PowerShares DWA Energy Momentum ETF
Latest PowerShares DWA Energy Momentum ETF News and Updates
Rising Oil Inventories Spread Impacts Oil Prices
US commercial crude oil inventories rose by ~9.5 MMbbls (million barrels) in the week ending on February 10, 2017—compared to the previous week.
Will Gasoline Inventories Impact Gasoline and Crude Oil Prices?
The API released its weekly inventory report on December 28, 2016. It estimates that US gasoline inventories fell by 2.8 MMbbls from December 16–23, 2016.
US Natural Gas Supplies Fell due to Drop in Imports from Canada
PointLogic reported that natural gas supplies fell by 1.1% to 79.3 Bcf (billion cubic feet) per day for the week ending June 29, 2016, compared to the previous week.
Nordic Bank SEB Revises Crude Oil Price Forecasts
Leading Nordic bank SEB raised its Brent crude oil forecast to $48 per barrel for 2016 compared to its previous forecast of $44 per barrel.
Non-OPEC Crude Oil Production: Will It Impact Oil Prices in 2017?
Figures from the EIA suggest that non-OPEC crude oil production rose by 350,805 bpd to 44.6 MMbpd in September 2016—compared to the previous month.
Will Crude Oil Prices Test $60 per Barrel?
Brent crude oil prices could trade between $35 and $40 per barrel in 2016 due to a stronger dollar, oversupply, and near-record US crude oil inventories.
Crude Oil Traders Are Closely Watching These Bearish Drivers
In the previous two parts of this series, we covered bullish drivers for crude oil prices. Now let’s look at some key bearish drivers for crude oil prices in 2016.
Crude Oil Market: Will Bullish Oil Traders Control 2017?
January WTI crude oil futures fell for the third straight day yesterday. Prices fell below the key psychological levels of $42 per barrel on November 30.
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’s in the Cards for US Natural Gas Prices in August?
US natural gas inventories are 23.2% higher than their five-year average. High inventories could limit the upside potential for US natural gas prices.
Crude Oil Prices Fell below the 200-Day Moving Average
Crude oil prices were $50–$54 per barrel between December 2016 and early March 2017. Prices broke below $50 per barrel on March 9, 2017.
Cushing Inventories Rise for the First Time in 12 Weeks
Cushing is the largest crude oil storage hub in the United States. A market survey estimates that Cushing inventories fell from August 4 to August 11.
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.
Iran’s Crude Oil Exports Could Impact Crude Oil Prices
The rise in crude oil export capacity suggests that Iran’s getting ready for a massive increase in crude oil production in 2018.
Analyzing Libya’s Crude Oil Production
A Reuters survey estimates that Libya’s crude oil production fell by ~20,000 bpd (barrels per day) to 670,000 bpd in February 2017—compared to January 2017.
Why Did Crude Oil Prices Rise?
On February 9, 2017, US crude oil futures contracts for March delivery closed at $53.00 per barrel—an ~1.3% rise compared to the previous trading session.
Record Oil at Sea: Crude Oil Prices Hit a 10-Week Low
The US benchmark WTI crude oil futures contracts for December delivery fell by 2.9% on November 11, 2015. Crude oil prices hit lows seen in August.
Cushing Inventories Have Fallen 10% in the Last 10 Weeks
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.
Russia’s Central Bank: Crude Oil Prices Could Hit $40 per Barrel
Brent crude oil prices could fall as low as $40 per barrel by the end of 2017 if OPEC doesn’t extend major producers’ production cut deal in 2H17.
Major Banks Predict Crude Might Trade Like This For the Rest of 2016
December 2016 WTI crude oil contracts are trading at a discount of $4 per barrel to December 2017 WTI crude oil contracts—the widest gap in almost 8 months.
Will US Crude Oil Prices Outperform in 2H17?
WTI crude oil (BNO) (PXI) (UCO) (XOP) prices have fallen 18% year-to-date. They have fallen 7% in the past year due to bearish drivers.
OPEC’s Crude Oil Production: Key for Crude Oil Traders?
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.
What to Expect from Libya’s Crude Oil Production in September
The EIA estimates that Libya’s crude oil production fell by 145,000 bpd (barrels per day) to 860,000 bpd in August 2017—compared to the previous month.
What Investors Can Expect from Crude Oil Prices
April WTI crude oil prices are at a three-month low as of March 13. So far, crude oil prices and broader markets such as the S&P 500 are diverging in 2017.
US Refinery Demand Impacts Crude Oil Inventories
US refineries operated at 93.4% of their operable capacity in the week ending May 5, 2017. The rise in refinery demand is bullish for crude oil prices.
The EIA Upgrades US Natural Gas Forecast for 2016
US natural gas inventories are 22.1% higher than their five-year average. High natural gas inventories could pressure natural gas prices.
US Gasoline Inventories Fell Less, Pressured Gasoline Prices
The EIA released its weekly crude oil report on May 24, 2017. US gasoline inventories fell by 0.8 MMbbls to 239.9 MMbbls on May 12–19, 2017.
Analysts: Summer Weather Could Drive Natural Gas Prices Higher
US natural gas inventories are 19% higher than their five-year average. High natural gas inventories could keep a lid on US natural gas prices.
Why Morgan Stanley Expects Crude Oil Prices to Trend even Lower
As of the end of April, crude oil prices had rallied by almost 70% since the lows of February 2016. But prices were still ~60% lower than in June 2014.
What’s the Long-Term US Natural Gas Price Forecast?
In its March Short-Term Energy Outlook report, the EIA forecast that the US natural gas supply-demand balance could average around 2.9 Bcf per day in 2016.
Gasoline Inventories and Consumption Impact Crude Oil Prices
The EIA reported that US gasoline inventories rose by 2.8 MMbbls to 259.1 MMbbls from February 3–10. US gasoline inventories are at the highest levels ever.
Crude Oil Prices Rose Due to the Supply Outage
NYMEX-traded WTI crude oil futures contracts for December delivery rose by 3.8% on November 3. Crude oil prices rose due to a supply disruption in Brazil.
Why US Crude Oil Production Could Hit a Record High in 2018
US crude oil production According to the EIA (U.S. Energy Information Administration), US crude oil production rose 13,000 bpd (barrels per day) to 9,658,000 bpd between November 10 and 17, 2017. Production, which rose for the fifth straight week, has been pressuring oil (SCO) prices in the last few weeks. Production has risen 977,000 bpd (11.3%) year-over-year. Any […]
Natural Gas Prices Are Impacted by the US Dollar
Between May 3 and May 10, 2017, natural gas (GASX) (FCG) (GASL) June futures rose 2%. The US dollar (UUP) (UDN) (USDU) rose 0.5% during that period.
Crude Inventories Rose as US Refinery Crude Demand Fell
The EIA reported that US refinery crude oil demand fell by 255,000 barrels per day to 16,597,000 bpd between July 29 and August 5.
US Natural Gas Production Rose Last Week
The EIA estimates that US dry natural gas production could average 73.7 Bcf per day in 2017 and 77.7 Bcf per day in 2018.
North American Oil and Gas Producers’ Debt Rose in 2015
AlixPartners surveyed 134 public companies in the US and Canada. The surveys showed that they had a cumulative long-term debt of more than $353 billion in 2015.
Will US Crude Oil Futures Rise above $50 per Barrel This week?
September US crude oil prices are on a rollercoaster ride in 2017 due to bullish and bearish drivers. US crude oil prices are near a two-month high.
Oil Prices Passed $50—a Key Psychological Number
US crude oil prices briefly breached the psychologically significant mark of $50 per barrel.
Why the Ruble Is on the Rise
The recovery of oil prices in the latter half of 2016 has helped the Russian ruble to appreciate along with improved exports.
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.
US Crude Oil Production Hit a 10-Month High: What’s Next?
The EIA (U.S. Energy Information Administration) reported that US crude oil production rose by 24,000 bpd (barrels per day) to 9,001,000 bpd between February 10 and February 17, 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.
Weather and Inventory Are Making Natural Gas Traders Bearish
Bearish natural gas traders will likely bet on mild weather and could raise their short positions as demand could drop during the peak period from November to March.
US Gasoline Inventories: Highest Level since July 2016
A larger rise in gasoline inventories limited the upside for gasoline prices. February gasoline futures rose 2.6% to $1.6 per gallon on January 11, 2017.
US Dollar and China: Crude Oil Prices Fell for the Third Day
December WTI crude oil futures fell by 2.0% on November 6, 2015. Crude oil prices fell due to the appreciating US dollar and weak demand data from China.
Why US Crude Oil Output Hit a High from January 2016
US crude oil output is at the highest level since January 25, 2016. The rise in crude oil output is the biggest bearish driver for crude oil prices in 2017.
How Much the US Dollar Is Impacting Natural Gas Now
Between April 26 and May 3, 2017, natural gas June futures fell 1.3%. The US dollar rose 0.2% during that period.
Saudi Arabia and US Inventories Pressure Crude Oil Prices
April WTI (West Texas Intermediate) crude oil (XLE) (XOP) (PXI) futures contracts fell 1.4% and settled at $47.72 per barrel on March 14, 2017.
Russia and OPEC: Key Bearish Catalysts for 2016
Russia’s energy minister reported that Russia is targeting to produce ~10.9 MMbpd of crude oil in 2016 compared to 10.7 MMbpd in 2015. It’s the highest in 30 years.
Geopolitical Tension Could Drive Brent and US Crude Oil Futures
Brent crude oil futures fell 0.7% to $49.61 per barrel on July 4, 2017. August WTI crude oil (XLE) (XOP) (PXI) futures contracts rose in electronic trading.
Crude Oil Prices Fell below 200-Day Moving Average
So far, crude oil prices and broader markets such as the S&P 500 (SPY) (SPX-INDEX) are diverging in 2017. SPY has risen 4.9% YTD (year-to-date).
Fall in US Refinery Demand and Imports Impacted Inventories
US refineries operated at 91.5% of their operable capacity in the week ending May 5, 2017. The US refinery demand fell for the second consecutive week.
Global Crude Oil Supply Outages Near 5-Year Low
The US Energy Information Administration estimates that global crude oil supply outages fell by 247,000 bpd (barrels per day) to 2.0 MMbpd (million barrels per day) in June 2017.
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.
Strong US Gasoline Demand Supports Gasoline and Crude Oil Prices
The EIA reported that the four-week average US gasoline demand fell by 6,000 bpd (barrels per day) to 9,770,000 bpd from August 5–12, 2016.
Natural Gas Prices Are Trading above Key Moving Averages
US natural gas inventories are 25% higher than their five-year average. High natural gas inventories could also limit the upside for US natural gas prices.
Saudi Arabia May Extend Crude Oil Production Cut beyond 2017
WTI (West Texas Intermediate) crude oil (UCO) (PXI) (VDE) futures contracts for June delivery rose 0.5% and closed at $46.43 per barrel on May 8, 2017.
Natural Gas: Is the US Dollar Crucial to Its Rise?
Between April 19 and April 26, 2017, natural gas (GASX) (FCG) (GASL) June futures fell 0.2%. The US dollar (UUP) (UDN) (USDU) fell 0.7% during that period.
Why Natural Gas Traders Need Not Worry about a Rate Hike
Between March 1 and March 8, 2017, natural gas (GASX)(UGAZ) (DGAZ) April futures rose 3.6%.
OPEC’s Crude Oil Production and Strategy Ahead of Its Meeting
A Bloomberg survey reported that that OPEC’s crude oil production increased by 484,000 bpd to 33.2 MMbpd in April 2016—compared to the previous month.
US Distillate Inventories Rose for the Fourth Straight Week
US distillate inventories rose by 1.1 MMbbls to 152.5 MMbbls on June 9–16, 2017. US distillate inventories rose for the fourth consecutive week.
Is Weekly US Crude Oil Production Bullish or Bearish?
The EIA reported that US crude oil production fell by 11,000 bpd to 8,681,000 bpd from November 4–11, 2016. Production fell 5.5% year-over-year.
OECD’s Oil Inventories Reached an All-Time High
OECD’s oil inventories are at the highest level ever. Record oil inventories are bearish for crude oil (PXI) (ERX) (DIG) (USL) (IXC) prices.
Hedge Funds: Bullish or Bearish on Natural Gas?
Aegent Energy Advisors predicts that US natural gas prices might not exceed $3.18 per MMBtu by December 2017.
What’s the Natural Gas Price Forecast for 2016 and 2017?
The EIA forecast that the US natural gas supply and demand gap will be 4.1 Bcf per day in 2016 and 4.4 Bcf per day in 2017.
Will US Natural Gas Futures End 2017 on a Low Note?
January US natural gas (UGAZ) futures contracts were below their 100-day, 50-day, and 20-day moving averages on December 21, 2017.
Recent Fall in the US Dollar: Crucial for Natural Gas?
Natural gas (GASX) (FCG) (GASL) July futures rose 0.5% on May 17–May 24, 2017. During this period, the US dollar (UUP) (UDN) (USDU) fell 0.3%.
Crude Oil Prices Fell and Snapped the 3-Day Rise
Market surveys from Bloomberg suggest that crude oil stocks could rise by 2.3 MMbbls for the week ending October 30. This is weighing on crude oil prices.
Blame Canada: Why Natural Gas Supplies Rose
Market intelligence company PointLogic reported that natural gas supplies rose by 0.6% to 80.2 Bcf (billion cubic feet) per day between June 16 and June 22.
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 Fell for the Fourth Time in 5 Weeks
The EIA reported that US distillate inventories fell by 1.9 MMbbls (million barrels) to 149.5 MMbbls on July 14–21, 2017.
How Will OPEC Respond to the Low Crude Oil Market in 2016?
In its December meeting, OPEC abandoned its collective production target of 30 MMbpd (million barrels per day). Interestingly, OPEC produced 32.1 MMbpd of crude oil in November 2015.
US Natural Gas Production Makes History: What’s Next?
US natural gas production hit a record of 73.3 Bcf (billion cubic feet) per day in February 2016.
Is US Crude Oil Production near an All-Time High?
US crude oil production rose by 128,000 bpd (barrels per day) or 1.3% to 9,878,000 bpd on January 12–19, 2018, according to the EIA.
US Gasoline Inventories Could Threaten Crude Oil Prices
According to the EIA, US gasoline inventories increased by 3.1 MMbbls (million barrels) to 244 MMbbls on January 12–19, 2018.
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.
Analyzing the API’s Gasoline and Distillate Inventories
On December 19, 2017, the API released its crude oil inventory report. US gasoline inventories rose by 2 MMbbls (million barrels) on December 8–15, 2017.
US Gasoline’s Demand Trend Is Changing
The EIA estimates that four-week average US gasoline demand fell by 21,000 bpd (barrels per day) to 9.1 MMbpd on December 1–8, 2017.
Crude Oil Prices Are Positive before OPEC’s Meeting
US crude oil futures for January delivery rose 0.3% to $57.47 per barrel at 1:10 AM EST on November 30, 2017. Prices rose ahead of OPEC’s meeting.
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.
US Dollar Could Pressure Crude Oil Futures This Week
The US Dollar Index rose 0.13% to 94.4 on November 13, 2017. It limited the upside for US crude oil (UWT) (DWT) prices on the same day.
US Gasoline Inventories Fell 18%, Bullish for Crude Oil
The EIA (U.S. Energy Information Administration) estimates that US gasoline inventories fell by 4,020,000 barrels to 212.8 MMbbls on October 20–27, 2017.
US Crude Oil Production Near 4-Week High: Another Bearish Factor
The EIA (U.S. Energy Information Administration) estimates that US crude oil production rose by 157,000 bpd (barrels per day), or 1.7%, to 9,510,000 bpd between September 8, 2017, and September 15, 2017.
US Gasoline Demand Could Fall in 2018
The EIA estimates that weekly US gasoline demand rose by 456,000 bpd (barrels per day) to 9.6 MMbpd (million barrels per day) on September 1–8, 2017.
Will US Crude Oil Futures Break $50 per Barrel?
Let’s track some important events for crude oil and natural gas traders between September 18 and September 22.
Why the US Dollar Hit a 33-Month Low
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.…
How Tropical Storm Harvey Impacts US Crude Oil and Gasoline Prices
WTI (West Texas Intermediate) crude oil (SCO)(BNO)(PXI) futures contracts for October delivery rose 0.4% and were trading at $46.8 per barrel in electronic trading at 2:05 AM EST on August 29.
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.
US Gasoline Inventories Pressured Gasoline and Crude Oil Futures
The EIA reported that US gasoline inventories rose by 22,000 barrels or 0.1% to 231.1 MMbbls (million barrels) on August 4–11, 2017.
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.
Russia’s Crude Oil Production Was Flat Again
The Russian Energy Ministry estimates that Russia’s crude oil production was flat at 10.95 MMbpd in July 2017—compared to the previous month.
US Dollar Recovers from a 13-Month Low
The US Dollar Index rose 0.77% to 93.7 on August 4, 2017. The US dollar rose due to the better-than-expected rise in US unemployment data.
Will the US Dollar Continue Its Bearish Momentum This Week?
August 2017 West Texas Intermediate crude oil futures contracts fell 0.5% and were trading at $46.83 per barrel in electronic trade at 1:45 AM EST on July 4, 2017.
Analyzing Iran’s Crude Oil Production and Export Plans
Iran’s crude oil production is at a seven-year high. Iran was able to scale up production after the US lifted sanctions on the country in January 2016.
Analyzing US Gasoline Inventories and Gasoline Demand
US gasoline inventories rose by 2.1 MMbbls to 242.3 MMbbls on June 2–9, 2017. Inventories rose 0.9% week-over-week and 2.3% year-over-year.
US Gasoline Inventories: More Concerns for Crude Oil Prices
US gasoline inventories are 7.2% below their all-time high. The expectation of a fall in gasoline inventories could support gasoline prices.
Is Natural Gas Reacting to the US Dollar?
Between March 3, 2016–June 7, 2017, natural gas active futures rose 84.1% while the US dollar fell 0.8%.
What to Expect from Crude Oil Futures This Week
US crude oil (USO) (IXC) (IYE) (PXI) prices are near their one-month low. Lower crude oil prices have a negative impact on oil producers’ earnings.
Is the US Dollar a Factor in Natural Gas’s Current Downturn?
The US dollar (UUP) (UDN) (USDU) fell 0.3% between May 24 and May 31, 2017.