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Welcome to the hoarding edition of Oil Markets Daily! Over the last 2-weeks, there have been 3 firms that came out publicly to state that PADD 3 refineries are hoarding crude. The first one came from Energy Aspects, comments below: US crude hoarding Meanwhile, US crude stocks b...
Markets found themselves torn once again between supply fears and a looming economic slowdown OPEC's oil production dropped to a four-year low of 30.17 million barrels per day (bpd) in May The downward movement in oil prices last week seemed unjustified given the current strong market ...
Welcome to the EIA 914 edition of Oil Markets Daily! EIA 914 was out on Friday and US oil production increased 241k b/d in March 2019 to 11.906 mb/d. The increase came almost entirely from the Gulf of Mexico which was low in February due to maintenance. The breakdown m-o-m is as follow...
Introduction In our past EIA reports this year, we referenced the fact that the inventory data wasn't matching up to price expectations and the overall bullish sentiment conveyed by energy markets. We further stated that the data was going to have to improve or oil markets were headed for so...
Over the last month, we've seen shares in the United States Oil Fund ( USO ) fall by nearly 12% in an ever-steepening collapse in price. One week ago, I wrote a piece in which I showed how some fundamentals were indicating that a bearish decline was likely in the cards. In this piece, I will...
The price of nearby NYMEX crude oil futures rallied from lows of $42.36 to a high at $66.60 per barrel at the end of April. Brent crude oil did even better, moving from $49.96 to a high at $75.59 per barrel as the Brent-WTI spread has widened steadily since early April. The low in the energy c...
In this article, we examine the significant weekly order flow and market structure developments driving WTI price action. As noted in last week’s WTI Weekly , the primary expectation for this week was for sell-side activity. This expectation did play out as balance developed early we...
The data for the charts below are from the EIA's Monthly Energy Review . I will update this post Friday, May 31st with March data for the USA and charts for several states when the EIA's Petroleum Supply Monthly is published. All data is through February 2019 and is thousand barrels per day...
My June West Texas Intermediate oil price forecast ranges between $55 and $65 per barrel. The range is $7.50 lower than last month's forecast. Since last month's forecast, analysts generally believe that OPEC+ can replace reduced Iranian oil output. Previously, some pundits were forecasting ...
One area of great frustration to oil and gas equity owners is the lagging response of stock prices to crude futures prices. One might think there should be about a one-to-one relationship in price changes. However, going back to February 2016, when crude prices bottomed following the OPEC in...
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WALNUT CREEK, Calif. , Nov. 20, 2019 /PRNewswire/ -- United States Commodity Funds LLC (the "Company"), a sponsor of exchange-traded products, plans to close and liquidate two of its exchange-traded products. On November 20, 2019 , the Board of Directors of the Company authori...
WALNUT CREEK, Calif. , Sept. 23, 2019 /PRNewswire/ -- USCF announced today that it will execute a one-for-two reverse share split that will be effective for shareholders of the United States 3x Short Oil Fund (USOD), a series of the USCF Funds Trust, after the close of the markets ...
WALNUT CREEK, Calif. , Aug. 6, 2019 /PRNewswire/ -- USCF today announced that it has joined the Raymond James IAD ETF No-Transaction-Fee (NTF) platform providing access to all thirteen of their exchange-traded funds and products. "We are excited to expand our suite of fun...