|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||0.0321 - 0.0347|
|52 Week Range||0.0200 - 0.2900|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 23, 2016 - May 27, 2016|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1.00|
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.
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 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.
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 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.
On April 25, 2017, the API will release its weekly crude oil inventory report. A fall in crude oil inventories could support US crude oil prices.
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).
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.