Goodrich Petroleum Corp

US distillate inventories increased for the sixth time in the last seven weeks. The inventories rose ~11% in the last seven weeks.

WTI crude oil (USO) futures hit $58.95 per barrel on November 24, 2017—the highest level in nearly three years.

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.

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.

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.

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.

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 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.

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.

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 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.

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.

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.

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.

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.

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.

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.

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.

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 […]

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

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.

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 production cut compliance was at 92% in June 2017. Lower compliance from OPEC members and Russia could pressure crude oil prices.

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.

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.

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.

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.

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.

US oil and gas exploration and production companies are under severe pressure.