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The API released its weekly crude oil inventory report on July 11. It estimates that US crude oil inventories fell by 8.1 MMbbls on June 30–July 7, 2017.
Market surveys projected that Cushing crude oil inventories could fall on June 9—16, 2017. Inventories fell for the eighth time in the last ten weeks.
Hedge funds’ net long positions in US crude oil futures and options rose by 31,849 contracts to 193,143 contracts in the week ending May 23, 2017.
Market surveys estimate that Cushing crude oil inventories fell between May 5 and May 12, 2017. A fall in crude oil inventories at Cushing could support US crude oil (USO) (UCO) (RYE) prices.
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.
US crude oil production rose 0.3% week-over-week and 5.3% year-over-year. US crude oil production is near the highest level since August 21, 2015.
On May 2, 2017, according to a Reuters survey, OPEC’s crude oil production fell by 80,000 bpd to 31.97 MMbpd (million barrels per day) in April 2017.
The US dollar fell 1% to 100.6 on March 15. The US dollar already priced in the rate hike. The fall in the dollar supported crude oil prices on March 15.
The API released its weekly inventory report on March 14, 2017. It estimated that US gasoline inventories fell by 3.8 MMbbls from March 3–10, 2017.
On March 1 at 7:00 a.m. CST the EnerCom Dallas oil and gas investment conference will open its doors, allowing institutional investors an early 2017 opportunity to hear leading independent oil and gas ...