Goodrich Petroleum Corp
Cushing Crude Oil Inventories: What Does the Future Hold?
Bloomberg surveys projected that Cushing crude oil inventories fell by 0.7 MMbbls (million barrels) for the week ending June 3—compared to the previous week.
Will OPEC Successfully Implement Its Production Cap Plans?
An OPEC meeting is scheduled for November 30, 2016, in Vienna. The meeting could provide details about the quota system for OPEC members.
Market Moves Focus to OPEC Meeting in November
Crude oil prices rose 12% in August 2016, partially due to speculation around OPEC’s attempts to cap output.
Will “Abenomics” bring real growth to Japan’s economy?
Japan’s economy versus the U.S. economy The below graph reflects trends in Japan’s gross domestic product (GDP) measured in U.S. dollars as of 2005 and 2013. Japan’s Gross Domestic Product (GDP) in 2012 was approximately $6 trillion USD, versus the U.S. GDP of approximately $16 trillion USD (so Japan’s economy is approximately 38% the size […]
US Distillate Inventories Rose for the Sixth Time in 7 Weeks
US distillate inventories increased for the sixth time in the last seven weeks. The inventories rose ~11% in the last seven weeks.
Hedge Funds Change Net Long Positions in WTI Crude Oil
The CFTC released its weekly Commitments of Traders report on March 3. Hedge funds’ net long positions hit 413,637 contracts in the week ending February 21.
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.
Will US Crude Oil Futures Be Range Bound This Week?
WTI crude oil (USO) futures hit $58.95 per barrel on November 24, 2017—the highest level in nearly three years.
Analyzing the US, Canada, and Brazil’s Crude Oil Production
The US is the world’s third-largest crude oil producer. US crude oil production rose by 15,000 bpd to 9,320,000 bpd on May 12–19, 2017.
Cushing Crude Oil Inventories: Biggest Weekly Fall since January
Cushing crude oil inventories have fallen for the ninth time in ten consecutive weeks. Any fall in Cushing inventories is bullish for crude oil prices.
US Dollar and Oversupply Concerns Impact Crude Oil Prices
The US Dollar Index fell 0.3% to 101.9 on January 9, 2017. However, it hit a high of 103.8 on January 3—the highest level in 14 years.
Crude Oil Prices Have Fallen 11% since October 9
December WTI crude oil futures contracts trading in NYMEX fell by 1.4% on Monday, October 26, 2015. Crude oil prices fell for the second day.
Traders Skeptical about Major Oil Producers’ Meeting
OPEC (Organization of the Petroleum Exporting Counties) producers will be meeting at an energy forum in Algeria from September 26–28, 2016.
China’s Crude Oil Imports Hit a New Record
China’s General Administration of Customs reported that China’s crude oil imports rose to 9.21 MMbpd (million barrels per day) in March 2017.
Will Brent and US Crude Oil Prices Rise in 2018?
November US crude oil (DWT)(UWT)(USO) futures are above their 20-day, 50-day, and 100-day moving averages at $49.25, $48.77, and $48.11 per barrel as of September 25.
Will US Crude Oil Inventories Fall for the Ninth Week?
The API estimated that US crude oil inventories fell by 4.6 MMbbls (million barrels) between May 26, 2017, and June 2, 2017.
North American Oil and Gas Producers’ Debt Rose in 2015
AlixPartners surveyed 134 public companies in the US and Canada. The surveys showed that they had a cumulative long-term debt of more than $353 billion in 2015.
US Distillate Inventories Fell for the Fourth Consecutive Week
The EIA reported that US distillate inventories fell by 2.7 MMbbls (million barrels) to 161.5 MMbbls between February 24, 2017, and March 3, 2017.
Hedge Funds’ Net Long Positions in WTI Reached a New High
Hedge funds’ net long positions rose by 23,299 contracts to 413,637 contracts in the week ending on February 21, 2017—compared to the previous week.
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.
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.
Gasoline Futures Fell from 20-Month Highs
Gasoline futures contracts for May delivery fell 3% to $1.65 per gallon on April 19, 2017. Prices fell due to the surprise build in US gasoline inventories.
Why Japanese ETFs outperform Chinese and Korean ETFs on “Abenomics”
Thanks to “Abenomics” and a weaker yen, Japanese equities have risen and have also outperformed both U.S. and E.U. equities and avoided the fate of Chinese, Korean, and emerging market shares.
US Distillate Inventories Fall from a 6-Year Seasonal High
The EIA (U.S. Energy Information Administration) reported that US distillate inventories fell by 3.7 MMbbls (million barrels) to 157 MMbbls between September 30 and October 7.
Saudi Arabia’s Real Crude Oil Production and Export Plans
The EIA estimates that Saudi Arabia’s crude oil production rose by 50,000 bpd to 10.03 MMbpd in May 2017—the highest level in the last five months.
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.
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.
US Crude Oil Inventories Fell below the 5-Year Average
The EIA reported that US crude oil inventories fell by 7.2 MMbbls to 483.4 MMbbls on July 14–21, 2017. Inventories fell below the five-year range.
Crude Oil Prices Fell before OPEC’s Meeting
Traders’ uncertainty about whether OPEC would cap or reduce production at the meeting on November 30 pressured crude oil prices on November 23, 2016.
First quarter GDP revised downward to +2.4%
Increases in Gross Domestic Product (GDP) is a measure of economic growth Gross domestic product is what is referred to generally as “the economy.” It is the sum of consumption, investment, and government spending. Another way to think of GDP is the output of goods and services produced by labor and property in the U.S. […]
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.
OPEC-Russia Meeting: Will It Stabilize the Crude Oil Market?
On March 14, OPEC’s delegates reported that Russia, Saudi Arabia, Venezuela, and Qatar will meet in Doha in April. The meeting will renew talks to stabilize the oil market.
Will slowing foreign investment cool consumption in China?
China’s waning foreign investment The below graph reflects an ongoing decline in the percentage of foreign direct investment (FDI) in China as a percent of China’s gross domestic product (GDP). You can see the dramatic increase in FDI that occurred in China in 1992, when China began to create its “special economic zones,” which served […]
Will Crude Oil Futures Rise or Fall This Week?
WTI crude oil (SCO) futures settled at $64.30 per barrel on January 12, 2018—the highest level since December 2014.
US Distillate Inventories Fell for the Third Time in 10 Weeks
US distillate inventories fell by 3.8 MMbbls or 2.7% to 139.2 MMbbls on January 5–12, 2018. The inventories fell by 29.9 MMbbls or 18% from a year ago.
US Crude Oil Production: Highest Level since March 2016
The EIA estimates that US crude oil production will average 8,980,000 bpd and 9,530,000 bpd in 2017 and 2018, respectively.
Gasoline Inventories Could Push Crude Oil Prices to a New Low
The API released its weekly inventory report on May 2, 2017. It estimated that US gasoline inventories fell by 1.9 MMbbls (million barrels) on April 21–28.
India’s Crude Oil Imports and Demand Impact Crude Oil Prices
India’s Petroleum Planning and Analysis Cell estimated that India’s crude oil imports rose 3.3% to 4.58 MMbpd in November 2016.
EIA Downgraded Crude Oil Price Forecasts for 2017 and 2018
The EIA estimates that US WTI and Brent crude oil prices will average $55.1 per barrel and $57.1 per barrel, respectively, in 2018.
Slow growth in United States and European Union cool China export
GDP in the United States and European Union The below graph reflects ongoing trends in the gross domestic product (GDP) growth rates in the United States and European Union, major destinations of Chinese exports. With slow economic growth in the United States, and the EU gross domestic product finally hitting positive territory (+ 0.3%) after […]
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.
US Crude Oil Inventories Hit a New Record
The EIA (U.S. Energy Information Administration) reported that US crude oil inventories rose by 1.6 MMbbls to 535.5 MMbbls from March 24–31, 2017.
Why Did Crude Oil Prices Rise 37% since the Lows in February?
Supply stripping demand caused crude oil prices to fall by almost 66% since June 2014. However, oil prices rose almost 37% from the lows in February 2016.
Is It Time for OPEC to Rebalance the Crude Oil Market?
June WTI (West Texas Intermediate) crude oil (XLE) (USO) (XOP) futures contracts rose 0.7% and closed at $49.33 per barrel on April 28, 2017.
India’s Crude Oil Imports Hit a Record in 2017
India is the world’s third-largest crude oil consumer. Its oil imports hit a record in 2017. India’s crude oil imports rose 1.8% to 4.3 MMbpd in 2017.
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.
Will the US Dollar Help Crude Oil Bulls or Bears in 2018?
The US Dollar Index fell 0.5% to 92.12 on December 29, 2017—the fourth consecutive day of losses. It’s near a three-month low.
Why Oil Traders Are Tracking US Gasoline Inventories
US gasoline inventories rose by 0.5 MMbbls (million barrels) or 0.3% to 228.3 MMbbls from December 15 to 22, 2017, per the EIA.
How Long Will Libya’s Crude Oil Supply Outage Affect Oil Futures?
On Tuesday, December 26, 2017, militants blew up the oil pipeline that transports crude oil to the port of Es Sider in Libya.
Crude Oil Prices: Which Factor Could Change the Trend?
The EIA estimated that US crude oil production rose by 9,000 bpd (barrels per day) to 9,789,000 bpd on December 8–15, 2017.
Libya’s Crude Oil Production Is near a 4-Year High
The EIA estimates that Libya’s crude oil production rose by 20,000 bpd (barrels per day) or 2.1% to 980,000 bpd in November 2017.
How Long Can OPEC Extend the Production Cuts?
OPEC’s meeting will be held in Vienna on November 30, 2017. Crude oil (BNO) (DBO) (SCO) prices have risen 23% since September 2017.
US Crude Oil Production: Bearish Driver for Oil Prices
The EIA estimates that US crude oil production rose by 25,000 bpd (barrels per day) or 0.3% to 9,645,000 bpd on November 3–10, 2017.
Cushing Inventories: Analyzing Crude Oil Futures’ Rally
The EIA estimates that Cushing’s crude oil inventories rose by ~720,000 barrels to 64.5 MMbbls (million barrels) on October 27–November 3, 2017.
Cushing Inventories: Bears Could Outcast the Bulls
The EIA reported that Cushing’s crude oil inventories rose by ~100,000 barrels to 63.8 MMbbls (million barrels) on October 20–October 27, 2017.
Cushing Inventories Rose for the Ninth Time in 10 Weeks
The market anticipates that crude oil inventories at Cushing rose from October 6 to 13. Cushing inventories rose for the ninth time in the last ten weeks.
Will Crude Oil Prices Outperform in 4Q17?
US crude oil prices are near a one-month low. Expectations of a rise in Cushing crude oil inventories and US crude oil production could pressure the prices.
Cushing Inventories Rose for the Fifth Straight Week
The market expects that Cushing crude oil inventories rose on September 22–29, 2017. Cushing inventories rose for the fifth straight week.
How Record US Crude Oil Exports Are Impacting Crude Oil Inventories and Prices
On September 27, the EIA released its weekly report, estimating that US crude oil inventories fell to 470.9 MMbbls from September 15–22, 2017.
Inventories Are 25% above 5-Year Average
The US Energy Information Administration (or EIA) released its weekly crude oil and gasoline inventory report on September 20, 2017.
Pre-Hurricane Harvey, US Crude Oil Demand Hit a Record High
US refinery crude oil demand The EIA (U.S. Energy Information Administration) estimates that US refinery crude oil demand rose by 264,000 bpd (barrels per day) to 17,725,000 bpd between August 18 and 25, 2017, reaching the highest level since 1982. Refinery demand rose 1.5% week-over-week and rose 1,110,000 bpd, or 6.6%, year-over-year. High refinery demand is […]
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.
How India’s Crude Oil Imports, Production, Demand Impact Prices
India’s Petroleum Planning and Analysis Cell estimated that the country’s crude oil imports rose 0.60% to 4.2 MMbpd in July 2017 from July 2016.
Will Global Oil Consumption Beat Production?
WTI (West Texas Intermediate) crude oil (PXI)(USL)(SCO) futures contracts for September delivery fell 0.1% and were trading at $48.78 per barrel in electronic trading at 2:00 AM EST on August 14, 2017.
OPEC’s Crude Oil Production Hit a 2017 High
OPEC’s production cut compliance was at 92% in June 2017. Lower compliance from OPEC members and Russia could pressure crude oil prices.
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.
WTI Crude Oil and Gasoline Futures Diverge
US gasoline futures contracts for June delivery fell 0.1% to $1.60 per gallon on May 17, 2017. Prices fell due to a lower fall in US gasoline inventories.
Cushing Crude Oil Inventories Fell from an All-Time High
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.
Cushing Crude Oil Inventories Hit a New Record
.For the week ending March 31, 2017, the EIA reported that Cushing crude oil inventories rose by 1.4 MMbbls (million barrels) to 69.1 MMbbls.
Distillate and Gasoline Inventories Could Help Oil Prices
The API released its weekly inventory report on March 14, 2017. It estimated that US gasoline inventories fell by 3.8 MMbbls from March 3–10, 2017.
Chesapeake Energy Announces Sale of Second Haynesville Package
Two weeks after announcing a $450-million Haynesville Shale asset divestiture, Chesapeake Energy announced a second Hayneville divestiture on December 20.
US Crude Oil Prices Pressure Gasoline Futures
January gasoline futures fell 1.3% to $1.53 per gallon on December 14, 2016. Prices fell due to the rise in US gasoline inventories.
Chesapeake Energy Announces Haynesville Asset Divestiture
Chesapeake Energy (CHK) announced on December 5 that it had agreed to sell 78,000 net acres in Louisiana’s Haynesville Shale for $450 million. The buyer is an undisclosed private player.
Crude Oil Prices and Oil Producers’ Meeting in Istanbul
Crude oil prices rose 12% in August 2016—partially due to speculation about the outcome of this meeting. US crude oil rose 10.5% in September 2016.
US On-Highway Diesel Fuel Prices Fell for the 6th Straight Week
The EIA estimates that on-highway diesel fuel prices will average $2.36 per gallon in 2016 and $2.71 per gallon in 2017.
US Monthly Crude Oil Production: Lowest since September 2014
The EIA reported that monthly US crude oil production fell by 222,000 barrels per day to 8.9 MMbpd in April 2016—compared to the previous month.
Why Did Crude Oil Prices Diverge before OPEC’s Meeting?
July WTI (West Texas Intermediate) crude oil futures contracts trading in NYMEX fell by 0.47% and settled at $49.1 per barrel on Tuesday, May 31, 2016.
Crude Oil Prices Rise on Expectations of a Fall in US Inventories
WTI and Brent crude oil prices have risen by more than 80% since their lows in February 2016, but they’ve still fallen by 55% compared to their 2014 highs.
Cushing Crude Oil Stocks Could Put Pressure on Crude Oil Prices
Data intelligence company Genscape stated that Cushing crude oil stocks rose by 1.5 MMbbls (million barrels) for the week ending April 22, 2016.
API Crude Oil Stocks Suggest Crude Oil Prices Could Feel the Heat
The API reported that US crude oil inventory fell by 1.1 MMbbls between April 15 and April 22. Cushing crude inventories rose 1.9 MMbbls in the same period.
Crude Oil Rose from Weak Dollar: Will It Hit a High in 2016?
In this series, we’ll focus on the bullish and bearish catalysts for crude oil prices. We’ll also look at what’s happening with US crude oil, gasoline, and distillate inventories.
Crude Prices Rose Due to Supply Outage in Kuwait: What’s Next?
May WTI crude oil futures contracts trading in NYMEX rose and settled at $41.1 per barrel on April 19. Oil prices rallied due to oil workers’ strike in Kuwait.
US Oil and Gas Companies’ Debt Exceeds $200 Billion
US oil and gas exploration and production companies are under severe pressure.
What Were OPEC Policies during Previous Crude Oil Crashes?
During the 1985-86 crude oil crash, OPEC (Organization of Petroleum Exporting Countries) decided to defend its market share by pumping more oil.
Commodity Meltdown: 19 Oil and Gas Companies in Bankruptcy
The net debt of US oil and gas exploration and production companies increased from $81 billion in 2010 to $169 billion by 1H15. The main reason is the catastrophic fall in crude oil prices.
Overview of KLX after spin-off from B/E Aerospace
KLX Aerospace Solutions Group accounted for 76% of LTM pro forma revenue, making it the world’s leading distributor of aerospace fasteners and consumables.