|Bid||7.80 x 2000|
|Ask||9.00 x 400|
|Day's Range||8.75 - 8.81|
|52 Week Range||7.40 - 9.91|
|PE Ratio (TTM)||-4.71|
|Expense Ratio (net)||0.78%|
The EIA estimates that crude oil inventories fell by 5.7 MMbbls to 456.4 MMbbls on October 6–13, 2017—the lowest levels since August 25, 2017.
In the week ended October 13, 2017, the US oil rig count fell by five to 743. On a year-over-year basis, the count has risen 72.0%.
From October 10–17, 2017, US crude oil December futures rose 1.7%. The S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA) rose 0.30% and 0.70%, respectively.
The US Dollar Index rose 0.22% to 93.14 on October 16. It's near a one-week high. The US dollar (UUP) rose due to the rise in US Treasury yields.
On September 25, 2017, the people in Kurdistan voted in a referendum for independence. As a result, Turkey blocked 500,000 bpd of crude oil exports.
Iraq’s crude oil exports hit 3.98 MMbpd (million barrels per day) in September 2017, according to Bloomberg—its highest level since December 2016.
Cushing crude oil inventories rose for the sixth consecutive week. Any rise in Cushing inventories is bearish for crude oil (USO) (USL) (SCO) prices.
Between September 29 and October 6, 2017, the United States Oil Fund ETF (USO) fell 4.4%, and US crude oil (OIIL) November futures fell 4.6%.
On October 4, 2017, crude oil prices closed at $49.98—approximately 1% lower than the previous close. On the same day, Chesapeake Energy stock fell ~0.5%.
The EIA estimates that US distillate inventories fell by 2.6 MMbbls (million barrels) to 135.4 MMbbls on September 22–29, 2017.
On October 3, 2017, Iraq banned selling dollars to Kurdistan's banks due to the vote in the referendum. Geopolitical tensions could impact crude oil prices.
Hedge funds increased their net bullish positions in US crude oil futures and options by 43,496 contracts to 251,788 contracts on September 19–26, 2017.
The West Texas Intermediate crude oil price rose from $50.66 per barrel on September 22 to $51.49 per barrel on September 29, 2017.
A Reuters survey estimates that Saudi Arabia’s crude oil production rose by 20,000 bpd to 10 MMbpd in September 2017—compared to August 2017.
If the EIA (U.S. Energy Information Administration) reports another fall in the US commercial crude oil inventory, it could push oil prices higher.
On September 22–29, the United States Oil Fund LP (USO) rose almost as much as US crude oil. USO rose 1.9%, while US crude oil November futures rose 2%.
The natural gas rig count rose by four to 190 in the week ended September 22, 2017. YoY (year-over-year), the natural gas rig count has more than doubled. However, the…
On September 26, US crude oil November futures fell 0.7% and closed at $51.88 per barrel, but between September 19 and 26, US crude futures rose 4%.
The EIA estimates that OPEC’s spare crude oil production capacity rose 35,000 bpd (barrels per day) to 2 MMbpd (million barrels per day) in August 2017.