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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.
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.
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 Rose for the Seventh Time in 8 Weeks
US distillate inventories rose by 4.2 MMbbls (million barrels) to 143.1 MMbbls between December 29, 2017, and January 5, 2018.
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 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.
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.
Will Crude Oil Prices Hit a 3-Year High?
US crude oil (USL) futures tested $58.95 per barrel on November 24, 2017—the highest level since June 2015.
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.
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.
US Crude Oil Inventories Have Fallen 8.3% in 2017
US crude oil inventories fell by 5.1 MMbbls (million barrels) to 442.9 MMbbls on December 1–8, 2017, according to the EIA.
Hedge Funds Cut Their Net Long Positions before OPEC’s Meeting
Hedge funds cut their net bullish positions on US crude oil futures and options by 5,872 contracts or 1.7% to 343,840 contracts on November 14–24, 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.
US Gasoline Inventories Hit 3-Year Low
The EIA reported that gasoline inventories in the US fell by 3,312,000 barrels to 209.5 MMbbls (million barrels) between October 27, 2017, and 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.
Libya’s Crude Oil Production: Time to Sell Oil Futures?
Libya plans to pump 1.25 million barrels per day of crude oil by December 2017. An increase in Libya’s crude oil production could weigh on oil prices.
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.
US Gasoline Inventories Could Help Gasoline and Crude Oil Prices
The API (American Petroleum Institute) estimates that US gasoline inventories fell by 1.57 MMbbls (million barrels) on September 29–October 6, 2017.
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.
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.
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.
Global Crude Oil Supply Outages Have Risen
The EIA estimates that global crude oil supply outages rose by 209,000 bpd to 1.9 MMbpd in August 2017—compared to July 2017.
How OPEC and Saudi Arabia Drive Crude Oil Prices
October WTI (West Texas Intermediate) crude oil (RYE)(VDE)(XLE) futures contracts rose 0.84% and were trading at $47.8 per barrel in electronic trading at 2:15 AM EST today.
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 […]
Why Hedge Funds May Be Turning Bearish on US Crude
The US Commodity Futures Trading Commission reported on Friday, August 25, that hedge funds have cut back their bullish positions in US crude futures and options.
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.
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.
Will US Crude Oil Inventories Extend Oil’s Gains?
September WTI (West Texas Intermediate) crude oil (IEZ) (SCO) (BNO) futures contracts rose 1% to $48.34 per barrel in electronic trading at 2:10 AM EST on July 26, 2017.
US Distillate Inventories Support Diesel and Crude Oil Futures
US distillate inventories fell for the third time in the last five weeks. Inventories fell 1.4% for the week ending July 14, 2017.
China’s Refinery Demand Nears a Record: Are the Bulls in Control?
On July 17, 2017, China’s National Bureau of Statistics reported that China’s refinery demand had risen 230,000 bpd to 11.2 MMbpd in June 2017 compared to May 2017.
Libya and US Shale Oil Production Weigh on Crude Oil Futures
US crude oil (XLE) (VDE) (BNO) futures contracts for August delivery fell 1.1% and settled at $46.02 per barrel on July 17, 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.
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.
Will the US Crude Oil Rig Count Pressure Oil Prices?
Baker Hughes released its weekly US crude oil rig count report on June 16, 2017. The US crude oil rig count rose by six or 0.8% to 747 on June 9–16, 2017.
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.
Crude Oil Futures Could Surprise Traders This Week
WTI crude oil (BNO) (SCO) (IEZ) (IXC) active futures are near their November 2016 levels. Prices have fallen 11.5% in the last 12 months.
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.
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.
Asia’s Crude Oil Imports and Demand Could Drive Oil Prices
China’s General Administration of Customs estimates that the country’s crude oil imports fell by 810,000 bpd to 8.4 MMbpd in April 2017—compared to March.
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.
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.
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.
US Crude Oil and Gasoline Futures Rose
June gasoline futures contracts rose 4% to $1.54 per gallon on May 10, 2017. Prices rose due to the fall in US gasoline inventories.
Libya’s Crude Oil Production: More Pain for Crude Oil Prices?
US crude oil futures have fallen ~18.4% year-to-date. Libya’s crude oil production rose to more than two-year highs, according to Bloomberg data.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
EIA’s Crude Oil Inventories Could Pressure Crude Oil Prices
On March 21, 2017, the API released its weekly crude oil inventory report. It reported that US crude oil inventories fell by 4.5 MMbbls from March 10–17.
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.
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 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.
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.
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.
US Crude Oil Production Is at a 10-Month High
The EIA reported that US crude oil production rose by 63,000 bpd (barrels per day) to 8,978,000 bpd between January 27, 2017, and February 3, 2017.
Analysts’ Estimates for Crude Oil Prices in 2017 and 2018
Global oil inventories fell by 24 MMbbls to 5.7 billion barrels in 4Q16—compared to 3Q16. Falling global inventories support crude oil prices.
Looking Ahead: Crude Oil Prices between $50 and $60 in 2017
Tortoise Capital Advisors thinks that US WTI and Brent crude oil prices could trade between $50 and $60 per barrel in 2017.
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.
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 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.
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.
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.
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.
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 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.
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.
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.
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.
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.
IEA Expects Crude Oil Supply to Outstrip Demand until 2017
On September 27, 2016, the IEA’s executive director said that crude oil supply will outstrip demand until 4Q17.
Will Crude Oil Supply and Demand Balance in 2017?
The EIA thinks that global crude oil supply could outstrip demand by 1.1 MMbpd in 2H16. It expects crude oil supply and demand to reach a balance in 2017.
Global Crude Oil Supply and Demand Could Balance in 2017
The EIA estimates that the global crude oil supply could outstrip demand by 1.1 MMbpd (million barrels per day) in 2H16—compared to 2.2 MMbpd in 1H16.
How Will Traders Play the Major Oil Producers’ Meeting?
US crude oil prices were up by 12% in August 2016, partially due to speculation about the oil producers’ meeting, which could result in an output cap.
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.
Saudi Arabia: Weather Will Be a Key Demand Driver of Oil in 2H16
OPEC kingpin Saudi Arabia saw its crude oil production rise by 30,000 bpd (barrels per day) to 10.5 MMbpd (million barrels per day) in July compared to June.
Cushing Crude Oil Inventories May Push Crude Oil Prices Higher
Cushing crude oil inventories have fallen by 4.3% from their peak levels. High Cushing crude oil inventories could pressure crude oil prices.
Gasoline Prices Are Trading Close to March 2016 Lows
September gasoline futures fell by 3.7% and settled at $1.3 per gallon on August 10, 2016.
India’s Crude Oil Imports: Bullish Catalyst for the Crude Oil Market
India’s crude oil imports rose by 13% to 4.3 MMbpd (million barrels per day) in June 2016—compared to the same period in 2015.
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.
Why US On-Highway Diesel Fuel Prices Fell for 4th Straight Week
The EIA reported that US on-highway diesel fuel prices fell 0.37% at $2.41 per gallon on July 11, 2016, compared to the previous week. Prices fell for the fourth straight week.
US On-Highway Diesel Fuel Prices Fell Slightly
The EIA reported that US on-highway diesel fuel prices fell slightly by 0.12% at $2.42 per gallon on July 4, 2016—compared to the previous week.