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Is OPEC’s Compliance to the Production Cut Deal Declining?
A Reuters survey showed that OPEC’s crude oil production declined by 70,000 bpd to 32 MMbpd in May—compared to the previous month.
Higher Inventories Might Help Natural Gas Recover
On May 24–29, natural gas July futures fell 2.3%. On May 24, the EIA released the natural gas inventory report for the week ending May 18.
Cushing Inventories Drop for the First Time in 5 Weeks
According to the EIA (U.S. Energy Information Administration), Cushing inventories fell for the first time in five weeks, by 1.1 MMbbls (million barrels) to 36.1 MMbbls between May 11 and 18.
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.
TechnipFMC: Lowest Oilfield Services Free Cash Company in Q1 2018
TechnipFMC’s (FTI) cash flow from operating activities (or CFO) was negative in the first quarter and declined sharply year-over-year.
Cushing Inventories Rebound to January High
The EIA estimates that Cushing inventories increased by 0.1 MMbbls (million barrels) to 37.2 MMbbls on May 4–11.
Cushing Inventories Are near January High
According to the EIA, Cushing inventories increased by 1.4 MMbbls (million barrels) to 37.2 MMbbls on April 27–May 4.
BHGE and NOV’s Free Cash Flow in 1Q18
Baker Hughes’s FCF was $177 million in 1Q18. Baker Hughes’s FCF in 1Q18 improved dramatically from -$422 million the previous year.
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.
Cushing Inventories Are near a 12-Week High
The EIA estimates that Cushing inventories increased by 0.4 MMbbls (million barrels) to 35.7 MMbbls on April 20–27.
Schlumberger and Halliburton’s Free Cash Flow in 1Q18
Schlumberger’s 1Q18 FCF decreased 59% from ~$275 million the previous year. Schlumberger’s CFO decreased 13% in 1Q18—compared to 1Q17.
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 Crude Oil Inventory Data: What to Expect
In the week ending April 20, US crude oil inventories rose by ~2.17 MMbbls (million barrels) to ~429.7 MMbbls.
Cushing Inventories Could Pressure Crude Oil Futures
WTI crude oil futures fell 0.1% to $68.1 per barrel on April 27. IXC and XLE fell ~0.6% and ~1.1%, respectively, on the same day.
US Natural Gas Futures: What to Expect
US natural gas futures increased 6.1% on April 19–26. Prices increased due to the larger-than-expected decline in natural gas inventories.
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.
Rise in US Oil Inventories Could Help Oil Rise More
In the week ending April 13, US crude oil inventories fell by 1.1 MMbbls (million barrels) to ~427.6 MMbbls.
Crude Oil Futures’ Outlook: Key Drivers on April 23–27
Record US crude oil production and a larger-than-expected increase in Cushing inventories could pressure oil prices this week.
Cushing Inventories Decreased for the First Time in 6 Weeks
Analysts estimate that Cushing inventories could have increased on April 13–20. A larger-than-expected rise could pressure oil prices.
US Natural Gas Production Fell on April 12–18
PointLogic, a market intelligence company, estimates that US dry natural gas production fell 0.6% to 79.6 Bcf per day on April 12–18, 2018.
Cushing Inventories Increased 28% in the Last 5 Weeks
The EIA will release its weekly crude oil inventory report on April 18, 2018. Cushing inventories could have increased on April 6–13, 2018.
EIA Downgrades US Natural Gas Production Forecast for 2018
PointLogic, a market intelligence company, estimates that US dry natural gas production rose 0.3% to 80.1 Bcf per day on April 5-11, 2018.
Higher Inventories Might Help Oil Prices Rise
In the week ending March 30, 2018, US crude oil inventories fell by 4.6 MMbbls (million barrels) to ~425.3 MMbbls.
Crude Oil Futures: What to Expect on April 9–13
WTI oil futures for May delivery were trading below their 20-day and 50-day moving averages on April 6, 2018.
Cushing Inventories Increased 23% in the Last 4 Weeks
WTI oil futures fell 2.3% to $62.06 per barrel on April 6, 2018. IXC and XLE fell ~1.2% and ~1.8%, respectively, on April 6, 2018.
US Natural Gas Production Is near a Record Level
The EIA reported that US dry natural gas production declined 1.1% to 79.9 Bcf (billion cubic feet) per day in January 2018—compared to December 2017.
US Crude Oil Production Is near a Record Level
According to the EIA, US crude oil production increased 0.1% to 9.96 MMbpd (million barrels per day) in January 2018—compared to the previous month.
Russia’s Crude Oil Production Is near April 2017 Highs
Russia’s crude oil production rose 0.2% to 10.97 MMbpd (million barrels per day) in March 2018—compared to the previous month.
Oil Prices Could Fall after the EIA’s Inventory Data
In the week ending March 23, 2018, US crude oil inventories rose by 1.64 MMbbls (million barrels) to ~429.94 MMbbls.
What Could Drive Crude Oil Futures This Week?
On April 3, the API is scheduled to release its US crude oil inventory report. On April 4, the EIA is scheduled to release its weekly US crude oil production data.
The Lowest Oilfield Services Free Cash Earner in 2017
Baker Hughes, a GE Company’s (BHGE), cash from operating activities (or CFO) was negative in 2017 and declined sharply from 2016.
Is Iraq Supporting Crude Oil Production Cuts?
On March 22, 2018, Saudi Arabia said that it would support extending the ongoing production supply cuts into 2019.
US Dry Natural Gas Production Increased on March 8–14
According to PointLogic, US dry natural gas production increased 0.1% to 78.4 Bcf (billion cubic feet) per day on March 8–14, 2018.
Why Did US Dry Natural Gas Production Decline?
US dry natural gas production decreased 0.5% to 78.1 Bcf (billion cubic feet) per day on March 1–7, 2018, according to PointLogic.
US Natural Gas Inventories Declined
US natural gas inventories fell by 57 Bcf (billion cubic feet) to 1,625 Bcf on February 23–March 2, 2018, according to the EIA.
US Natural Gas Production Hits Record High
Monthly US natural gas production On February 28, 2018, the EIA (U.S. Energy Information Administration) released its monthly natural gas production data. It reported that US dry natural gas production rose 4.5% to a record high of 80.9 Bcf per day between November and December 2017. Production rose 7.3 Bcf (10%) per day year-over-year. US natural gas prices have fallen ~30% […]
Drop in US Crude Oil Inventories Boosts Oil Prices
The EIA reported that US crude oil inventories decreased by 1.6 MMbbls (million barrels) to 420.5 MMbbls on February 9–16, 2018.
India’s Crude Oil Imports Surged in January
India’s crude oil imports increased 12.5% to a record high of 4.93 MMbpd in January 2018—compared to the previous month.
US Natural Gas Inventories: Largest Weekly Withdrawal since 2014
US natural gas inventories declined by 194 Bcf (billion cubic feet) to 1,884 Bcf on February 2–9, 2018, according to the EIA.
US Crude Oil Inventories Are above Their 5-Year Average
The EIA reported that US crude oil inventories increased by 1.8 MMbbls (million barrels) or 0.4% to 422 MMbbls on February 2–9, 2018.
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 Production Is near 1970 High
US crude oil production could hit a record high of 10,200,000 bpd in 2018, which would be the highest annual production average ever.
Smaller Withdrawal in Natural Gas Inventories Pressures Prices
US natural gas inventories fell by 99 Bcf (billion cubic feet) or 4.4% to 2,197 Bcf on January 19–26, 2018, according to the EIA.
Will China’s Crude Oil Imports Rise in 2018?
China’s crude oil imports increased 10% to 8.4 MMbpd (million barrels per day) in 2017 from 2016, according to China’s General Administration of Customs.
Global Crude Oil Supply Outages Could Push Oil Prices Higher
According to the EIA, global crude oil supply outages increased by 208,000 bpd or 14% to 1,738,000 bpd in December 2017—compared to November 2017.
US Crude Oil Inventories Hit February 2015 Low
US crude oil inventories fell by 1.1 MMbbls (million barrels) to 411.6 MMbbls on January 12–19, 2018. Inventories decreased 0.3% week-over-week.
US Dollar Hit a 3-Year Low: Is It Bullish for Crude Oil?
The US Dollar Index (UUP) fell 0.34% to 90.09 on January 23—the lowest level since December 2014. The fall supported crude oil prices on January 23, 2018.
Restarting the Wintershall Oilfields in Libya Could Impact Oil Prices
On January 21, the NOC (National Oil Corporation) of Libya said that it would restart the Wintershall AG’s Sara oilfield. NOC is a state-owned oil company.
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.
Iraq’s Crude Oil Production Capacity Could Hit 5 MMbpd
The EIA estimated that Iraq’s crude oil production increased by 60,000 bpd to 4,380,000 bpd in December 2017—compared to the previous month.
US Dollar Hit a 3-Year Low: Good News for Crude Oil?
The US Dollar Index (UUP) fell 0.64% to 90.39 on January 16, 2018—the lowest level since December 2014.
US Dollar Recovering from 3-Month Low: Bearish for Crude Oil?
The US Dollar Index fell ~9.8% in 2017. The dollar fell partly due to the improving economy outside the US. It was the worst annual drop since 2003.
US Natural Gas Production Could Pressure Prices in 2018
According to PointLogic, US dry natural gas production fell 3.7% to 74 Bcf (billion cubic feet) per day between December 28, 2017, and January 3, 2018.
Civil Unrest in Iran Could Impact Crude Oil Prices
On January 3, public protests continued for the sixth consecutive day in Iran. The protests against the government are due to weak economic conditions.
US Natural Gas Production Hit a Record in October
US dry natural gas production rose 0.7% to 76.8 Bcf (billion cubic feet) per day on December 14–20, 2017, according to PointLogic.
Weekly US Crude Oil Production Fell for the 1st Time since October
US crude oil production declined by 35,000 bpd (barrels per day) or 0.4% to 9,754,000 bpd 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.
Is Iraq’s Crude Oil Production Bullish or Bearish for Oil Traders?
The EIA estimates that Iraq’s crude oil production fell by 35,000 bpd (barrels per day) to 4,320,000 bpd in November 2017 compared to the previous month.
US Natural Gas Inventories Fell Last Week
US natural gas inventories fell by 182 Bcf (billion cubic feet) to 3,444 Bcf on December 8–15, 2017, according to the EIA.
US Gasoline Inventories: Bearish Driver for Crude Oil Futures
The EIA estimated that US gasoline inventories rose by 1.2 MMbbls (million barrels) to 227.7 MMbbls on December 8–15, 2017.
Iran’s Crude Oil Production Is near a 9-Year High
The EIA estimates that Iran’s crude oil production fell by 10,000 bpd or 0.3% to 3,840,000 bpd in November 2017—compared to the previous month.
EIA Upgrades US Natural Gas Production for 2018
US dry natural gas production was flat at 76.1 Bcf (billion cubic feet) per day on December 7–13, 2017, according to PointLogic.
US Gasoline Inventories: Turning Point for Crude Oil Futures?
US gasoline inventories rose by 5.6 MMbbls (million barrels) or 2.6% to 226.5 MMbbls on December 1–8, 2017.
Will the EIA Upgrade US Crude Oil Production Estimates?
Weekly US crude oil production hit 9,707,000 bpd for the week ending December 1, 2017—the highest level ever.
Cushing Oil Inventories Are near November 2015 Low
The EIA estimated that Cushing’s crude oil inventories fell by 2,753,000 barrels or 4.7% to 55.5 MMbbls (million barrels) on November 24–December 1, 2017.
Will Crude Oil Futures Be Range Bound or Trend Higher?
US crude oil (DWT) futures hit $58.95 per barrel on November 24, 2017, which was the highest level in the last 30 months.
Unexpected Rise in US Natural Gas Inventories
The EIA estimated that US natural gas inventories rose by 2 Bcf (billion cubic feet) to 3,695 Bcf on November 24–December 1, 2017.
Is OPEC Underestimating US Crude Oil Production?
US crude oil production rose by 25,000 bpd (barrels per day) or 0.3% to 9,707,000 bpd on November 24–December 1, 2017, according to the EIA.
US Crude Oil Inventories Have Fallen 16% from Their Peak
US crude oil inventories fell by 5.6 MMbbls (million barrels) or 1.2% to 448.1 MMbbls on November 24–December 1, 2017, according to the EIA.
Traders Track US Crude Oil Production and Exports
US crude oil production rose by 290,000 bpd (barrels per day) or 3.1% to 9,481,000 bpd in September 2017—compared to the previous month.
Relationship between US Distillate Inventories and Oil Prices
US distillate inventories rose by 2,747,000 barrels to 127.7 MMbbls (million barrels) on November 17–24, 2017. Inventories rose 2.2% week-over-week.
US Gasoline Inventories Weighed on Crude Oil Futures
US gasoline inventories rose by 3,627,000 barrels to 214 MMbbls (million barrels) on November 17–24, 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.
Analyzing Libya’s Crude Oil Production
Libya is one of OPEC’s members. The EIA estimated that its crude oil production rose by 35,000 bpd or 3.8% to 960,000 bpd in October 2017.
Higher Crude Oil Prices Pressure US Natural Gas Futures
US gas rigs are at the highest level since October 20, 2017. Meanwhile, crude oil (USL) (DBO) prices are at a 30-month high.
US Natural Gas Inventories Have Fallen 8% from Last Year
The EIA estimated that US natural gas inventories fell by 46 Bcf (billion cubic feet) or 1.2% to 3,726 Bcf on November 10–17, 2017.
The Relationship between US Crude Oil Inventories and Oil Prices
Estimates for US crude oil inventories The EIA (U.S. Energy Information Administration) released its Weekly Petroleum Status Report on November 22, 2017. It reported that US crude oil inventories fell 1.9 MMbbls (million barrels) to 457.1 MMbbls between November 10 and 17, 2017. Inventories were 31.8 MMbbls (6.5%) lower than in the same period in 2016. The market anticipated […]
US Crude Oil Exports and Drilling Activity Impact OPEC
According to the EIA, US crude oil exports rose by 260,000 bpd to 1,129,000 bpd on November 3–10, 2017. Exports rose 30% week-over-week.
US Crude Oil Production Could Hit a Record
US crude oil production hit a record 9,645,000 bpd (barrels per day) for the week ending November 10, 2017. Production was at the highest level since 1983.
Weather Could Help Natural Gas Bulls Next Week
The weather is expected to be colder than normal next week. High demand could have a bullish impact on natural gas prices.
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 Demand Could Drive Crude Oil Prices Higher
The EIA estimates that weekly US gasoline demand rose by 147,000 bpd (barrels per day) to 9,461,000 bpd on October 20–27, 2017.
What Could Drive Crude Oil Prices Higher?
US crude oil inventories fell 15% from their peak in March 2017 for the week ending November 3, 2017, which helped oil (USO) (UCO) prices.
Russia’s Crude Oil Production Rose in October
Russia’s crude oil production rose by 20,000 bpd (barrels per day) to 10,930,000 bpd in October 2017—compared to September 2017.
Crude Oil Bears Are Tracking Iraq and Kurdistan Talks
US crude oil futures contracts for December delivery fell 0.02% and were trading at $53.90 per barrel in electronic trade at 2:20 AM EST on October 30.
How Is US Natural Gas Production and Consumption Trending?
PointLogic estimates that weekly US dry natural gas production rose by 0.9 Bcf (billion cubic feet) per day to 74.6 Bcf per day between October 19 and October 25, 2017.
US Crude Oil Production Rebounds from a 4-Year Low
The EIA estimates that US crude oil production rose by 1,101,000 bpd or 13.1% to 9,507,000 bpd on October 13–20, 2017. It rose from almost a four-year low.
Cushing Inventories Are Near 5-Month High: Bearish for Oil
Wall Street analysts expected that crude oil inventories at Cushing would rise between October 13, 2017, and October 20, 2017.
US Dollar Near 2-Week High: Will It Cap Crude Oil Futures?
The US Dollar Index advanced 0.49% to 93.58 on Friday, October 20, 2017.
Is US Natural Gas Production Bearish for Natural Gas?
US dry natural gas production will likely average ~73.6 Bcf/d in 2017. It will likely rise by 4.9 Bcf/d or 6.6% to 78.5 Bcf/d in 2018.
US Gasoline Inventories: Will Crude Oil’s Rally Be Short-Lived?
US gasoline inventories rose for the fourth straight week. The inventories are 8.5 MMbbls or 4% higher than the five-year average.
Kurdistan Referendum: Time to Buy Crude Oil Futures?
On September 25, 2017, the people in Kurdistan voted in a referendum for independence. As a result, Turkey blocked 500,000 bpd of crude oil exports.
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.
Could US Crude Oil Futures Hit $40 per Barrel?
August WTI crude oil (XLE) (XOP) (IXC) futures contracts fell 0.4% to $43.3 per barrel in electronic trade at 6:20 AM EST on June 21, 2017.
EIA Revises Crude Oil Price Forecasts for 2016 and 2017
The EIA (U.S. Energy Information Administration) estimates that crude oil supply could outstrip demand by 780,000 bpd (barrels per day) in 4Q16.
Shorting Valero: Mapping the Short Interest Trend ahead of VLO’s 1Q17 Results
Valero Energy (VLO) has seen a rise in its short interest since mid-February 2017. VLO’s short interest ratio rose from 3.1% in mid-February to 4.3% in April.
US Crude Oil Production Hit July 2015 High
US crude oil production is at the highest level since July 2015. US crude oil (UCO) (UWT) prices have fallen 12.5% year-to-date due to high production.
Russia’s Crude Oil Production Was Flat in September 2017
Russia’s crude oil production was flat at 10.91 MMbpd (million barrels per day) in September 2017—compared to the previous month.
Libya’s Crude Oil Production: Bullish or Bearish for Oil Prices?
A Reuters survey estimates that Libya’s crude oil production rose by 50,000 bpd to 930,000 bpd in September 2017—compared to the previous month.
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.