural gas inventories rose by 106 Bcf.

Between January 27–June 7, 2017, natural gas active futures fell 10.9%. Natural gas inventories moved above their five-year average in the week ended January 27, 2017.

Rosneft is Russia’s largest oil producer. On June 1, a Rosneft board member stated that Russia wouldn’t extend the production cut deal beyond March 2018.

The EIA reported that US crude oil inventories fell by 6.4 MMbbls (million barrels) to 509.9 MMbbls on May 19–26, 2017.

On a week-over-week basis, natural gas inventories rose by 75 Bcf (billion cubic feet) and were at 2,444 Bcf for the week ended May 19, 2017.

Schlumberger’s (SLB) Latin America region witnessed the highest revenue decline (30% fall) in 1Q17—compared to 1Q16.

The EIA estimated that global crude oil supply outages rose by 181,000 bpd (barrels per day) to 2.52 MMbpd in April 2017—compared to March 2017.

According to EIA data announced on May 18, there was an addition of 68 Bcf to natural gas (GASX) (FCG) (GASL) inventories for the week ending May 12, 2017.

The EIA reported that US distillate inventories fell by 1.9 MMbbls (million barrels) to 146.8 MMbbls on May 5–12, 2017.

According to data from the EIA on May 4, natural gas (GASX) (FCG) (GASL) inventories rose by 67 Bcf (billion cubic feet) during the week ending April 28.

June diesel futures contracts rose 2.1% to $1.47 per gallon on May 10, 2017. Prices rose due to the larger-than-expected fall in distillate inventories.

The EIA estimated that four-week average US gasoline demand fell by 22,000 bpd (barrels per day) to 9,215,000 bpd on April 21–28, 2017.

Market surveys estimate that Cushing crude oil inventories rose between April 28 and May 5, 2017.

According to data from the EIA released on April 27, 2017, natural gas inventories rose 74 Bcf (billion cubic feet) during the week ended April 21, 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.

The EIA (U.S. Energy Information Administration) estimated that four-week average US gasoline demand fell by 80,000 bpd to 9,237,000 bpd on April 14–21.

The EIA reported that monthly US crude oil production rose 196,000 bpd to 9.0 MMbpd in February 2017.

Weatherford’s North America region’s 1Q17 operating loss improved to $18 million—compared its operating loss of $128 million last year.

Baker Hughes (BHI) released its weekly US crude oil rig count on April 28, 2017. It reported that crude oil rigs rose by nine to 697 on April 21–28, 2017.

The energy sector contributed to ~6.3% of the S&P 500 (SPY) (SPX-INDEX) on April 28, 2017. Oil and gas are major parts of the energy sector.

According to data from the EIA released on April 20, 2017, natural gas (GASX) (FCG) (GASL) inventories rose by 54 Bcf during the week ending April 14, 2017.

The EIA (U.S. Energy Information Administration) estimated that four-week average US gasoline demand rose by 6,000 bpd to 9,317,000 bpd on April 7–14.

The EIA estimates that OECD’s crude oil inventories fell by 7.69 MMbbls (million barrels) to 2,977 MMbbls in March 2017—compared to the previous month.

For the week ending April 14, 2017, the EIA reported that Cushing crude oil inventories fell by 0.8 MMbbls (million barrels) to 68.6 MMbbls.

Schlumberger’s (SLB) Drilling segment witnessed the highest revenue fall of 20% in 1Q17—compared to 1Q16. Its Production segment fell ~8%.

Natural gas (GASX) (FCG) (GASL) inventories rose by ten Bcf (billion cubic feet) during the week ending April 7, 2017.

The EIA (U.S. Energy Information Administration) reported that US distillate inventories fell by 2 MMbbls to 148.3 MMbbls on April 7–14, 2017.

Revenues from Weatherford International’s (WFT) Europe/Sub Saharan Africa/Russia region fell the most with a 36.5% fall from 4Q15 to 4Q16.

On April 18, 2017, the API released its weekly crude oil inventory report. It reported that US crude oil inventories fell by 0.84 MMbbls from April 7–14.

Russia’s Energy Ministry reported that its oil production fell in the first half of April 2017 due to major producers’ production cut deal.

The energy sector contributed to ~6.6% of the S&P 500 (SPY) (SPX-INDEX) on April 13, 2017. Oil and gas are major parts of the energy sector.

On April 7, 2017, the natural gas (BOIL) (GASX) (FCG) (GASL) rig count was 165, a rise of five rigs over the previous week.

The EIA (U.S. Energy Information Administration) reported that US distillate inventories fell by 2.2 MMbbls (million barrels) to 150.2 MMbbls between March 31 and April 7, 2017.

The EIA (U.S. Energy Information Administration) reported that US crude oil production rose by 36,000 bpd (barrels per day) to 9,235,000 bpd between March 31 and April 7, 2017.

The EIA estimated that four-week average US gasoline demand fell by 6,000 bpd (barrels per day) to 9,306,000 bpd from March 24–31, 2017.

The energy sector contributed to ~6.6% of the S&P 500 (SPY) (SPX-INDEX) on April 7, 2017. Crude oil and natural gas are major parts of the energy sector.

According to data from the EIA (U.S. Energy Information Administration) released on March 30, 2017, natural gas inventories fell by 43 Bcf (billion cubic feet) during the week ending March 24, 2017.

On March 31, 2017, the natural gas (BOIL) (GASX) (FCG) (GASL) rig count was 160, a rise of five rigs over the previous week.

Schlumberger’s (SLB) Drilling segment witnessed the highest revenue fall of 32% in 4Q16 compared to 3Q16.

US crude oil output is at the highest level since January 25, 2016. The rise in crude oil output is the biggest bearish driver for crude oil prices in 2017.

The EIA estimated that four-week average US gasoline demand rose by 210,000 bpd (barrels per day) to 9,312,000 bpd from March 17–24, 2017.

The EIA reported that monthly US crude oil production rose by 60,000 bpd (barrels per day) to 8.8 MMbpd in January 2017—compared to the previous month.

The energy sector contributed to ~6.6% of the S&P 500 on March 31, 2017. Oil and gas producers’ earnings depend on crude oil and natural gas prices.

According to data from the EIA released on March 23, 2017, natural gas (UNG) (FCG) (GASL) inventories fell by 150 Bcf during the week ending March 17, 2017.

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.

According to data from the EIA released on March 16, 2017, natural gas inventories fell by 53 Bcf during the week ending March 10, 2017.

According to data from the EIA released on March 9, 2017, natural gas (UNG) (FCG) (DGAZ) inventories fell by 68 Bcf during the week ending March 3, 2017.

April gasoline futures fell 2.4% to $1.65 per gallon on March 8, 2017. Prices fell despite the massive fall in US gasoline inventories.

On March 7, the API released its weekly crude oil inventory report. US crude oil inventories rose by 11.6 MMbbls between February 24 and March 3.

A Reuters survey estimates that Libya’s crude oil production fell by ~20,000 bpd (barrels per day) to 670,000 bpd in February 2017—compared to January 2017.

The US dollar and crude oil (ERY) (ERX) (DIG) (XES) are usually inversely related. A weaker US dollar makes crude oil more affordable for oil importers.

The API released its weekly inventory report on February 22, 2017. It estimated that US gasoline inventories fell by 0.9 MMbbls from February 10–17, 2017.

Schlumberger’s Drilling segment witnessed the highest revenue fall at 32% in 4Q16 compared to 4Q15. The segment was followed by the Reservoir Characterization and Production segments.

Libya’s National Oil Corporation reported that the country’s crude oil production rose to ~700,000 bpd in January—the highest level in the last three years.

Natural gas (UNG) March futures fell ~9.1% from February 9, 2017, to February 16, 2017. On February 16, 2017, natural gas active futures fell 2.4%.

According to data from the EIA, natural gas (UNG) (GASX) (UGAZ) inventories fell by 152 Bcf (billion cubic feet) during the week ending February 3, 2017.

OECD’s oil inventories are at the highest level ever. Record oil inventories are bearish for crude oil (PXI) (ERX) (DIG) (USL) (IXC) prices.

On February 9, 2017, US crude oil futures contracts for March delivery closed at $53.00 per barrel—an ~1.3% rise compared to the previous trading session.

The EIA estimated that four-week average US gasoline demand fell by 39,000 bpd (barrels per day) to 8,222,000 bpd from January 20–27, 2017.

Libya’s National Oil Corporation reported that the country’s crude oil production rose by 300,000 bpd between September 2016 and January 2017.

Superior Energy Services’ net debt fell in 3Q16 as compared to 3Q15. In 3Q16, Superior Energy Services’ net debt was $1.0 billion—9% lower than in 3Q15.

Market surveys suggest that Cushing crude oil inventories rose between December 16 and December 23, 2016.

The EIA estimated that US crude oil inventories averaged ~488.4 MMbbls in 2016. They’re expected to average 469.2 MMbbls in 2017.

Libya’s crude oil production   On December 20, 2016, Libya’s National Oil Corporation reported that pipelines leading from the Sharara and El Feel fields were reopened. The pipelines were closed for two years due to militant attacks. The pipelines are expected to add 270,000 bpd (barrels per day) of crude oil supply over the next three months. The […]

Libya produced ~1.8 MMbpd of crude in 2007. Civil war and militant attacks on its oil infrastructure caused the fall in Libya’s crude oil production.

The 6.4% fall in natural gas prices on December 12, 2016, coincided with forecasts of higher temperatures in the coming weeks.

Schlumberger expects to achieve its synergy target of $300 million in 2016. In 3Q16, Schlumberger gained $139 million through synergy-related work.

In September 2008, the overall US rig count hit 2,031, the highest level since July 1987, according to Baker Hughes (BHI).

For the week ending November 11, the EIA reported that Cushing crude oil inventories rose by 0.7 MMbbls to 59.2 MMbbls—compared to the previous week.