PDC Energy Inc

Cushing crude oil inventories have fallen 10% in the last ten weeks. A better-than-expected fall in Cushing inventories could support US crude oil prices.

A Bloomberg survey estimates that OPEC’s crude oil production rose by 315,000 bpd to 32.21 MMbpd in May 2017—compared to the previous month.

Hedge funds increased their net long positions in US crude oil futures and options by 43,861 contracts or 18.4% to 282,362 contracts on July 25–August 1.

June diesel futures contracts rose 2.1% to $1.47 per gallon on May 10, 2017. Prices rose due to the larger-than-expected fall in distillate inventories.

Saudi Arabia is expected to cut exports 10% to North Asian refiners in September 2017 due to OPEC’s production cut deal.

A less-than-expected rise in gasoline inventories supported gasoline prices on May 3, 2017. Gasoline and crude oil (DIG) (SCO) (VDE) prices rose on May 3.

Libya’s crude oil production   On December 20, 2016, Libya’s National Oil Corporation reported that pipelines leading from the Sharara and El Feel fields were reopened. The pipelines were closed for two years due to militant attacks. The pipelines are expected to add 270,000 bpd (barrels per day) of crude oil supply over the next three months. The […]

The EIA (U.S. Energy Information Administration) reported that US crude oil production rose by 13,000 bpd (barrels per day) to 9,265,000 bpd on April 14–21.

The EIA (U.S. Energy Information Administration) reported that US distillate inventories fell by 2 MMbbls to 148.3 MMbbls on April 7–14, 2017.

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.

On September 27, 2017, the EIA estimated that US crude oil production rose 37,000 bpd (barrels per day) to ~9.5 MMbpd from September 15–22, 2017.

According to the EIA, US crude oil production increased by 28,000 bpd (barrels per day) to 9,782,000 bpd on December 22–29, 2017.

US gasoline inventories rose by 4.1 MMbbls (million barrels) to 237.3 MMbbls between December 29, 2017, and January 5, 2018.

February WTI crude oil futures (DWT)(SCO) contracts rose 0.8% to $60.3 per barrel at 12:45 AM EST on December 29, 2017—the highest level since June 2015.

Cushing inventories fell by 3,317,000 barrels to 52.2 MMbbls (million barrels) on December 1–8, 2017, according to the EIA.

Whiting Petroleum’s (WLL) forward EV-to-EBITDA multiple of ~5.4x is mostly in line with the peer average of 5.5x.

The US Dollar Index advanced 0.1% to 92.8 last week. Consequently, it pressured oil prices during the week.

Cushing crude oil inventories rose for the sixth consecutive week. Any rise in Cushing inventories is bearish for crude oil (USO) (USL) (SCO) prices.

Weekly US gasoline demand rose by 81,000 bpd to 9.5 MMbpd on September 15–22, 2017. Gasoline demand rose by 642,000 bpd or 7.2% YoY.

October WTI (West Texas Intermediate) crude oil (USO)(UCO)(DIG) futures contracts rose 0.16% and were trading at $49.98 per barrel in electronic trading at 2:10 AM EST on September 18.

On September 13, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report.

West Texas Intermediate crude oil (DBO) (DIG) (XLE) futures contracts for October delivery rose 1.2% to $48.07 per barrel on September 11, 2017.

The US Dollar Index fell 0.34% to 91.33 on September 8—the lowest level in the last 33 months. Prices fell due to the following factors.…

A preliminary market survey estimates that Cushing inventories fell on July 28–August 4, 2017. Inventories fell for the 11th consecutive week.

The EIA (US Energy Information Administration) estimates that US gasoline demand rose 1.5% to 9.6 MMbpd (million barrels per day) in May 2017 compared to May 2016.

The EIA estimated that four-week average US gasoline demand rose by 124,000 bpd (barrels per day) to 9,430,000 bpd on May 12–19, 2017.

Market surveys estimate that Cushing crude oil inventories rose between April 28 and May 5, 2017.

The EIA estimates that Iraq’s crude oil production fell by 115,000 bpd (barrels per day) to 4.42 MMbpd in February 2017—compared to the previous month.

Under President Obama’s tenure, US crude oil production rose 92% and peaked at 9.6 MMbpd (million barrels per day) in June 2015.

Anadarko Petroleum’s (APC) 2016 capex (capital expenditures) budget is $2.6 billion–$2.8 billion, a 50% reduction from $5.4 billion in 2015.

Cimarex Energy’s (XEC) total production volume in 1Q16 was 973 MMcfe (millions of cubic feet equivalent). This represents a rise of ~3% YoY

Here we’ll present the results of a quarterly correlation analysis between crude oil and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP).