VelocityShares 3x Invrs Crude Oil ETNNew
Latest VelocityShares 3x Invrs Crude Oil ETNNew News and Updates
Will Brent and US Crude Oil Prices Rise in 2018?
November US crude oil (DWT)(UWT)(USO) futures are above their 20-day, 50-day, and 100-day moving averages at $49.25, $48.77, and $48.11 per barrel as of September 25.
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.
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.
Will Crude Oil Futures and S&P 500 Move in the Same Direction?
February US crude oil (UWT) (USL) futures contracts rose 0.5% to $61.73 per barrel on January 8. Prices are near the highest level since December 2014.
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.
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.
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.
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.
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.
Crude Oil Futures: Next Important Resistance Level
WTI crude oil (UCO) futures closed at $62.01 per barrel on January 4, 2018—the highest level since December 2014. WTI prices rose ~12.4% in 2017.
Will US Oil Production Pressure Crude Oil Futures?
February WTI crude oil futures contracts fell 0.9% to $63.73 per barrel on January 16. Brent oil futures fell 1.6% to $69.15 per barrel on the same day.
Will US Crude Oil Production Undermine Crude Oil Futures?
According to the EIA, US crude oil production increased by 28,000 bpd (barrels per day) to 9,782,000 bpd on December 22–29, 2017.
Cushing Inventories Fell 33% from the Peak
Analysts expect that Cushing crude oil inventories could have declined on January 5–12, 2018. A fall in Cushing inventories is bullish for oil prices.
Understanding ConocoPhillips Stock’s Correlation with Crude Oil
ConocoPhillips’s stock performance As we saw in the previous part of this series, ConocoPhillips’s (COP) stock price rose ~2% in the week ended March 9, while crude oil (UWT) (SCO) (DWT) rose ~1%, suggesting that COP stock followed crude oil. In this part, we’ll try to quantify this correlation between COP stock and crude oil. ConocoPhillips’s stock […]
Restarting the Wintershall Oilfields in Libya Could Impact Oil Prices
On January 21, the NOC (National Oil Corporation) of Libya said that it would restart the Wintershall AG’s Sara oilfield. NOC is a state-owned oil company.
US Gasoline Inventories: More Concerns for Oil in 2018?
US gasoline inventories rose by 4.1 MMbbls (million barrels) to 237.3 MMbbls between December 29, 2017, and January 5, 2018.
EIA Upgraded Crude Oil Price Forecasts for 2018
The EIA forecast that Brent (BNO) crude oil would average $59.74 per barrel in 2018—4.3% higher than the previous estimates in December 2017.
US Crude Oil Output Hit the Highest Level since May 1971
US crude output increased by 167,000 bpd to 9.64 MMbpd in October 2017—compared to the previous month. It was the highest level since May 1971.
Why Oil Traders Are Tracking US Gasoline Inventories
US gasoline inventories rose by 0.5 MMbbls (million barrels) or 0.3% to 228.3 MMbbls from December 15 to 22, 2017, per the EIA.
US Crude Oil Rig Count: Almost Flat in the Last 5 Weeks
Baker Hughes published its US crude oil rig report on December 22, 2017. The US crude oil rig count was flat at 747 on December 15–22, 2017.
US Gasoline Inventories: Bearish Driver for Crude Oil Futures
The EIA estimated that US gasoline inventories rose by 1.2 MMbbls (million barrels) to 227.7 MMbbls on December 8–15, 2017.
Libya’s Crude Oil Production Is near a 4-Year High
The EIA estimates that Libya’s crude oil production rose by 20,000 bpd (barrels per day) or 2.1% to 980,000 bpd in November 2017.
Will US Crude Oil Inventories Push Crude Oil Prices Higher?
US crude oil inventories fell 17.3% from their peak. So far, they have fallen 8.3% in 2017. Similarly, oil (DWT) (UCO) prices have risen ~9% in 2017.
EIA Upgrades US Natural Gas Production for 2018
US dry natural gas production was flat at 76.1 Bcf (billion cubic feet) per day on December 7–13, 2017, according to PointLogic.
US Crude Oil Production Has Risen 16% since July 2016
US crude oil production rose by 73,000 bpd (barrels per day) to 9,780,000 bpd on December 1–8, 2017, according to the EIA.
US Distillate Inventories Fell for the First Time in 4 Weeks
US distillate inventories fell by 1.3 MMbbls (million barrels) to 128.1 MMbbls on December 1–8, 2017, according to the EIA.
How Could US Tax Bill Affect Dollar and Crude Oil Prices?
The US Dollar Index advanced 0.1% to 92.8 last week. Consequently, it pressured oil prices during the week.
Will OPEC’s Meeting Help Crude Oil Bulls or Bears?
OPEC’s meeting will be held on November 30, 2017. Reuters said that OPEC might extend the production cuts for nine more months.
US Gasoline Demand Today: Bullish or Bearish for Crude?
The EIA estimates that weekly US gasoline demand fell 178,000 bpd (barrels per day) to 9.4 MMbpd between September 8 and September 15.
Why Kurdish Regions Are Crucial for Iraq’s Crude Oil Exports
Iraq is the second-largest OPEC producer. The EIA (U.S. Energy Information Administration) estimates that Iraq’s crude oil production rose by 25,000 bpd (barrels per day) to 4,500,000 bpd in August 2017.
China’s Crude Oil Imports Hit a 2017 Low
China’s General Administration of Customs estimates that China’s crude oil imports fell by 180,000 bpd to 8 MMbpd in August 2017—compared to July 2017.
Are Crude Oil Futures Signaling a Breakout?
November US crude oil (UWT) (DWT) (USO) futures contracts rose 0.8% to $50.3 per barrel in electronic trading at 2:10 AM EST on September 20, 2017.
Pre-Hurricane Harvey, US Crude Oil Demand Hit a Record High
US refinery crude oil demand The EIA (U.S. Energy Information Administration) estimates that US refinery crude oil demand rose by 264,000 bpd (barrels per day) to 17,725,000 bpd between August 18 and 25, 2017, reaching the highest level since 1982. Refinery demand rose 1.5% week-over-week and rose 1,110,000 bpd, or 6.6%, year-over-year. High refinery demand is […]
Will US Gasoline Demand Impact Gasoline and Crude Oil Futures?
The EIA estimates that weekly US gasoline demand rose 107,000 bpd (barrels per day), or 1.1%, to 9.6 MMbpd between August 11 and August 18.
US Crude Oil Inventories Fall in Line with Market Expectations
A Reuters survey estimated that US crude oil inventories would fall 3.5 MMbbls between August 11, 2017, and August 18, 2017.
