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.
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.
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.
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 […]
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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 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.
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.
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.
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.
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.
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.
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%.
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.
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.
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.
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.
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.
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.
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.
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.
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.
