US crude oil production The EIA (U.S. Energy Information Administration) estimates that US crude oil production rose by 2,000 bpd (barrels per day) to 9,530,000 bpd between August 18 and 25, 2017. Production rose 1,042,000 bpd, or 12.3%, from the same period in 2016. It has risen for three consecutive weeks to August 25, and has reached […]
Baker Hughes (BHI) released its US crude oil rig count report on August 25, 2017. Baker Hughes reported that the US crude oil rig count fell by four or 0.5% to 759 between August 18 and August 25.
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.
September WTI (West Texas Intermediate) crude oil (OIH) (SCO) (DIG) futures contracts rose 0.5% to $47.81 per barrel in electronic trading at 1:50 AM EST on August 16, 2017.
The EIA estimates that OECD’s crude oil inventories rose by 2.31 MMbbls (million barrels) or 0.1% to 3,021.5 MMbbls in May 2017—compared to April 2017.
According to its investor presentation released on May 17, 2017, Oasis Petroleum (OAS) holds a premier acreage position in the Williston Basin. This series will look at what we can expect from Oasis this year.
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.
The EIA (U.S. Energy Information Administration) estimated that four-week average US gasoline demand fell by 80,000 bpd to 9,237,000 bpd on April 14–21.
The US Dollar Index fell 1% to 98.9 for the week ending April 28, 2017. The dollar hit a high of 103.8 on January 3, 2017—the highest level in 14 years.
The API released its weekly inventory report on April 11. It estimated that US gasoline inventories fell by 3.7 MMbbls between March 31 and April 7, 2017.
The fall in crude oil imports impacts inventories, which in turn impacts crude oil prices. Volatility in crude oil prices impacts oil producers’ earnings.
Continental Resources’ (CLR) estimated rate of return is $60 per barrel for WTI (West Texas Intermediate) and $3.5 per thousand cubic feet for Henry Hub (or HH) natural gas.
Market surveys estimate that Cushing crude oil inventories rose from March 17–24. A rise in oil inventories at Cushing could pressure US crude oil prices.
The API reported a surprise draw in US crude oil inventories for the week ending March 10. If the EIA shows a surprise draw, it could support oil prices.
March WTI (West Texas Intermediate) crude oil (USO) (UCO) (IXC) (IYE) futures contracts fell 0.2% and settled at $53.1 per barrel on February 15, 2017.
The API’s report will be followed by the EIA’s weekly crude oil inventory report on February 15, 2017. The data will be for the week ending February 10.
The US dollar and crude oil (USO) (IEZ) (PXI) (USL) are usually inversely related. A stronger US dollar makes crude oil more expensive for oil importers.
The US Dollar Index fell 0.2% on February 6. The US dollar fell due to mixed US jobs data. The data showed strong hiring in January, but slow wage growth.
The API released its weekly inventory report on January 31, 2017. It estimates that US gasoline inventories rose by 2.9 MMbbls from January 20–27, 2017.
March WTI (West Texas Intermediate) crude oil (PXI) (BNO) (USL) (IYE) futures contracts fell 0.8% and settled at $52.75 per barrel on January 25, 2017.
Crude oil prices were $54.1 per barrel on December 28—the highest since July 14, 2015. As of January 16, 2017, crude oil prices are 3.4% below their highs.
The EIA (U.S. Energy Information Administration) estimated that US gasoline demand rose by 9,000 bpd (barrels per day) to 9,278,000 bpd between December 16 and December 23, 2016.
Successful implementation of Donald Trump’s proposed energy policies, the strengthening dollar, rising US crude oil rigs, and high crude oil and gasoline could limit the upside for crude oil prices in 2017.
Volatility in the US dollar could swing crude oil prices in 2017. The strong US dollar is expected to be a key downside catalyst for crude oil prices in 2017.
In its December 2016 presentation, Whiting Petroleum (WLL) noted that its enhanced completion wells were tracking at a 900 Mboe EUR type curve in the Williston Basin.
Whiting Petroleum (WLL) holds 443,125 net acres in the Williston Basin, where the Bakken and Three Forks plays are located. At the end of 2015, WLL had ~6,050 gross drilling locations in the Williston Basin.
On December 14, the Federal Reserve reported that it would raise the interest rate by 25 basis points. As a result, the US Dollar Index appreciated by 0.7%.
Continental Resources (CLR) is the largest leaseholder and one of the largest producers in the Bakken Shale, one of the premier oil plays in the United States. In this series, we’ll focus on its performance, fundamentals, and strategies in 2016.
Oilfield equipment and services companies such as Schlumberger and Baker Hughes have fared well in the trailing-five-day, trailing-one-month, and year-to-date periods.
Oil and gas exploration and production companies’ performances have been poor over the trailing-five-day and trailing-one-month periods due to lower crude oil prices.
The EIA reported that US crude oil inventories rose by 14.4 MMbbls to 482.6 MMbbls from October 21–28—the largest weekly rise in US crude oil inventories.
December WTI crude oil futures contracts fell 1.4% to $46 per barrel in electronic trade at 5:55 AM EST on November 2, 2016. It’s the lowest level since September 27, 2016.
December WTI (West Texas Intermediate) crude oil futures contracts fell 1.5% to $49.2 per barrel in electronic trade at 5:00 AM EST on October 26, 2016.
On October 12, the API released its weekly crude oil inventory report. US crude oil inventories rose by 2.7 MMbbls between September 30 and October 7, 2016.
The EIA (U.S. Energy Information Administration) reported that US gasoline inventories rose 222,000 barrels to 227.4 MMbbls (million barrels) between September 23 and September 30, 2016.
November WTI crude oil futures contracts rose 0.9% and settled at $48.24 per barrel on September 30. A weak US dollar also supported US crude oil prices.
The events in the energy sector influence crude oil and natural gas prices. The ups and downs in crude oil prices impact oil and gas producers’ earnings.
November WTI (West Texas Intermediate) crude oil futures contracts were up 2.1% to $45 per barrel in electronic trade at 6:42 AM EST on September 21, 2016.
Russia’s crude oil production rose to ~11 MMbpd (million barrels per day) in early September 2016, according to data published by the Russian Ministry of Energy.
A Bloomberg survey indicated that Nigeria’s crude oil production fell by 130,000 bpd (barrels per day) to 1.4 MMbpd (million barrels per day) in August 2016 compared to the previous month.
