ProShares UltraShort Bloomberg Crude Oil
Latest ProShares UltraShort Bloomberg Crude Oil News and Updates
Crude Oil Prices Settle below Key Moving Averages after Brexit
Market surveys project that the global crude oil glut could narrow due to supply outages in 2016.
Decoding OPEC Members’ Crude Production in July 2016
Lower crude oil prices impact US and international oil producers’ profitability such as PetroChina (PTR), Sanchez Energy (SN), and Stone Energy (SGY).
Is $30 for Crude Oil Coming?
US crude oil (USO) (OIIL) (USL) (DBO) futures contracts for May delivery closed at $48.24 per barrel on March 21, 2017.
EIA Crude Oil Inventory Report Supports Bearish Traders
The EIA reported that the US commercial crude oil inventory rose by 2.6 MMbbls (million barrels) to 487.4 MMbbls for the week ending December 25, 2015.
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.
Will the US Crude Oil Output Rise in November?
The EIA (U.S. Energy Information Administration) published that the US crude oil output rose by 48,000 bpd to 9.2 MMbpd for the week ending October 30, 2015.
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.
US Crude Oil Rig Count Fell for 4th Straight Week
Last week, Baker Hughes reported that the US crude oil rig count fell by one rig to 515 rigs for the week ending January 15, 2016.
Will 2017 or 2018 Mark the Return of the Bulls?
The EIA published its monthly STEO report on January 12, 2016. The global crude oil production will rise to 95.9 MMbpd in 2016 and 96.7 MMbpd in 2017.
Global Crude Oil Supply Outages Impact Crude Oil Prices
The EIA estimates that global crude oil supply outages fell by 38,000 bpd to 2,284,000 bpd in November 2016—compared to the previous month.
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 to Expect from OPEC’s Crude Oil Production in August 2017
October WTI (or West Texas Intermediate) crude oil (USO) (UCO) futures contracts rose 0.4% and were trading at $47.73 per barrel in electronic trade at 2:00 AM EST on August 22, 2017.
Market Moves Focus to OPEC Meeting in November
Crude oil prices rose 12% in August 2016, partially due to speculation around OPEC’s attempts to cap output.
Backwardation: What It Could Mean for Crude Oil Prices
When the crude oil futures forward curve to slopes downwards, the situation in the crude oil futures market is called “backwardation.”
How US Consumer Sentiment Affects Energy Commodities
The US consumer sentiment index was at 96.9 in March’s final reading.
Declining Crude Oil Inventory versus Oversupply Sentiments
July WTI crude oil futures trading on NYMEX showed the rectangular trading range pattern. Prices have been fluctuating between $58 and $61 per barrel for a few 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.
How the Crude Oil Market Could React to the Doha Oil Producers Meeting
A meeting of oil producers is scheduled in Doha, Qatar, for April 17. The meeting is meant to support crude prices and will focus on freezing production.
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.
Hedge Funds Change Net Long Positions in WTI Crude Oil
The CFTC released its weekly Commitments of Traders report on March 3. Hedge funds’ net long positions hit 413,637 contracts in the week ending February 21.
US Distillate Inventories Rose for the First Time in 5 Weeks
US distillate inventories rose by 0.4 MMbbls to 146.7 MMbbls on May 19–26, 2017. Distillate inventories rose 0.3% week-over-week but fell 1.9% YoY.
Will US Crude Oil Futures Be Range Bound This Week?
WTI crude oil (USO) futures hit $58.95 per barrel on November 24, 2017—the highest level in nearly three years.
Crude Oil Prices Fall: Strong Dollar and Oversupply to Blame
June WTI crude oil futures contracts trading on NYMEX fell 0.85% and closed at $47.75 per barrel on Friday, May 20. Crude oil prices fell due to profit-booking and a strong dollar.
US Crude Oil Inventory Report Might Disappoint Traders
An unexpected increase in US oil inventories pressured WTI oil (USO) (UCO) prices in post-settlement trade on November 28, 2017.
Libya’s Crude Oil Production Could Impact Crude Oil Prices
Libya produced ~1.8 MMbpd of crude in 2007. Civil war and militant attacks on its oil infrastructure caused the fall in Libya’s crude oil production.
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.
Hopes for Oil Producer Meeting Boosted Prices for Last 2 Months
The Doha meeting was originally scheduled for March 2016. However, due to scheduling difficulties, it had to be postponed, which led to a rise in crude oil price volatility.
Libya’s Crude Oil Production Reached a 3-Year High
Libya’s National Oil Corporation reported that the country’s crude oil production rose by 300,000 bpd between September 2016 and January 2017.
OPEC Could Pressure US Natural Gas Prices in 2018
US natural gas rigs rose 35% in the last 12 months, while US natural gas prices (UNG) fell 20% during this period.
Will Gasoline and Distillate Inventories Support Crude Oil Bulls?
October US crude oil futures contracts fell 0.3% to $46.31 per barrel in early electronic trading on August 30, 2017.
US Distillate Inventories Rose for the Fourth Time in 5 Weeks
US distillate inventories rose for the fourth time in the last five weeks. They rose ~3% in the last five weeks, which is bearish for diesel and oil prices.
Traders Focus on the API and EIA’s Crude Oil Inventories
On May 16, 2017, the API released its weekly crude oil inventory report. US crude oil inventories rose by 0.8 MMbbls (million barrels) on May 5–12, 2017.
What Are the Key Drivers for the Crude Oil Market This Week?
July West Texas Intermediate crude oil futures contracts trading in NYMEX rose by 2.9% and settled at $49.37 per barrel on June 20, 2016.
EIA Downgraded US and Brent Crude Oil Price Forecasts
The EIA released its monthly STEO report on May 9, 2017. It estimates that US WTI crude oil prices would average $50.68 per barrel in 2017.
API Crude Oil Stocks Could Add More Pain for Crude Oil Prices
On April 19, the API will release its weekly crude oil inventory report. The US crude oil inventory rose by 6.22 MMbbls for the week ending April 8, 2016.
Saudi Arabia’s Crude Oil Production Rose: Will Prices Fall More?
Saudi Arabia reported that its crude oil production rose by 263,300 bpd (barrels per day) to 10.01 MMbpd (million barrels per day) in February 2017.
US Crude Oil Production Hit a 13-Month High
US crude oil production is at the highest level since February 2016. The rise in crude oil production pressured crude oil prices on March 8, 2017.
Crude Oil Fell Again: What about Oil-Weighted Stocks?
On July 11, 2016, US crude oil closed at $44.76 per barrel. That’s 1.4% below its previous closing price. That’s also 12.6% below its highest level for 2016.
What Really Moved ConocoPhillips Stock Last Week?
For the week ending October 20, ConocoPhillips stock showed a negative correlation of -15% with crude oil (USO) (SCO).
OPEC and Non-OPEC Meeting Could Drive Crude Oil Futures
August US crude oil futures contracts rose 0.4% and closed at $44.4 per barrel on July 10. Brent crude oil futures rose 0.4% to $46.8 per barrel.
Energy Calendar for Oil and Gas Traders: May 1–5
The energy sector contributed to ~6.3% of the S&P 500 (SPY) (SPX-INDEX) on April 28, 2017. Oil and gas are major parts of the energy sector.
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 […]
China’s Crude Oil Imports Hit a New Record
China’s General Administration of Customs reported that China’s crude oil imports rose to 9.21 MMbpd (million barrels per day) in March 2017.
API Crude Inventory Estimates Could Weigh on Crude Oil Prices
On September 20, the API will release its weekly crude oil inventory report. US crude oil inventories could have risen by 2,300,000 barrels from September 9–16.
China’s Crude Oil Production: A Game Changer in 2016?
China’s crude oil production could fall by 3%–5% in 2016. The fall in China’s crude oil production would be substituted by the rise in China’s crude oil imports.
Why US Gasoline Inventories Rose for the Third Straight Week
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.
WTI Crude Oil Charts: Will History Repeat This Time?
WTI crude oil futures for June delivery showed the rectangular trading range pattern. Oil prices have been fluctuating between $58 and $61 per barrel for the last ten days.
Will US Crude Oil Inventories Fall for the Ninth Week?
The API estimated that US crude oil inventories fell by 4.6 MMbbls (million barrels) between May 26, 2017, and June 2, 2017.
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.
US Distillate Inventories Rose for the Eighth Time in 10 Weeks
US distillate inventories rose by 0.64 MMbbls (million barrels) to 139.8 MMbbls on January 12–19, 2018, according to the EIA.
Cushing Crude Oil Inventories’ Record Highs: Impact on Oil
Market surveys estimate that Cushing crude oil inventories fell from February 10 to 17, 2017. A fall in crude oil inventories at Cushing could support US crude oil prices.
Near-Record US Crude Oil Inventory: Will Oil Blood Bath Continue?
June WTI crude oil futures contracts fell 0.40% and were trading at $48.68 per barrel in electronic trade at 2:35 AM EST on May 2, 2017.
Oil Prices Passed $50—a Key Psychological Number
US crude oil prices briefly breached the psychologically significant mark of $50 per barrel.
Long Positions Fall in the CFTC’s Commitment of Traders Report
The CFTC’s COT report states that hedge funds reduced their long positions for the week ending January 12, 2016. The net long positions fell by 20,673 contracts to 163,504 contracts during the week.
Uncertain Times for the Crude Oil Market: Neutral Doji Pattern
June WTI crude oil futures showed the neutral doji pattern on May 9. Oil prices are swinging due to the frequent change in supply and demand dynamics.
Global Crude Oil Supply Outages Could Push Oil Prices Higher
According to the EIA, global crude oil supply outages increased by 208,000 bpd or 14% to 1,738,000 bpd in December 2017—compared to November 2017.
Are Crude Oil Traders the Bullish Catalyst for the Global Oil Market?
Bullish crude oil prices benefit upstream companies like Matador Resources (MTDR), SM Energy (SM), Warren Resources (WRES), and Bonanza Creek Energy (BCEI).
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 Distillate Inventories and Crude Oil Price Forecasts
The EIA reported that US distillate inventories rose by 0.3 MMbbls to 151.4 MMbbls on June 2–9, 2017. Inventories rose for the third straight week.
Will the US Dollar and Inventories Impact Crude Oil Futures?
March US crude oil (DBO) (UWT) futures contracts increased 1.8% to $65.61 per barrel on January 24, 2018.
Why you might not want to invest directly in commodity futures
Futures contracts are the most direct method of investing in oil and natural gas price movements, but may not be appropriate for individual investors.
Why Are Analysts Bullish on Crude Oil Prices in 2017?
Implementation of Donald Trump’s proposed energy policies, the strengthening dollar, and rising US crude oil rigs could pressure crude oil prices in 2017.
Will Crude Oil Prices Start 2018 on a Positive Note?
A Reuters survey estimated that Brent and US crude oil prices could average $58.84 per barrel and $54.78 per barrel in 2018.
Libya’s Crude Oil Production Nears 4-Year High: What’s Next?
Libya is an OPEC member but was exempt from the production cut deal due to political and economic instability.
Crude Oil Prices in 2016: Crucial Support and Resistance Levels
Crude oil has rallied by almost 40% in the past two months. But prices have fallen by 65% since June 2014. Oil prices have breached key moving averages.
Libya’s Crude Oil Production Hit a 3-Year High
Libya’s National Oil Corporation reported that the country’s crude oil production rose to ~700,000 bpd in January—the highest level in the last three years.
Game Changer: API Crude Oil Inventory Data and Cushing Stocks
The API crude oil inventory rose for the fourth consecutive week. The rising crude oil inventory will continue to put pressure on crude oil prices.
Goldman Sachs: OPEC and Russia Could Pressure Oil Prices
Goldman Sachs (GS) thinks that a rise in production from OPEC, Russia, and the US in 2H18 could lead to renewed oversupply by the end of 2018.
Libya, Iran, and Nigeria Could Impact Crude Oil Prices in 2017
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 […]
Hedge Funds’ Net Bullish Positions on US Crude Oil
Hedge funds reduced their net bullish positions in US crude oil futures and options by 1,136 contracts to 133,606 contracts on June 20–27, 2017.
Doji pattern: Crude Oil Prices Settle Below $60 per Barrel
Massive supply and a strong dollar will continue to put pressure on oil prices. On the other hand, slowing US output could support crude oil prices.
Unexpected Inventory Buildup: Will Crude Oil Hit $52 per Barrel?
The US commercial crude oil inventory data will be reported by the EIA today. Prices may experience volatility due to inventory increasing more than market estimates.
Will Gasoline Inventories Help Crude Oil Prices Recover?
The API estimated that US gasoline inventories fell by 1.1 MMbbls from March 17–24, 2017. US distillate inventories fell by 2 MMbbls during the same period.
Cushing Crude Oil Inventories: More Pain for Oil Prices?
Market surveys estimate that Cushing crude oil inventories rose from March 3–10. A rise in crude oil inventories could pressure US crude oil prices.
US Crude Oil Inventories: Lower than the Market’s Expectation
The EIA reported that US crude oil inventories fell by 6.4 MMbbls (million barrels) to 509.9 MMbbls on May 19–26, 2017.
Cushing Inventories Hit January 2015 Low
A Bloomberg survey estimates that the crude oil inventories at Cushing could have declined by 2.3 MMbbls (million barrels) on January 12–19, 2018.
OPEC’s Crude Oil Production: How It Could Impact the Surplus
The EIA estimates that OPEC’s crude oil production fell by 903,000 bpd to 32.28 MMbpd in January 2017—compared to the previous month.
US Crude Oil Production Near 2-Year High
The EIA reported that US crude oil production rose 59,000 bpd to 9.4 MMbpd between June 30, 2017, and July 7, 2017.
US Crude Oil Inventories Fell below the 5-Year Average
The EIA reported that US crude oil inventories fell by 7.2 MMbbls to 483.4 MMbbls on July 14–21, 2017. Inventories fell below the five-year range.
Will WTI crude oil hit $54 per barrel?
April crude oil futures for WTI (West Texas Intermediate) broke out of the double bottom pattern. Prices closed at $51.53 per barrel on March 4, 2015.
OPEC-Russia Meeting: Will It Stabilize the Crude Oil Market?
On March 14, OPEC’s delegates reported that Russia, Saudi Arabia, Venezuela, and Qatar will meet in Doha in April. The meeting will renew talks to stabilize the oil market.
US Crude Oil Inventories Fell 10% from Their Peak
The EIA reported that US crude oil inventories fell by 1.5 MMbbls (million barrels) or 0.3% to 481.8 MMbbls on July 21–July 28, 2017.
How Do Crude Oil, Gasoline, and Diesel Prices Mirror Each Other?
The EIA estimates that US gasoline prices could average around $1.98 per gallon in 2016—the lowest annual average for gasoline prices since 2004.
US Diesel Futures Follow Crude Oil Prices
February 2017 NY Harbor ULSD futures fell and settled at $1.66 per gallon on December 21. Diesel futures fell despite the fall in distillate inventories.
Why Major Banks Upgraded Crude Oil Price Forecasts
The rise in crude oil production from Libya and Iran in 2017 could pressure crude oil (PXI) (USL) (USO) (UCO) prices.
US Gasoline Demand: Key Crude Oil Driver in 2017
The EIA estimated that four-week average US gasoline demand rose by 210,000 bpd (barrels per day) to 9,312,000 bpd from March 17–24, 2017.
Will Crude Oil Futures Rise or Fall This Week?
WTI crude oil (SCO) futures settled at $64.30 per barrel on January 12, 2018—the highest level since December 2014.
What Could Offset OPEC’s Crude Oil Production Cut Deal?
US crude oil production rose by 22,000 bpd to 9,342,000 bpd on May 19–26, 2017. Production is near the highest level since August 14, 2015.
US Distillate Inventories Fell for the Third Time in 10 Weeks
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.
Will Iran’s Crude Oil Production Pressure Crude Oil Prices?
OPEC estimated that Iran’s crude oil production rose by 22,300 barrels per day to 3.7 MMbpd in August 2016—compared to the previous month.
What to Watch for in the Energy Sector This Week
Moves in crude oil prices can impact the earnings of oil and gas producers such as ConocoPhillips (COP) and Northern Oil & Gas (NOG).
Red alert: Will crude oil hit $42 per barrel?
The key support for WTI oil is at $48 per barrel. If crude oil breaks $48 per barrel, it will hit $42 per barrel. The US dollar will also put pressure on crude oil prices.
Distillate Inventories: More Bullish News for Oil
The US Energy Information Administration (or EIA) released its weekly crude oil and gasoline inventory report on September 20, 2017.
Will OPEC Meeting in Vienna Affect Crude Oil Futures?
November US crude oil (UWT) (SCO) (DBO) futures contracts rose 1.6% and closed at $49.3 per barrel on September 20, 2017.
Cushing Inventories Hit February 2015 Low
A Bloomberg survey estimated that the crude oil inventories at Cushing could have fallen by 1.5 MMbbls between December 29, 2017, and January 5, 2018.
Gasoline Demand: Important for Crude Oil Bulls
The EIA reported that US gasoline demand rose by 114,000 bpd to 9.8 MMbpd from July 8–15, 2016.
Crude Oil Prices Could End 2017 on a High Note
A Reuters poll estimated that WTI crude oil (USL) prices could average $54.78 per barrel in 2018 after extending the production cuts.
Is the US Capturing Crude Oil Market Share in China and India?
India is the third-largest crude oil consumer after the US and China. India is expected to import crude oil from the US by October 2017.
US Crude Oil Prices Could Pressure Natural Gas Futures
Baker Hughes is scheduled to release its US crude oil and natural gas rig count report on November 11, 2017.
US Crude Oil Inventories Hit a New Record
The EIA (U.S. Energy Information Administration) reported that US crude oil inventories rose by 1.6 MMbbls to 535.5 MMbbls from March 24–31, 2017.