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Crude Oil Inventories Rose despite Oil Demand from US Refineries
The rise in US crude oil production would have contributed to the rise in US crude oil inventories between October 28 and November 4, 2016.
Investors Should Look at Rigs before Placing Bets on Oil
The US crude oil rig count was 525 in the week ending December 30—a rise of two rigs compared to the previous week, according to data released by BHI.
Analyzing Crude Oil Rigs, Production, and Prices
The US crude oil rig count was 341 for the week ending July 1, 2016. That was 11 more than the previous week, according to data released by Baker Hughes.
Crude Oil Is Firming: Are Traders Looking for a Breakout?
US crude oil April futures rose 0.4% in the week ending on February 24, 2017. WTI crude oil April futures closed at $53.99 per barrel on February 24.
WTI Crude Oil: Where It Could Settle This Week
Crude oil’s (USO) (DBO) (USL) (OIIL) implied volatility was 26.6% on April 28, 2017, which was 4.6% above its 15-day average.
How US Crude Oil Imports and Refinery Demand Affect Inventories
The EIA (U.S. Energy Information Administration) reported that US refinery crude oil demand fell 182,000 bpd (barrels per day) to 15,370,000 bpd between October 7 and October 14.
Rigs and Production: How Do They Impact Crude Oil Prices?
The US crude oil rig count was 357 for the week ending July 15, 2016—six more than in the previous week, according to data released by Baker Hughes (BHI).
Natural Gas Prices Could Fall below $3 Next Week
On June 8, 2017, US natural gas (GASL) (GASX) (FCG) active futures had an implied volatility of 36%—up 3.8% compared to the 15-day average.
Cushing Crude Oil Inventories Could Support Crude Oil Prices
A decrease in crude oil inventories at Cushing supports crude oil prices. High crude oil prices positively impact crude oil and gas producers’ earnings.
Why Did Crude Oil and US Diesel Futures Diverge?
The EIA reported that US on-highway diesel fuel prices rose 0.8% to $2.54 per gallon for the week ending December 26, 2016—compared to the previous week.
Cushing Crude Inventories Could Boost Crude Oil Prices
Cushing crude oil inventories fell by 276,000 barrels from September 16–23, 2016. A decrease in crude oil inventories at Cushing will support crude oil prices.
EIA and API Crude Oil Inventories Will Benefit Crude Oil Prices
The API released its weekly crude oil inventories report on July 6. US crude oil inventories fell by 6.7 MMbbls for the week ending July 1, 2016.
Why Are Oil Shorts Counting on Oil Rigs?
The US crude oil rig count was at 452 in the week ending November 11—a rise of two rigs compared to the previous week’s count, according to Baker Hughes.
US Crude Oil’s Price: Could Reach $60 Next Week
Based on the implied volatility of 24.4% and a standard deviation of one, US crude oil active futures could settle between $55.24 and $59.10 per barrel.
US Crude Oil Rig Count: Will Oil’s Gains Accelerate?
On a week-over-week basis, the oil rig count fell by one to 764 for the week ending July 21, 2017. The oil rig count has more than doubled on a YoY basis.
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.
Global Crude Oil Supply Outages Are near a 6-Year Low
Global crude oil supply outages are near the six-year low. Any fall in the crude oil supply outage could increase the supplies and pressure oil prices.
US Crude Oil Price Forecast for the Rest of 2016 and Beyond
The EIA estimates that US WTI (West Texas Intermediate) crude oil prices will average $47 per barrel in November 2016 and December 2016.
Why the Equity Market Could Be Dragging Oil Prices Down
On March 19, US crude oil May futures fell 0.4% and settled at $62.13 per barrel. US crude oil May futures made a high of $62.44 per barrel.
US Distillate Inventories Fell for the Ninth Time in 10 Weeks
June diesel futures contracts rose 0.7% to $1.47 per gallon on May 3, 2017. Prices rose due to the fall in distillate inventories.
Is Falling US Crude Oil Production Bullish or Bearish for Prices?
The EIA reported that monthly US crude oil production fell by 91,000 bpd to 8.8 MMbpd in December 2016—compared to the previous month.
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.
Will Crude Oil Prices Breach $60 per Barrel in 1H17?
Goldman Sachs expects Brent crude oil to average $58 per barrel in 2H17. Likewise, it expects WTI crude oil prices to average $57.50 per barrel.
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.
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 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.
Higher Inventories Might Support Natural Gas Prices
In the week ending April 20, natural gas inventories declined by 18 Bcf (billion cubic feet) to 1,281 Bcf—based on the EIA’s data announced on April 26.
US Dollar Index Fell: How Will It Impact Crude Oil Prices?
The US Dollar Index fell 0.5% to 98.3 on October 28, 2016. It fell due to political uncertainty in the US. It had risen earlier in the morning on October 28.
Crude Oil Prices Fall: Strong Dollar and Oversupply to Blame
June WTI crude oil futures contracts trading on NYMEX fell 0.85% and closed at $47.75 per barrel on Friday, May 20. Crude oil prices fell due to profit-booking and a strong dollar.
Are Crude Oil Prices on the Verge of Collapsing?
Crude oil prices fell due to the API’s bearish crude oil inventory report. Prices have been trading between $50 per barrel and $54 per barrel since January.
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.
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.
Reality Check: Major Oil Producers’ Output Cut Plans
Crude oil prices have risen ~15% since November 2016 due to the expectation that major oil producers’ production cuts would curb oversupply in the market.
Can OPEC and Russia Rescue the Oil Market?
The EIA estimates that OPEC’s crude oil production rose by 90,000 bpd to 31.71 MMbpd (million barrels per day) in April 2017—compared to March 2017.
Why Oil Rigs Could Stymie Oil’s Gains
For the week ended December 29, 2017, the US oil rig count was unchanged at 747, but it has risen 42.3% from last year.
Will Oil Rigs Undo the Gains in Natural Gas?
On March 24, the natural gas rig count was 155—a fall of two rigs over the previous week. Active natural gas rigs have risen by 63 in the past year.
Can Chevron Stand up to Exxon Mobil?
But XOM managed to generate positive segment revenue and earnings in 2016, which places XOM in a better position than CVX for dividend chasers.
What Investors Can Expect from Crude Oil Prices
April WTI crude oil prices are at a three-month low as of March 13. So far, crude oil prices and broader markets such as the S&P 500 are diverging in 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.
Mild Weather Drags Natural Gas Prices Lower
Natural gas futures contracts for November delivery fell for the second day. Prices fell by 0.94% and settled at $2.43 per MMBtu on October 16, 2015.
US Crude Oil Production: Will It Cap Oil Prices in 2018?
US crude oil production rose by 1,101,000 bpd (barrels per day) to 9,507,000 bpd on October 13–20, 2017. Production has risen by 1,003,000 bpd or 11.8% YoY.
OPEC Is Scaring Oil Investors—Again
US crude oil November futures rose 2% in the week ending September 23. WTI crude closed at $44.48 per barrel that day—a ~4% fall from the previous day.
OPEC Upgrades Non-OPEC and US Crude Oil Production
US crude oil production increased by 332,000 bpd (barrels per day) to a record high of 10,251,000 bpd on January 26–February 2, 2018.
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.
Natural Gas Market: A Tight Supply Situation?
On February 27, 2018, natural gas futures contracts’ closing prices until August 2018 settled at progressively higher prices.
Why US Crude Oil Production Could Hit a Record High in 2018
US crude oil production According to the EIA (U.S. Energy Information Administration), US crude oil production rose 13,000 bpd (barrels per day) to 9,658,000 bpd between November 10 and 17, 2017. Production, which rose for the fifth straight week, has been pressuring oil (SCO) prices in the last few weeks. Production has risen 977,000 bpd (11.3%) year-over-year. Any […]
How Asia’s Crude Oil Demand Could Support Crude Oil Prices
High demand from China, India, and South Korea will have a positive impact on crude oil prices.
Crude Oil Prices Skyrocket before OPEC’s Meeting
Crude oil prices rose on November 15, 2016. However, expectations of a bearish crude oil inventory report could pressure crude oil prices.
Crude Oil Prices Fell Again! Renewed Concerns of Rising Supplies
June WTI (West Texas Intermediate) crude oil futures contracts fell 2.5% and closed at $43.65 per barrel yesterday.
Oil Rig Count Could Threaten Your Energy Portfolio
In the week ending December 1, 2017, the oil rig count rose by two to 749. In the last four weeks, there hasn’t been a decline in the oil rig count.
US Crude Oil Prices Might Test a New High
US WTI (West Texas Intermediate) crude oil (FXN) (ERY) (RYE) (FENY) prices are near a 19-month high as of February 28, 2017.
Hedge Funds’ Net Long Positions in US Crude Oil Rose Again
Hedge funds increased their net bullish positions in US crude oil futures and options rose by 36,834 contracts to 215,488 contracts on July 11–18, 2017.
Cushing Inventories Are Near 13-Week Low: Good News for Oil Bulls
Wall Street analysts anticipate that crude oil inventories at Cushing would fall between November 24, 2017, and December 1, 2017.
How OPEC and Non-OPEC Producers Affect Crude Oil Prices
Crude oil (BNO) (PXI) (USL) (USO) (UCO) prices were up ~4% between December 7, 2016, and December 19, 2016.
OPEC’s Crude Oil Production Hit a Record
OPEC’s crude oil production rose by 236,700 bpd (barrels per day) to 33,643,000 bpd in October 2016—compared to the previous month.
Are Concerns about Natural Gas Oversupply Back?
On February 6, 2018, natural gas March 2018 futures settled $0.2 below March 2019 futures.
Natural Gas Inventory: Analyzing the Expectations
In the week ending April 13, natural gas inventories declined by 36 Bcf to 1,299 Bcf—based on the EIA’s data announced on April 19.
Key Dates for the Energy Sector, July 10–14, 2017
There are several important events this week that could affect crude oil (USO) and natural gas (UNG) prices.
Crude Oil Prices Hit 16-Month High: What’s Next?
WTI crude oil futures contracts for January delivery rose 1.0% and were trading at $52.20 per barrel in electronic trade at 4:50 AM EST on December 5, 2016.
Brent and WTI Crude Oil Prices Diverge
December WTI crude oil futures contracts fell marginally by 0.52% and closed at $40.54 per barrel on Thursday, November 19, 2015.
Will US Crude Oil Production and Exports Pressure Oil Prices?
The EIA estimates that US crude oil production averaged 9.3 MMbpd in October 2017—down by 90,000 bpd (barrels per day) from the level in September.
What We Could Expect for Oil Prices
Oil rig data The US oil rig count rose by two to 766 in the week ended July 28, 2017. Year-over-year, the oil rig count has surged by more than twofold, with US crude oil active futures gaining 22.7%. Since the high of 9.6 million barrels per day in the week ended June 5, 2015, […]
Will Saudi Arabia’s Crude Oil Production and Exports Hit a New Low?
Saudi Arabia’s crude oil production is expected to fall to 9.77 MMbpd (million barrels per day) in November 2017, according to Saudi Aramco.
What Caused Crude Oil to Outperform the Commodity Complex?
US September crude oil futures rose 6.4% in the week ending August 12, 2016, on a closing price basis. Crude oil closed at $44.49 per barrel that day.
Decoding the Major Oil Producers’ Meeting in Algeria
OPEC producers’ meeting was held from September 26–28, 2016. Crude oil prices rose 12% in August 2016 due to speculation about the meeting’s outcome.
Will EIA Data Follow API’s Crude Oil Inventory Data?
November WTI (West Texas Intermediate) crude oil futures contracts were up 2.1% to $45 per barrel in electronic trade at 6:42 AM EST on September 21, 2016.
What to Expect from Crude Oil in 2017
WTI (West Texas Intermediate) crude oil (RYE) (IXC) (IEZ) futures for May delivery are near a four-month low as of March 27, 2017.
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.
US Crude Oil: Why $45 Might Be Inevitable
US crude oil April futures fell 9.1% in the week ending March 10, 2017. WTI crude oil April futures closed at $48.49 per barrel on March 10.
Natural Gas Prices Hit 3-Year Low on Weak Demand Cues
November natural gas futures plunged by 4.18% and settled at $2.286 per MMBtu (British thermal units in millions) on October 23, 2015.
Why Oil Rig Count Could Be Bad News for Natural Gas Bulls
The natural gas rig count for the week ending April 14, 2017, was 89.9% lower than its peak in 2008.
Analyzing the Key Fundamental Drivers behind Crude Oil’s Downturn
US October WTI crude oil futures fell 3% in the week ended August 26, 2016, on a closing price basis. WTI crude oil closed at $47.64 per barrel that day, a rise of 0.7%.
US Crude Oil Production Hit a 10-Month High: What’s Next?
The EIA (U.S. Energy Information Administration) reported that US crude oil production rose by 24,000 bpd (barrels per day) to 9,001,000 bpd between February 10 and February 17, 2017.
Crude Oil Prices in 2016: Crucial Support and Resistance Levels
Crude oil has rallied by almost 40% in the past two months. But prices have fallen by 65% since June 2014. Oil prices have breached key moving averages.
Bullish Oil Traders Must Count the Oil Rigs
On November 24, 2017, US crude oil settled at the highest closing price in 2017. The oil rig count could be at a three-year high by May 2018.
Goldman Sachs: OPEC and Russia Could Pressure Oil Prices
Goldman Sachs (GS) thinks that a rise in production from OPEC, Russia, and the US in 2H18 could lead to renewed oversupply by the end of 2018.
EIA and IEA Expect US Crude Oil Production to Rise in 2017
The EIA estimates that US crude oil production will rise by 110,000 bpd to 9,000,000 bpd in 2017—compared to 2016.
Hedge Funds’ Net Bullish Positions on US Crude Oil
Hedge funds reduced their net bullish positions in US crude oil futures and options by 1,136 contracts to 133,606 contracts on June 20–27, 2017.
OPEC’s Spare Production Capacity Fell: Will It Impact Oil Prices?
The EIA estimated that OPEC’s spare crude oil production capacity fell by 36,277 bpd to 2.32 MMbpd in April 2017—compared to March 2017.
Analyzing Crude Oil’s Performance in the Commodity Sphere
US crude oil (USO) (OIIL) prices fell by 5.3% in the week ending July 22, 2016. On a closing price basis, crude oil closed at $44.19 per barrel on July 22.
US Refinery Demand Is near Record Levels
US refinery crude oil demand rose by 241,000 bpd to 16,938,000 bpd on April 7–14, 2017. US refinery crude oil demand rose 1.4% week-over-week.
Record US Crude Oil Inventories: Will the Blood Bath Continue?
A Bloomberg survey estimates that US crude oil inventories could have risen by 3 MMbbls from March 3–10. US crude oil inventories are at an all-time high.
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.
Why Is Crude Oil Falling Sharply?
US crude oil (UWTI) (USO) (OIIL) (USL) (SCO) (DWTI) December futures fell 9.5% in the week ending November 4, 2016, on a closing price basis.
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.
What to Expect from the Oil Producer Meeting in Doha
Qatar has invited all the OPEC members and other major producers to a meeting on April 17, 2016.
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.
How the Major Oil Producer Output Cut Plan Could Fail
Crude oil prices have risen ~20% since November 2016 due to the expectation that the major oil producers’ production cuts would curb oversupply in the market.
Higher Inventories Might Support Natural Gas’s Rise
In the week ending May 11, natural gas inventories rose by 106 Bcf (billion cubic feet) to 1,538 Bcf—based on the EIA’s data announced on May 17.
The Oil Rig Effect on Natural Gas Prices
Last week (ended October 20, 2017), the natural gas rig count fell by eight to 177.
Will Saudi Arabia’s Production and Exports Support Crude Oil Futures?
The EIA (U.S. Energy Information Administration) estimates that Saudi Arabia’s crude oil production rose by 50,000 bpd (barrels per day) to 10.20 MMbpd (million barrels per day) in July 2017 compared to the previous month.
Weekly US Crude Oil Production: Bullish or Bearish?
The EIA (U.S. Energy Information Administration) reported that US crude oil production fell by 10,000 bpd to 8,786,000 bpd from December 9–16, 2016.
Will Oil Rigs Accelerate Natural Gas’s Fall?
In the week ended June 30, 2017, the natural gas rig count rose by just one to 184. However, on a year-over-year (or YoY) basis, the natural gas rig count has more than doubled.
Change in Inventory Levels Might Support Natural Gas Prices
In the week ending April 27, natural gas inventories rose by 62 Bcf to 1,343 Bcf—based on the EIA’s data announced on May 3.
US Diesel Futures Follow Crude Oil Prices
February 2017 NY Harbor ULSD futures fell and settled at $1.66 per gallon on December 21. Diesel futures fell despite the fall in distillate inventories.
Analyzing Saudi Arabia’s Crude Oil Export Strategy
On July 24, 2017, Saudi Arabia’s energy minister stated that the country would cut crude oil exports to 6.6 MMbpd in August 2017.
Why Major Banks Upgraded Crude Oil Price Forecasts
The rise in crude oil production from Libya and Iran in 2017 could pressure crude oil (PXI) (USL) (USO) (UCO) prices.
Rising Rigs: The Natural Gas Bear’s Best Friend
In the week ended July 7, 2017, the natural gas rig count gained five and went to 189. Compared to the same period in 2016, it has more than doubled.
OPEC Spare Production Capacity Hit 2017 Low
The US Energy Information Administration estimated that OPEC’s spare crude oil production capacity fell by 170,000 bpd (barrels per day) to 2.01 MMbpd (million barrels per day) in June 2017.
