OILU News and Press, ProShares UltraPro 3x Crude Oil From 03/30/20

Welcome to the declaration of war edition of Oil Markets Daily! Saudis are going to go all-out against Russia in April. The primary battlefield will be in Europe where Saudi has sent a record number of tankers to Egypt. Because of the geographical limitations for Saudi to ship crude to Eur...

Traders are now betting on production shutdowns to cope with the collapse in demand, triggering WTI crude prices to drop 6% to under $20/bbl overnight to levels not seen since 2002. More news on: The United States Oil ETF, LP, iPath S&P GSCI Crude Oil Total Return Index ETN, Velocity...

In this article, we examine the significant weekly order flow and market structure developments driving WTI price action. The primary expectation for this week was for price discovery higher, barring failure of 20.53s as support. This expectation did play out, within the context of a balance...

All OPEC data below is from the OPEC Monthly Oil Market Report. It is thousand barrels per day and is through February 2020. The OPEC data no longer includes Ecuador. OPEC 13 was down 546,000 barrels per day in February. The only major decliners were Libya and Saudi Arabia. Algeria is si...

The count of active U.S. drilling rigs in the U.S. plunges by 44 to 728, after falling by 20 a week earlier, according to the latest weekly survey from Baker Hughes. More news on: The United States Oil ETF, LP, The United States Natural Gas ETF, LP, VelocityShares 3x Long Natural Gas ETN...

A new OPEC+ deal to balance oil markets might be possible if other countries join in, according to Kirill Dmitriev, head of Russia’s sovereign wealth fund. More news on: The United States Oil ETF, LP, iPath S&P GSCI Crude Oil Total Return Index ETN, VelocityShares 3x Long Crud...

U.S. crude oil drops (CL1: COM) following three days of gains, with worries over rapidly dwindling demand due to coronavirus travel bans and lockdowns outweighing effects of the $2T U.S. emergency stimulus package; April WTI -2.8% to $23.81/bbl, but May Brent +0.2% at $27.46/bbl....

The unprecedented collapse in oil demand will lead to a massive oil glut that that not even a supply production freeze or cut from OPEC can rectify, Goldman analysts say. More news on: The United States Oil ETF, LP, ProShares Trust II - ProShares Ultra Bloomberg Crude Oil, Invesco DB Oil E...

Welcome to the reality hurts edition of Oil Markets Daily! The reality will start to set in for everyone in OPEC+. Russian oil producers will be the first to refuse to increase oil production into a lower oil price environment. As we noted over the weekend, " Global Production Shut-In Is N...

The American Petroleum Institute reportedly shows a draw of 1.25M barrels of oil for the week ended March 20, its second straight drop after a string of seven consecutive weekly gains. More news on: The United States Oil ETF, LP, iPath S&P GSCI Crude Oil Total Return Index ETN, Veloc...