ProShares Ultra Oil & Gas
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Understanding Fund Generation among Major OFS Companies
RPC Inc.’s internal cash generation was adequate to cover its external obligations in 2015. Dril-Quip internal cash generation was more than adequate.
Are US Crude Oil Inventories Bullish or Bearish for Oil Prices?
The EIA estimated that US crude oil inventories averaged ~488.4 MMbbls in 2016. They’re expected to average 469.2 MMbbls in 2017.
What to Expect from OPEC’s Crude Oil Production in August 2017
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.
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.
Weatherford International’s Value Drivers in 2Q17
Revenues from Weatherford International’s (WFT) Latin American region fell the most by 18.5% from 2Q16 to 2Q17.
Bearish Momentum in Crude Oil Prices Pressures Gasoline Futures
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.
Energy Calendar for Oil and Gas Traders: April 17–21
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.
Analyzing Libya’s Crude Oil Production
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.
How Could China and India Support Crude Oil Prices?
Slowing non-OPEC crude oil production would support crude oil prices in 2016. The rise in Chinese crude oil imports boosted crude oil prices in March.
Why Did Crude Oil Prices Rise?
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.
How Falling Cushing Crude Inventories Are Impacting Oil Prices
The EIA (U.S. Energy Information Administration) will release its crude oil inventory report for the week ending September 2 on September 8, 2016, at 10:30 AM EST.
How Did OPEC Members’ Crude Oil Production Trend in September?
The EIA estimates that OPEC’s crude oil production will rise to 32.4 MMbpd in 2016 and 33 MMbpd in 2017.
How Cushing Inventories Could Affect Crude Oil Prices in 2017
Market surveys suggest that Cushing crude oil inventories rose between December 16 and December 23, 2016.
Libya’s Crude Oil Production Could Impact Crude Oil Prices
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.
Libya’s Crude Oil Production Reached a 3-Year High
Libya’s National Oil Corporation reported that the country’s crude oil production rose by 300,000 bpd between September 2016 and January 2017.
US Gasoline Demand Might Support Crude Oil Bears
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.
Short Interest in SLB, HAL, WFT, and NOV after 2Q17
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.
What’s Nabors Industries’ Short Interest as of June 19?
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.
Will US Crude Oil Futures Surpass their 200-Day Moving Average?
Let’s track some important events for oil and gas traders from August 14 to 18, 2017.
Why Did US Distillate Inventories Fall Again?
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.
Why US Crude Oil Production Is Bearish for Oil Prices
US crude oil production hit 9.6 MMbpd (million barrels per day) in June 2015, the highest level ever.
Energy Calendar for Oil and Gas Traders: May 1–5
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.
Will Russia’s Oil Production Fall in the Coming Months?
Russia’s Energy Ministry reported that its oil production fell in the first half of April 2017 due to major producers’ production cut deal.
Why Investors Are Tracking US Gasoline Demand
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.
Weatherford International Issues Stocks Again
On November 16, Weatherford International (WFT), an oilfield equipment and services company, disclosed that it issued 84.5 million ordinary stocks.
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.
Analyzing Schlumberger’s Growth Drivers in 1Q17
Schlumberger’s (SLB) Drilling segment witnessed the highest revenue fall of 20% in 1Q17—compared to 1Q16. Its Production segment fell ~8%.
Are Crude Oil Traders the Bullish Catalyst for the Global Oil Market?
Bullish crude oil prices benefit upstream companies like Matador Resources (MTDR), SM Energy (SM), Warren Resources (WRES), and Bonanza Creek Energy (BCEI).
Energy Calendar for Oil and Gas Traders This Week
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.
Libya’s Crude Oil Production Hit a 3-Year High
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.
What’s the Short Interest in Large OFS Companies on July 6?
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.
What Could Drive Schlumberger’s Performance in 1Q17 and Beyond?
Schlumberger’s (SLB) Drilling segment witnessed the highest revenue fall of 32% in 4Q16 compared to 3Q16.
Libya, Iran, and Nigeria Could Impact Crude Oil Prices 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 […]
Schlumberger’s Earnings Drivers in 2Q17
Schlumberger’s revenues from North America staged a noteworthy recovery, rising 27% from 2Q16 to 2Q17.
Why US Crude Oil Output Hit a High from January 2016
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.
US Gasoline Demand: Bullish or Bearish for Oil Prices?
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.
US Crude Oil Inventories: Lower than the Market’s Expectation
The EIA reported that US crude oil inventories fell by 6.4 MMbbls (million barrels) to 509.9 MMbbls on May 19–26, 2017.
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.
How US Distillate Inventories Affect Diesel and Oil Prices
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.
What Were Schlumberger’s Drivers in 2Q17?
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.
Will the EIA’s Crude Oil Inventories Support Crude Oil Bulls?
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.
Could US Crude Oil Production Push Production Cut Deal Past 2017?
The EIA reported that monthly US crude oil production rose 196,000 bpd to 9.0 MMbpd in February 2017.
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.
EIA Raises Estimates for US Crude Oil Production in 2018
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.
Will the EIA’s Crude Oil Inventories Follow the API’s Data?
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.
OPEC Members’ Crude Oil Production in September 2016
The EIA estimates that OPEC’s crude oil production will rise to 32.4 MMbpd in 2016 and 33 MMbpd in 2017.
Russia Could Leave OPEC’s Production Cut Deal
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.
Cushing Crude Oil Inventories: Bullish or Bearish for Oil Prices?
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.
US Distillate Inventories Fell for the Tenth Straight Week
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.
US Gasoline Demand: Key Crude Oil Driver 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.
What Bullish Catalysts Are Driving Crude Oil Prices this Week?
Crude oil price catalysts Let’s take a look at some key bullish drivers for crude oil prices. Bullish drivers for crude oil prices US crude oil production fell by 15,000 bpd (barrels per day) to 8.95 MMbpd (million barrels per day) for the week ending April 22 from the previous week. This is the lowest level […]
Analyzing Weatherford International’s 2Q17 Performance
In 1H17, Weatherford’s revenues fell 8%—compared to 1H16. It managed to lower its net losses significantly during this period.
Why Oil Rigs Could Overshadow Natural Gas’s Gains
On March 31, 2017, the natural gas (BOIL) (GASX) (FCG) (GASL) rig count was 160, a rise of five rigs over the previous week.
Energy Calendar: Analyzing Key Oil and Gas Drivers
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.
OECD’s Oil Inventories Reached an All-Time High
OECD’s oil inventories are at the highest level ever. Record oil inventories are bearish for crude oil (PXI) (ERX) (DIG) (USL) (IXC) prices.
How Oil Rigs Could Make Natural Gas Traders Bearish
On April 7, 2017, the natural gas (BOIL) (GASX) (FCG) (GASL) rig count was 165, a rise of five rigs over the previous week.
Monthly US Crude Oil Production Hit May 2016 High
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.
Analyzing the Factors Affecting Schlumberger’s Revenue
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.
US Crude Oil Inventory, Canadian Wildfires Affected Crude Prices
The larger-than-expected rise in US crude oil inventories limited the upside for US crude oil prices despite supply disruptions in Canada.
Is Natural Gas Impacting XOP?
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%.
US Distillate Inventories Fell for the Third Straight Week
The EIA reported that US distillate inventories fell by 1.9 MMbbls (million barrels) to 146.8 MMbbls on May 5–12, 2017.
OPEC’s Monthly Oil Market Report Is Negative for Oil Prices
OPEC released its Monthly Oil Market Report on October 12. It reported that OPEC’s crude oil production rose by 220,000 bpd to 33.39 MMbpd in September.
Gasoline Inventories Could Fall from All-Time High Levels
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.
Will Weatherford International’s Cost Structure Improve?
Geography-wise, revenues from Weatherford International’s (WFT) North America region fell the most, by 50% from 2Q15 to 2Q16.
Natural Gas: Why Is It Ignoring Bullish Inventories?
In the last five trading sessions, natural gas futures have fallen by 9.8%. They closed at ~$2.56 per MMBtu on August 10—down ~2.1% compared to the previous session.
Why Are Traders Tracking Gasoline Demand?
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.
Hedge Funds Are Turning Bearish on US Crude Oil
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.
Will the API’s Crude Oil Inventories Pressure Crude Oil Prices?
A market survey estimates that US crude oil inventories would have risen by 2.9 MMbbls (million barrels) on September 8–15, 2017.
Will Major Oil Producers Extend the Output Cut Deal past March?
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.
Why US Crude Oil Inventories Rose Again
On September 13, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report.
Hurricanes Could Impact Global and US Crude Oil Demand
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 Rise for a Third Week
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 […]
How Hurricane Harvey May Impact US Crude Oil Production
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 […]
Will US Crude Oil Futures Rise above Key Moving Averages?
Let’s track some important events for oil and gas traders between August 28 and September 1, 2017.
Will the US Crude Oil Rig Count Support Crude Oil Futures?
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.
US Crude Oil Inventories: Biggest Draw since September 2016
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.
Will US Crude Oil and Gasoline Inventories Support Oil Prices?
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.
Analyzing US Crude Oil and Gasoline Inventories
The API estimates that US gasoline inventories rose by 1.5 MMbbls (million barrels) on July 28–August 4, 2017.
Analyzing Schlumberger’s Growth Drivers in 2Q17
Schlumberger’s (SLB) Production segment witnessed the highest revenue growth (17.6% rise) in 2Q17 over 2Q16.
What Are Weatherford International’s Growth Drivers in 1Q17?
In 1Q17, Weatherford International’s net loss was $443 million.
What Drove Schlumberger in 1Q17
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 […]
Can the Natural Gas Inventories Spread Rescue Natural Gas Bulls?
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.
Why the Natural Gas Inventory Spread Supports Its Recent Recovery
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.
Will US Crude Oil Hit $40 Next Week?
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.
Natural Gas Inventories Spread: Savior for Natural Gas Bulls?
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.
Where Will US Crude Prices Settle?
On June 15, 2017, US crude oil active futures’ implied volatility was 27.9%.
What’s in the Natural Gas Inventory Spread—Bears?
In the week ended June 2, 2017, natural gas inventories rose by 106 Bcf.
Chart in Focus: The Natural Gas Inventory Spread
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.
What Were Schlumberger’s Drivers in 1Q17?
Schlumberger’s (SLB) Latin America region witnessed the highest revenue decline (30% fall) in 1Q17—compared to 1Q16.
Why the Inventory Spread Could Make Natural Gas Bulls Happy
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.
Global Crude Oil Supply Outages Could Help Crude Oil Bulls
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.
Natural Gas Inventory Spread Is Falling: Will Gas Prices Soar?
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.
Is the Natural Gas Inventory Spread Optimistic?
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.
Is US Gasoline Demand Turning Bearish?
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.
Cushing Crude Oil Inventories Fell for 3rd Consecutive Week
Market surveys estimate that Cushing crude oil inventories rose between April 28 and May 5, 2017.
The Natural Gas Inventory Spread: Another Bearish Indicator?
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.
What Impacted Weatherford’s 1Q17 Performance?
Weatherford’s North America region’s 1Q17 operating loss improved to $18 million—compared its operating loss of $128 million last year.
US Crude Oil Rig Count Hit a 2-Year High
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.
Natural Gas Inventories Spread: What Investors Should Know
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.
OECD’s Crude Oil Inventories Impact Crude Oil Futures
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.
