|Bid||13.58 x 66400|
|Ask||13.59 x 271300|
|Day's Range||13.55 - 13.73|
|52 Week Range||8.65 - 14.00|
|PE Ratio (TTM)||N/A|
|Expense Ratio (net)||0.31%|
The EIA estimates that US crude oil exports increased by 544,000 bpd (barrels per day) to 1,749,000 bpd on April 6–13. Crude oil exports also increased by 1,184,000 bpd or 210% from a year ago.
According to the EIA, the global crude oil supply outage increased by 18,000 bpd (barrels per day) to 1,793,000 bpd in March 2018—compared to the previous month. However, supply outages declined by 551,000 bpd or 24% year-over-year.
On April 23, Brent crude oil June futures settled at $6.07 more than WTI crude oil June futures. The difference is called the “Brent-WTI spread.” On April 16, the Brent-WTI spread was at $5.22.
According to the EIA, OECD’s (Organisation for Economic Cooperation and Development) crude oil inventories declined 0.7% to 2,783.5 MMbbls (million barrels) in March 2018—compared to the previous month. The oil inventories were near the lowest level since March 2015.
The S&P 500 rose ~0.01% to 2,670.29 on April 23 due to optimism about strong 1Q18 earnings results. Analysts estimate earnings growth of ~20% for S&P 500 companies in 1Q18, which could be the strongest earnings results in seven years. Five out of the ten major sectors in the S&P 500 rose on April 23.
Analysts estimate that Cushing inventories could have increased on April 13–20. A larger-than-expected rise in Cushing inventories could pressure oil prices.
Iran's leaders seem to have contracted a case of economic idiocy. The news comes during a period of fast-deteriorating diplomatic relations between Tehran and Washington, which makes the currency denomination change look like a way for the Iranian leadership to snub the U.S. Iran's announcement seems as ridiculous as that of Venezuela's socialist leader Nicolas Maduro. In March that country decided to tackle the nation's wealth-withering hyperinflation by eliminating three zeros from the currency, the Bolivar.
On April 20, 2018, major oil producers’ meeting was held in Jeddah to discuss extending ongoing production cuts. The meeting highlighted OPEC’s higher compliance with ongoing production cuts. On April 20, Saudi Arabia’s energy minister said that production cuts could continue into 2019. The expectation of an extension supported oil prices last week. Brent and US crude oil prices increased ~2% and ~1.5% respectively, last week.
June 2018 WTI oil futures contracts fell 0.1% from the previous settlement to $68.33 per barrel at 2:00 AM EST on April 23. However, WTI oil futures contracts rose 0.1% on April 20.
On April 13–20, 2018, US crude oil futures tracking ETFs had the following performances: The United States Oil ETF (USO) rose 1.5%. The United States 12 Month Oil ETF (USL) rose 1.9%. The ProShares Ultra Bloomberg Crude Oil ETF (UCO) rose 3.3%.
Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted! Prior to Trump’s tweet, oil prices had hit three-year highs this week on geopolitical tensions in the Middle East and news of large draw-downs in U.S. crude stockpiles.
On April 19, US crude oil June futures closed at $68.33 per barrel, just 0.2% below their high in over threes years. Prices fell as traders booked profits following a 2.1% rise in the trailing five trading days.
The S&P 500 fell ~0.5% to 2,693.13 on April 19, 2018, due to a decline in consumer staples and real estate stocks. Eight out of the ten major sectors in the S&P 500 fell on April 19, 2018.
To help investors keep up with the markets, we present our ETF Scorecard. The Scorecard takes a step back and looks at how various asset classes across the globe are performing. The weekly performance is from last Friday’s open to this week’s Thursday close.
Commodities rallied furiously Thursday morning, but leveled off by the afternoon -- a lesson for any investor to be wary of any asset class that rises too much, too fast. Brent crude gained 0.41% to $73 per barrel, West Texas Intermediate was roughly flat ending the day at around $68. Earlier in the session, Brent and WTI had both been up more than 1%.
It has a long way to go, but oil could return to $100 per barrel if Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries (OPEC), has its way. “Top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, three industry sources said, a sign Riyadh will seek no changes to an OPEC supply-cutting deal even though the agreement’s original target is within sight,” reports Reuters. The United States Oil Fund (USO) , which tracks West Texas Intermediate crude oil futures, and the United States Brent Oil Fund (BNO) , which tracks Brent crude oil futures, shot higher on that report.
The EIA released the weekly US crude oil output data on April 18, 2018. The EIA reported that the US crude oil output rose by 15,000 bpd (barrels per day) to a record high of 10,540,000 bpd on April 6–13, 2018. The production also rose by 1,288,000 bpd or ~14% YoY (year-over-year).
On April 18, 2018, the EIA released its gasoline inventory data. The EIA reported that US gasoline inventories decreased by 2.9 MMbbls (million barrels) to 235.9 MMbbls on April 6–13, 2018. The inventories have decreased by 1.7 MMbbls or 0.7% YoY (year-over-year).