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.
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’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.
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.
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.
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.
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.
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.
The Market’s expectation of a rate hike following improved economic data could boost the US Dollar Index (UUP), which could negatively affect crude oil prices.
The US (SPY) (VOO) consumer sentiment index was 93.5 for June’s final reading, according to the University of Michigan survey released on June 24, 2016.
The EIA (U.S. Energy Information Administration) reported that Cushing crude oil inventories fell by 1.3 MMbbls to 65.2 MMbbls for the week ending June 17 compared to the previous week.
India’s Petroleum, Planning, and Analysis Cell reported that India’s crude oil demand rose by 0.4 MMbpd in April. It’s 10% higher than the same period in 2015.
As of June 17, 2016, Triangle Petroleum (TPLM) had the highest implied volatility among upstream stocks at 225.5. Its 15-day average implied volatility was 232.5.
The one-month correlation of crude oil prices with the US Dollar Index was -9.2% on May 27. It shows the US dollar’s inverse impact on crude oil prices.
Crude oil’s (USO) implied volatility was 33.31 on May 27, 2016. The 15-day average is at 39.16. The current implied volatility is 15% below its 15-day average.
Market expectations of a rate hike could strengthen the US Dollar Index if the crude oil rally continues. Rising crude oil can also reflect improving consumer sentiment.
In this series, we will analyze how badly Continental Resources (CLR) was hit by weak oil prices, and what measures it has taken to counter this situation. In 2015, crude oil accounted for 66% of CLR’s total production and 85% of its revenues.
The US (SPY) (VOO) CPI (consumer price index) rose 0.4% on a month-over-month basis in April, according to a US Department of Labor report on May 17, 2016.
As of the end of April, crude oil prices had rallied by almost 70% since the lows of February 2016. But prices were still ~60% lower than in June 2014.
Iran is the third-largest oil producer in OPEC. Bloomberg projects that its crude oil production rose by 300,000 bpd to 3.5 MMbpd in April 2016 over March.
In February 2016, crude oil touched a 12-year low, and the S&P500 hit a one-year low. Crude oil and the S&P 500 index seem to have already discounted the slower growth rate.
May gasoline futures trading in NYMEX rose by 0.7% and settled at $1.39 per gallon on April 6. Gasoline prices rallied almost 30% from the lows in February.
Crude oil prices have rallied more than 40% since the lows reached in February 2016. Traders could square off their long positions as part of profit-booking.
Seasonality plays a key role in influencing crude oil prices. Crude oil prices tend to rise in August due to the summer driving season, which results in a rise in gasoline demand.
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.
API reported that the US crude oil inventory rose by 1.5 MMbbls for the week ending March 11, which represents the fifth increase in the past six weeks.
