Triangle Petroleum Corp

A Wall Street Journal survey estimates that US crude oil prices could average $51 per barrel in 2018—$2 per barrel lower than previous estimates.

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.

Libya’s crude oil production was at 1,030,000 bpd in July 2017. Production has risen ~60% from its levels in January 2017.

September US crude oil (BNO) (IEZ) (UCO) futures contracts fell 0.3% to $46.4 per barrel in electronic trading at 2:15 AM EST on July 19, 2017.

August US crude oil (VDE) (IEZ) (XES) futures are trading above their 20-day moving average of $45 per barrel as of July 3, 2017.

The EIA (U.S. Energy Information Administration) reported that US crude oil production fell by 100,000 bpd to 9,250,000 bpd on June 16–23, 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.

Brent crude oil futures are trading below their 20-day, 50-day, 100-day, and 200-day moving averages of $49.9, $51.6, $53.3, and $53.8 per barrel.

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 gasoline inventories are 7.2% below their all-time high. The expectation of a fall in gasoline inventories could support gasoline prices.

A fall in Cushing inventories could benefit US crude oil (BNO) (SCO) (UCO) prices. Crude oil prices have risen 2.8% in the last four weeks.

The EIA estimated that OPEC’s spare crude oil production capacity fell by 36,277 bpd to 2.32 MMbpd in April 2017—compared to March 2017.

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.

US crude oil production fell by 9,000 bpd to 9,305,000 bpd on May 5–12, 2017. Production fell 0.1% week-over-week, but rose 5.8% year-over-year.

The EIA estimated that four-week average US gasoline demand rose by 33,000 bpd to 9,248,000 bpd between April 28, 2017, and May 5, 2017.

The EIA estimates that OPEC’s crude oil production rose by 90,000 bpd to 31.71 MMbpd (million barrels per day) in April 2017—compared to March 2017.

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 estimated that four-week average US gasoline demand fell by 22,000 bpd (barrels per day) to 9,215,000 bpd on April 21–28, 2017.

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 EIA reported that monthly US crude oil production rose 196,000 bpd to 9.0 MMbpd in February 2017.

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.

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% YTD (year-to-date).

For the week ending March 17, 2017, the EIA reported that US crude oil inventories rose by 5 MMbbls to 533.1 MMbbls—the highest level ever.

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.

On March 17, the CFTC released its weekly Commitments of Traders report. Hedge funds decreased their net long positions in US WTI crude oil contracts.

April gasoline futures fell 1.3% to $1.58 per gallon on March 15, 2017. Prices fell despite the fall in US gasoline inventories.

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.

On March 7, the API released its weekly crude oil inventory report. US crude oil inventories rose by 11.6 MMbbls between February 24 and March 3.

April WTI (West Texas Intermediate) crude oil (BNO) (IXC) (IYE) futures contracts rose 1.6% and settled at $54.45 per barrel on February 23, 2017.

On February 22, the API will release its weekly crude oil inventory report. US crude oil inventories could have risen from February 10–17, 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 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.

Libya’s National Oil Corporation reported that the country’s crude oil production rose by 300,000 bpd between September 2016 and January 2017.

As of January 27, 2017, crude oil prices rose 103% from their 2016 lows. Higher crude oil prices have a positive impact on producers’ earnings.

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.

For the week ending January 6, 2017, the EIA reported that US crude oil inventories rose by 4.1 MMbbls (million barrels) to 483.1 MMbbls.

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.

Steady world oil consumption would support oil prices in 2017. The change in world consumption is expected to average 1.6% in 2017.

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.

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

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.

Crude oil prices rose on November 15, 2016. However, expectations of a bearish crude oil inventory report could pressure crude oil prices.

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 US stock market is volatile because the election is right around the corner. The US presidential election will take place on November 8, 2016.