Swift Energy Co

Hedge funds increased their net long positions in US crude oil futures and options by 16,345 contracts to 149,951 contracts on June 27–July 4, 2017.

The U.S. Energy Information Administration estimates that monthly US crude oil production fell 24,000 bpd (barrels per day) to 9.1 MMbpd (million barrels per day) in April 2017.

ETF Securities Changing Dollar Dynamic The rule of thumb known to many investors is that the US dollar has an inverse relationship with oil and energy prices. This negative relationship was most prominent from 2003 to 2014 (see “Oil’s inverse relationship to the dollar was most prominent from 2003 through 2014” chart below). During this […]

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.

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.

Libya’s crude oil production hit ~814,000 bpd in early May 2017. Bloomberg estimates that production is at the highest level since October 2014.

US gasoline futures contracts for June delivery fell 0.1% to $1.60 per gallon on May 17, 2017. Prices fell due to a lower fall in US gasoline 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.

June gasoline futures contracts rose 4% to $1.54 per gallon on May 10, 2017. Prices rose due to the fall in US gasoline inventories.

US crude oil production rose by 21,000 bpd to 9,314,000 bpd between April 28, 2017, and May 5, 2017. Production rose 0.2% week-over-week and 5.8% YoY.

Market surveys estimate that Cushing crude oil inventories rose on April 21–28. A rise in crude oil inventories could pressure US crude oil prices.

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).

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.

The EIA (U.S. Energy Information Administration) reported that US gasoline inventories fell 2.9 MMbbls (million barrels) to 236.1 MMbbls between March 31, 2017, and April 7, 2017.

The US dollar and crude oil (USO) (UCO) are usually inversely related. A fall in the US dollar makes crude oil more economical for oil importers.

Gasoline futures contracts for May delivery fell 0.4% to $1.71 per gallon on April 5, 2017. Prices fell despite the fall in US gasoline inventories.

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.

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.

The EIA reported that US gasoline inventories fell by 0.9 MMbbls (million barrels) to 256.2 MMbbls between January 27, 2017, and February 3, 2017.

As of January 9, crude oil prices were up 98.2% from their 2016 lows. Higher crude oil and natural gas prices have a positive impact on producers’ earnings.

The EIA reported that US on-highway diesel fuel prices rose 0.8% to $2.54 per gallon for the week ending December 26, 2016—compared to the previous week.

Market surveys suggest that Cushing crude oil inventories rose between December 16 and December 23, 2016.

For the week ending December 9, 2016, US gasoline inventories were 5% higher than they were in the same period in 2015.

WTI crude oil futures contracts for January delivery rose 1.0% and were trading at $52.20 per barrel in electronic trade at 4:50 AM EST on December 5, 2016.

NYMEX crude oil was at $26.21 per barrel on February 11—the lowest level since 2003. As of November 18, crude oil prices were up 77% from their 2016 lows.

Cushing crude oil inventories fell by 650,000 barrels from October 21–28, 2016. A fall in crude oil inventories at Cushing could support crude oil prices.

The events on the energy calendar influence crude oil and natural gas prices. The fluctuation in crude oil prices impacts oil and gas producers’ earnings.

Volatility in crude oil prices impacts the earnings of oil and gas producers such as Northern Oil & Gas (NOG), Comstock Resources (CRK), Swift Energy (SFY), and Triangle Petroleum (TPLM).

On August 9, the API will release its weekly crude oil inventories report. US crude oil inventories fell by 1 MMbbls between July 29 and August 5, 2016.

September WTI crude oil futures contracts rose and closed at $40.83 per barrel on August 3. Prices rose due to an unexpected draw in US gasoline inventories.

The API released its weekly crude oil inventories report on July 6. US crude oil inventories fell by 6.7 MMbbls for the week ending July 1, 2016.

The API released its weekly crude oil inventories report on June 21, 2016. It stated that US crude oil inventories fell by 5.2 MMbbls between June 10 and June 17.

July WTI crude oil futures contracts trading on NYMEX rose by 0.33% to settle at $49.17 per barrel on June 2, 2016.

The API released its weekly crude oil inventory report on June 1. US crude oil inventories rose by 2.4 MMbbls for the week ending May 27, 2016.

WTI and Brent crude oil prices settled below $50 per barrel due to profit booking. Oil traders were booking profit ahead of the US Memorial Day holiday on Monday, May 30, 2016.

OPEC’s monthly report highlighted that India’s crude oil demand rose by 0.6 MMbpd in March 2016, 15% higher than in the corresponding period in 2015.

The EIA released its weekly petroleum report on May 11, 2016. It reported that US gasoline inventories fell by 1.2 MMbbls to 240.6 MMbbls between April 29–May 6, 2016.

The API (American Petroleum Institute) released its weekly crude oil inventory report on May 3.

On May 2, the API (American Petroleum Institute) released its weekly crude oil inventory report.

On April 27, 2016, the EIA released its “This Week in Petroleum” report. It reported that average US retail gasoline prices rose by 1.7% week-over-week.

For the week ended April 22, 2016, distillate inventories are expected to fall. The estimates of falling gasoline and distillate inventories could benefit crude oil prices.

Crude oil prices have been on a roller coaster ride. WTI oil prices have rallied 52% since their lows from February 2016.

The EIA reported that US on-highway diesel fuel prices fell marginally by 0.3% to $2.1 per gallon on April 4, 2016—compared to the previous week.

Monthly US crude oil production peaked at 9.7 MMbpd in April 2015, which was the highest level since the 1970s.

The API reported that US gasoline inventories fell by 1.9 MMbbls (million barrels) for the week ending March 25, 2016—compared to the previous week.

On March 23, 2016, the EIA reported that US on-highway diesel fuel prices increased by 1% to $2.1 per gallon on March 21 compared with the previous week.

The US Dollar Index (DXY) depreciated against global currencies. It hit a two-week low. The US dollar fell by 0.2% on March 7, 2016.

Crude oil prices rose by ~42% since the lows in February 2016. The major reasons were the slowing US production and the new crude oil production deal.