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In 2018, the price range in the NYMEX crude oil futures market was $34.54. During the final three months of last year, the price traded on both sides of the range. The high came in early October at $76.90 and the low in late December at $42.36 per barrel. In 2019, we have not seen the same d...
By OVI All data for this post is from the EIA's Petroleum Supply Monthly The charts below are primarily for the largest US oil producing states (>100 kb/d) and are updated to August 2019. If you are interested in additional states, let it be known. Ron has asked if I would take ov...
It was a good day for oil bulls with the commodity finally catching some upside after a few months of weakened prices. As seen in the following chart of this week's trading action, most of the gains seen in crude occurred on Friday and appear to have been in conjunction with an overall rally i...
The total count of active drilling rigs in the U.S. racks up its ninth decline in 10 weeks, falling by another 8 rigs to 822 in the latest weekly surve y from Baker Hughes. More news on: The United States Oil ETF, LP, The United States Natural Gas ETF, LP, VelocityShares 3x Long Natural G...
U.S. crude production surged 600K bbl/day in August to a record 12.4M barrels, enhancing the U.S. as the world's top oil producer, according to new data from the Energy Information Administration. More news on: The United States Oil ETF, LP, The United States Natural Gas ETF, LP, ...
KSA: A lot of work still has to be done. It´s been almost a year since KSA realized they made a mistake by increasing exports and oversupplying the market in 2018. This year´s oil price action is in thrall to last year events. However, KSA was really gone 180 degrees since Dece...
Following an oil spill which affected more than 200 beaches across the country, state-run oil company, Petrobras (PBR), has been hit with another potential issue, general strike action. The strike action is over the company's proposed annual wage hikes, which stand lower than the expected annu...
We took a brief hiatus from our weekly series Open Insights to update our oil thesis, recently published here , but we’re back now taking a look at the EIA’s Weekly Petroleum Status Report (“WPSR”) for the week of October 18, 2019. EIA reported a 1.7M barre crude...
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 price discovery higher, barring failure of 52.39s as support. This expectation ...
Last week, I wrote an article , in which I argued that crude oil has bottomed and that price is likely to rise from here. This article caused quite a stir with one analyst on Seeking Alpha even going so far as to write a direct rebuttal to the piece. In this article, I will dig deeper into ...
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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...