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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.
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 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.
US Gasoline Demand Is Significant for Crude Oil Bulls
According to the EIA, US gasoline demand fell by 835,000 bpd (barrels per day) or 8.8% to 8,650,000 bpd on December 22–29, 2017.
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 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.
Investment Banks’ Estimates for Crude Oil Prices in 2018
WTI crude oil (USL) prices are at their 30-month high. The US benchmark also opened above $60 per barrel in January for the first time since 2014.
Will US Crude Oil Futures Test a 3-Year High?
US crude oil (USO) futures hit $60.73 per barrel in early morning trade on January 2, 2018—the highest level since June 2015.
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.
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.
US Crude Oil Inventories Have Fallen 8.3% in 2017
US crude oil inventories fell by 5.1 MMbbls (million barrels) to 442.9 MMbbls on December 1–8, 2017, according to the EIA.
Analyzing Saudi Arabia’s Crude Oil Production Cut Strategy
A Reuters survey estimated that Saudi Arabia’s crude oil production fell by 30,000 bpd (barrels per day) to 10,000,000 bpd in November 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.
Crude Oil Futures: What Could Drive Volatility This Week?
US crude oil (DWT) (UCO) futures hit $58.95 per barrel on November 24, 2017—the highest level in nearly three years.
What Could Drive US Natural Gas Futures Next Week?
The CFTC reported that hedge funds’ net long positions in US natural gas futures and options contracts rose by 33,734 contracts to 75,297 on November 7–14.
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 […]
US Natural Gas Futures Might Continue to Fall Next Week
December natural gas (GASL) (BOIL) futures were below their 50-day and 100-day moving averages of $3.12 per MMBtu and $3.16 per MMBtu on November 16, 2017.
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.
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.
US Gasoline Inventories Hit 3-Year Low
The EIA reported that gasoline inventories in the US fell by 3,312,000 barrels to 209.5 MMbbls (million barrels) between October 27, 2017, and November 3, 2017.
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.
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.
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.
US Distillate Inventories Were Flat Last Week
The EIA (U.S. Energy Information Administration) estimates that US distillate inventories were flat at 148.4 MMbbls (million barrels) between August 11, 2017, and August 18, 2017.
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.
Will US Crude Oil Futures Rise above $50 per Barrel This Week?
US active crude oil (PXI) (ERY) (FXN) futures hit $26.21 per barrel on February 11, 2016—the lowest level in more than 13 years.
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.
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.
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.
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.
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 US Crude Oil Prices Stay above $50 per Barrel?
WTI crude oil prices have fallen almost 12.0% year-to-date due to the rise in production for the United States, Libya, Nigeria, Brazil, and Canada 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.
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.
US Distillate Inventories Support Diesel and Crude Oil Futures
US distillate inventories fell for the third time in the last five weeks. Inventories fell 1.4% for the week ending July 14, 2017.
API’s Crude Oil Inventories Could Support Crude Oil
A market survey estimates that US crude oil inventories would have fallen by 3.7 MMbbls (million barrels) on July 7–14, 2017.
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.
Why Did the Saudi Arabian Economy Contract in 1Q17?
The oil-rich economy of Saudi Arabia saw its growth contract in 1Q17, primarily due to its capped oil production agreement with OPEC.
Miscellaneous Key Dates for the Energy Sector, July 10–14, 2017
There are several important events this week that could affect crude oil (USO) and natural gas (UNG) prices.
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.
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.
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.
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.
Key Support and Resistance Levels for US Crude Oil Futures
August US crude oil futures key support level is $43 per barrel. Prices tested this level three times in the last 15 months.
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.
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%.
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 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.
Massive Draw in US Crude Oil Inventories: Just the Beginning?
The API estimated that US crude oil inventories fell by 8.67 MMbbls on May 19–26. US crude oil inventories also fell by 19.77 MMbbls in the last five weeks.
How Did Crude Oil Movement by Rail Trend in February 2017?
The US Energy Information Administration estimates that US crude oil movement by rail fell by 3,546,000 barrels to 10,850,000 barrels in February 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%.
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.
Why USO Is Underperforming Crude Oil
From May 10 to May 17, 2017, the United States Oil ETF (USO) has risen 3.3%.
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.
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.
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.
Cushing Crude Oil Inventories Fell for 3rd Consecutive Week
Market surveys estimate that Cushing crude oil inventories rose between April 28 and May 5, 2017.
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.
Is USO Underperforming Crude Oil?
From April 27–May 4, 2017, the United States Oil ETF (USO) fell 7.6%. In the trailing week, WTI (West Texas Intermediate) crude oil June futures fell 7%.
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.
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.
US Distillate Inventories Fell for the Ninth Time in 10 Weeks
June diesel futures contracts rose 0.7% to $1.47 per gallon on May 3, 2017. Prices rose due to the fall in distillate inventories.
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.
US Crude Oil Futures: Key Support and Resistance
June WTI crude oil (IEZ) (USL) (PXI) futures contracts fell 0.3% to $49.4 per barrel in electronic trade at 4:05 AM EST on April 26, 2017.
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).
How USO Fared Compared to US Crude Oil This Week
From April 13–20, 2017, the United States Oil ETF (USO) fell 5.3%. In the trailing week, WTI crude oil June futures fell 5.4%.
Is the Falling US Dollar Supporting Natural Gas?
Between April 12 and April 19, 2017, natural gas (GASX) (FCG) (GASL) May futures fell 0.1%.
US Crude Oil Prices Are Near a 2-Week Low
US crude oil prices fell in post-settlement trade on April 18, 2017, after the API’s (American Petroleum Institute) crude oil inventory report.
Will the US Dollar’s Movement Affect Natural Gas?
Between April 5 and April 12, 2017, natural gas (GASX) (FCG) (GASL) May futures fell 2.4%.
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.
Analyzing Crude Oil Price Forecasts for 2Q17
A market survey of 31 banks shows that US WTI crude oil prices could average $54.5 per barrel in 2Q17. In 2Q17, prices could break the February 2017 high.
Cushing Crude Oil Inventories Hit a New Record
.For the week ending March 31, 2017, the EIA reported that Cushing crude oil inventories rose by 1.4 MMbbls (million barrels) to 69.1 MMbbls.
How the US Dollar Is Affecting Natural Gas Prices
Between March 29 and April 5, 2017, natural gas (GASX) (FCG) (GASL) May futures rose 1.1%.
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.
US Dollar Could Impact Natural Gas Prices
Between March 22 and March 29, 2017, natural gas (GASX) (FCG) (GASL) May futures rose 5.4%. The US dollar rose 0.3% during that period.
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.
Energy Calendar: Important Events for March 27–31
The energy sector contributed to ~6.5% of the S&P 500 on March 24, 2017. Oil and gas producers’ earnings depend on crude oil and natural gas prices.
EIA’s Crude Oil Inventories Could Pressure Crude Oil Prices
On March 21, 2017, the API released its weekly crude oil inventory report. It reported that US crude oil inventories fell by 4.5 MMbbls from March 10–17.
Iraq’s Crude Oil Production: More Pain for Crude Oil Bears
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.
Rate Hike Could Impact Your Natural Gas Investments
The Fed hiked the benchmark interest rate on March 15, which could strengthen the dollar. However, natural gas could escape the impact of a stronger dollar.
Oil on the Verge of Collapse: What the Inventory Spread Indicates
US commercial crude oil inventories rose ~8.2 MMbbls in the week ending March 3, 2017, reaching a historic high level that goes back to at least 1982.
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.
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.
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.
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%.
Lower Weekly Gasoline Inventories Could Support Oil Prices
The API released its weekly inventory report on March 7, 2017. It estimated that US gasoline inventories fell by 5 MMbbls between February 24 and March 3.
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.
Crude Oil Prices Pressure Gasoline Futures
April gasoline futures fell 3% to $1.67 per gallon on March 1, 2017. Prices fell despite the fall in US gasoline inventories.
Are Natural Gas Prices Taking Cues from the US Dollar?
From February 22, 2017, to March 1, 2017, natural gas (UGAZ) (DGAZ) April futures rose 3.6%. The US dollar (UUP) (UDN) (USDU) rose 0.6% during that period.
