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.
US Oil Inventories Spread Impacts Crude Oil Prices
US commercial crude oil inventories rose by ~6.5 MMbbls (million barrels) in the week ending January 27, 2017—compared to the previous week.
What Caused the U-Turn in Oil Prices?
On February 15, 2018, US crude oil’s April 2018 futures rose 1.1% and settled at $61.17 per barrel. On the same day, the US dollar fell 0.6%.
Why Did Oil Prices Move Higher?
On February 22, 2018, US crude oil’s April 2018 futures rose 1.8% and closed at $62.77 per barrel.
EIA Could Report Record Crude Oil Inventory Levels
US crude oil futures contracts for March delivery closed at $53.20 per barrel on February 14, 2017—0.5% more than the previous closing price.
Will the Energy Sector Enter a Bear Market?
On March 23, 2017, US crude oil futures contracts for May delivery closed at $47.70 per barrel—an ~0.7% fall over the previous trading session.
Does the Natural Gas Fall Relate to Oil’s Decline?
Between November 29 and December 6, natural gas (GASL)(GASX)(FCG) January 2018 futures had a correlation of -1.6% with US crude oil January futures.
Analyzing the Weakness in Crude Oil
On March 8, 2018, US crude oil April 2018 futures declined 1.7% and closed at $60.12 per barrel.
Why Did Oil Prices Fall?
On March 22, natural gas April 2018 futures declined 0.8% and settled at $2.62 per million British thermal units.
Could Oil Inventories Maintain Their Bullish Momentum?
Inventory data According to the EIA (U.S. Energy Information Administration), US crude oil inventories fell 7.2 MMbbls (million barrels) in the week ended July 21, 2017. The fall was twice the expected fall of 3.3 MMbbls. Bullish inventory data buoyed oil prices by 1.8% on the same day. Inventory spread A rise in surplus crude […]
Natural Gas Traders Should Stay Cautious of Oil Rigs
On December 29, the natural gas rig count was 88.7% below its record high of 1,606 in 2008. However, natural gas supplies have risen drastically since 2008.
Oil Rigs Are the Biggest Concern for Natural Gas
In the week ending November 10, 2017, the oil rig count rose by nine—the largest rise since June 30, 2017. Strong oil prices spurred the rise.
What Rising Global Oil Inventories Could Mean for Crude Prices
US crude oil futures contracts for April delivery closed at $47.72 per barrel on March 14, 2017—1.4% lower than the previous day’s closing price.
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, […]
US Crude Oil Didn’t Reach a New 3-Year High
On April 13–20, 2018, US crude oil June futures rose 1.6% and settled at $68.4 per barrel on April 20. Last week, the US dollar rose 0.6%.
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.
Is Natural Gas Moving with Oil Prices?
The correlation between natural gas (GASL)(GASX)(FCG) active futures with US crude oil active futures was 99.8% between December 12 and December 19.
Oil Futures Spread: Oversupply Concerns Still Loom
On October 10, 2017, US crude oil (USO) (DBO) (OIIL) November 2018 futures traded $0.46 higher than November 2017 futures.
What the Oil Inventories Spread Suggests for Oil Prices
In the week ending June 23, 2017, US crude oil inventories rose by 0.1 MMbbls (million barrels) to 509.2 MMbbls, according to EIA data on June 28, 2017.
Leon Cooperman: Crude Oil Could Reach $70 per Barrel Soon
Leon Cooperman said, “I think the supply-demand outlook is favorable, and we would not be surprised to see oil reaching $70 a barrel.”
Chart of the Week: Crude Oil Production of Global Majors
Crude oil (OIIL) (DBO) (USL) prices fell on June 5, 2017, due to geopolitical tensions.
Inside the Oil Futures Spread: Why Traders May Be Turning Bullish
On September 19, 2017, US crude oil November 2018 futures settled at $0.97 higher than the November 2017 futures.
What’s Holding Oil Prices below the $50 Mark?
Between July 28 and August 4, 2017, US crude oil (USO) (DBO) (UCO) September futures fell just 0.3%.
Rig Count: A Look at Natural Gas’s Upside
In the week ended September 15, 2017, the natural gas rig count fell by one to 186. Also, the natural gas rig count has stalled between 180 and 190 since May 19, 2017.
Are Oil-Weighted Stocks Outperforming Oil’s Recent Fall?
On February 11, 2016, US crude oil touched a 12-year low. From February 11, 2016, to March 20, 2017, US crude oil active futures contracts rose 86.6%.
How Closely Is Natural Gas Tracking Oil?
Between November 15 and 22, natural gas (UNG)(FCG) January futures had a correlation of 52.5% with US crude oil January futures.
How Energy Commodities Take Cues from the Job Market
In the week ended May 13, US initial jobless claims reached 233,000. The four-week moving average was at 235,250—at a record low since April 14, 1973.
Why Is XOP Underperforming Other Energy ETFs?
The fall in energy ETFs started after the fall in oil prices on July 5, 2016, and when Brexit concerns and supply-related fears resurfaced.
Will the Recovery in Oil Prices Last?
On March 15, US crude oil April 2018 futures rose 0.4% and closed at $61.19 per barrel.
Are Oil ETFs Gaining from Higher Oil Prices?
Between January 19 and January 26, 2018, the United States Oil ETF (USO) rose 4.1%.
Does Natural Gas’s Rise Depend on Crude Oil?
Between January 16 and January 23, 2018, natural gas (GASL) (UNG) (FCG) had a correlation of 84.6% with US crude oil (OIIL) (USL) (DBO) active futures.
Oil Prices after the EIA’s Inventory Report
After the EIA released the data on January 18, US crude oil prices were almost flat due to other factors like rising US production.
Are Oil ETFs Outperforming Oil?
Between January 12 and January 19, 2018, the United States Oil ETF (USO) fell 1.2%.
Oil ETFs: How They’re Performing at Oil’s 3-Year High
Between January 5 and January 12, 2018, the United States Oil ETF (USO), which holds positions in US crude oil active futures, gained 4.5%.
Oil Inventory Data Could Push Oil Higher
In the week ending January 5, 2018, US crude oil inventories fell by 4.9 MMbbls (million barrels)—1 MMbbls more than the market’s expected fall.
What Could Be the High for US Crude Oil Next Week?
On January 11, 2018, US crude oil’s implied volatility was 18.2%. That was 5.2% above its 15-day average.
Stockpiles Could Push US Crude Oil to a New 3-Year High
On January 8, 2018, US crude oil (USO) (USL) February 2018 futures were 0.5% below their three-year high. The EIA will report the data on January 10, 2018.
Which Oil ETFs Might Be a Better Bet in 2018?
On December 29, 2017, the closing prices of US crude oil futures contracts between March 2018 and January 2019 were progressively lower.
How Much Fall in Inventories Could Support Oil This Week?
In the week ended December 22, 2017, US crude oil inventories were 431.9 MMbbls (million barrels), a fall of 4.6 MMbbls compared to the previous week.
What Oil Bulls Could Expect for Oil Inventories
Oil stockpiles In the week ended December 8, 2017, US crude oil inventories fell by 5.1 MMbbls (million barrels) to 443 MMbbls. However, motor gasoline inventories rose 5.7 MMbbls. The data was released by the EIA (U.S. Energy Information Administration) on December 13. That day, US crude oil prices fell 0.9%. Inventory spread The gap between US oil inventories […]
Oil ETFs That Outperformed US Crude Oil Last Week
On December 1–8, 2017, the United States Oil Fund (USO), which holds crude US oil futures contracts, fell 1.5%. US crude oil January 2018 futures fell 1.7%.
US Crude Oil Prices Could Remain below $58 Next Week
On December 7, 2017, US crude oil’s implied volatility was 20% or ~1.1% less than its 15-day average. On December 1, the implied volatility fell to 19.8%.
Analyzing Crude Oil Inventories and Oil Prices
In the week ending November 24, 2017, US crude oil inventories fell by 3.4 MMbbls (million barrels) to 453.7 MMbbls.
Will the Inventories Spread Impact US Crude Oil?
US commercial crude oil inventories fell by 1.9 MMbbls in the week ending November 17, 2017—0.5 MMbbls more than the market’s expected fall.
Futures Spread: Is the Oil Market Tightening?
On November 7, 2017, US crude oil (OIIL) December 2018 futures settled $2.08 below the December 2017 futures.
How Oil ETFs Stood next to US Crude Oil Last Week
Between October 27 and November 3, the United States Oil Fund LP (USO) rose 3.1%—just ten basis points below the rise of US crude oil December futures.
Which Oil ETF Could a Good Bet on Rising Oil Prices?
On October 20–27, 2017, the United States Oil Fund LP (USO) rose 3.9%, while US crude oil (DBO) December futures rose 4%.
Could the Oil Rig Count Threaten Bullish Bets on Oil Prices?
The US oil rig count rose by three to 768 for the week ended August 11, 2017.
OPEC’s Meeting: Where Oil Prices Could Head Next Week
On August 3, 2017, US crude oil’s implied volatility was 27%—3.9% below its 15-day moving average.
Why Oil Prices Could Plunge
The US oil rig count rose by seven to 763 in the week ended July 7, 2017. This was the rig count’s highest level since April 10, 2015.
Will US Crude Oil Hit $40 Next Week?
On June 22, 2017, WTI crude oil (USO) (OIIL) active futures’ implied volatility was 29.7%, up 1.7% compared to its 15-day average.
Where Will US Crude Prices Settle?
On June 15, 2017, US crude oil active futures’ implied volatility was 27.9%.
Oil’s Forward Curve: What Does It Indicate?
On June 13, 2017, US crude oil’s July 2018 futures settled at a premium of $1.67 to July 2017 futures.
Oil Contango: How Should Oil Traders View It?
Between May 30 and June 6, 2017, US crude oil (USL) (OIIL) July futures fell 3%.
Unemployment Claims Falling: Will Energy Commodities Rise?
US initial jobless claims fell by 4,000 to 232,000 for the week ending May 13, 2017, based on the US Department of Labor’s report on May 18, 2017.
Unemployment Claims Impact Energy Commodities
US initial jobless claims were at 236,000 for the week ending May 6, 2017, according to the US Department of Labor’s report on May 11, 2017.
The Brent-WTI Spread: A Key Indicator for Energy Investors
On May 9, 2017, WTI crude oil active futures were trading at a discount of $2.85 per barrel to Brent crude oil active futures.
The Brent-WTI Spread: What Does It Suggest?
On May 2, 2017, WTI (West Texas Intermediate) crude oil (UCO) (USO) (OIIL) (USL) active futures were trading at a discount of $2.8 per barrel to Brent crude oil (BNO) active futures.
Soft GDP Data: How It Impacts Energy Commodities
According to the Department of Commerce, on April 28, 2017, advance estimates put US GDP growth at 0.70% for 1Q17.
Can Oil Prices Survive the Looming Fed Rate Hike?
US crude oil futures contracts for April delivery fell 10.2% between March 7, 2017, and March 14, 2017.
How the Brent-WTI Spread Impacts Your Oil Investments
On February 28, WTI crude oil (USO) (USL) (OIIL) (SCO) active futures traded at a discount of $1.98 per barrel—compared to Brent crude oil active futures.
Oil-Weighted Stocks and Crude Oil: Are They Diverging?
On February 11, 2016, US crude oil touched a 12-year low. From February 11, 2016, to January 30, 2017, US crude oil active futures contracts rose 100.8%.
How OPEC’s Decision Will Impact Crude Oil’s Movement
According to the EIA’s (U.S. Energy Information Administration) report on September 14, 2016, US crude oil inventories fell 0.6 MMbbls (million barrels) for the week ending September 9.
How Volatile Are Natural Gas and Crude Oil?
Natural gas’s (UNG) (GASL) (GASX) implied volatility was 40.0% on July 22, 2016. Its 15-day average implied volatility is 42.5%.
How Did Crude Oil Fare on July 12?
US active crude oil futures contracts for August delivery closed at $46.8 per barrel on July 12, which was 8.6% below their 2016 high of $51.23 on June 8.
Which Upstream Stocks Are Following the Oil Rally?
On May 23, 2016, US crude oil (USO) (OIIL) closed at $48.08, just 0.47% below its 2016 high of $48.31 on May 17.