Oil ETFs USO USL DNO DTO BNO DBO OIL OLO SZO OLEM OIH IOIL UHN UCO SCO UOY DOY FRAK FOL SNDS CRUD DIG DUG DDG UWTI DWTI Oil, oil ETF and oil futures discussion
So far this morning these oil numbers seemed like good news for oil prices. Bad news for consumers though
Oil prices jump 6 percent on U.S. stockpile draws, Keystone Oil prices rose more than 6 percent on Friday to end with the biggest weekly gain in a month as drawdowns in U.S. crude stockpiles fed hopes that a punishing global oversupply may be approaching a tipping point after nearly two years. The shutdown of the Keystone crude pipeline to Cushing, Oklahoma supported U.S. crude futures. Oil also drew support after Russia said its crude output fell in April, ahead of a meeting of major oil-producing countries in Doha aimed at freezing output. U.S. gasoline and diesel prices rallied more than 5 percent each. U.S. crude has mostly gained this year from cheap gasoline pump prices and benign driving weather. Ultra low sulfur diesel, also known as heating oil, rebounded this week on forecasts for seasonably cold weather through late April. Brent crude futures settled up $2.51, or 6.4 percent, at $41.94 a barrel, hitting a session high above $42. U.S. crude futures closed up $2.46, or 6.6 percent, to $39.72. Earlier, it rose to nearly $40. For the week, both benchmarks rose about 8 percent, their most since the week ended March 4. "We are starting to draw crude inventories in the U.S." said Scott Shelton, energy broker with ICAP in Durham, North Carolina. "Run rates are rising and U.S. production is falling." "This is very different I think than what was expected. The market perceives that these draws may continue as the Keystone outage will increase the likelihood," Shelton said. U.S. crude stockpiles fell by nearly 5 million barrels last week versus analysts forecasts for a build of 3.2 million barrels. The closure of the Keystone pipeline cut 590,000 barrels per day from the market. The pipeline was scheduled to resume operating on Tuesday. U.S. energy companies cut oil drilling rigs for a third week in a row, adding to improving fundamentals. In Brent, the front-month contract has been trading at its smallest discount to the second-month since January, indicating more upward potential for the European benchmark. Aside from planned oilfield maintenance works in Norway and Britain that are supporting Brent, global crude prices have also been helped by last month's disruptions in Nigerian supplies at a venture operated by Royal Dutch Shell. "Put Doha on top of it, and your eyes are looking towards the tightening of the market," said Bjarne Schieldrop, chief commodities analyst at SEB Bank in Oslo. LINK - http://www.reuters.com/article/us-global-oil-idUSKCN0X503E
Things could get ugly still. Meeting is April 17th. May rise prior to meeting and tank after http://www.businessinsider.com/saudi-arabia-and-russia-might-be-sabotaging-doha-2016-4?amp
Oil falls as investors expect little from Doha meeting Oil prices fell on Friday in subdued trade as traders and analysts anticipate a weekend meeting of major oil exporters to do little to help to clear global oversupply quickly, even though it would provide a floor for the market. Read full article here: http://www.reuters.com/article/us-global-oil-idUSKCN0XB027
Oil Trades Near $44 as U.S. Output Falls, More Freeze Talks Seen Oil traded near $44 a barrel after U.S. crude production slipped to the lowest since October 2014 and Iraq said producers plan a new push to agree on an output freeze in talks as early as next month. Read full article here: http://bloom.bg/1WeJt8L
Remember when longs here bragged about the run above 300 and then held down to 150 think oil was just a dead cat bounce. Ouch. Lol. (DWTI)
OIH was in beast mode today. Did some googles and turns out it is not heavily correlated with a USO or some of the other oil stock I've been stalking. Up 3% on the day
Oil prices climb further as EIA reports a surprise weekly decline in U.S. crude supplies Source: https://www.marketwatch.com/story/o...18?link=MW_widget_latestnews_stockaholics.net Oil prices added to earlier gains on Wednesday after the U.S. Energy Information Administration said crude supplies fell by 1.1 million barrels for the week ended April 13. Analysts surveyed by S&P Global Platts had forecast a climb of 625,000 barrels, while the American Petroleum Institute on Tuesday reported a fall of roughly 1 million barrels, according to sources. Gasoline stockpiles also declined by 3 million barrels for the week, while distillate stockpiles fell 3.1 million barrels, according to the EIA. The S&P Global Platts survey forecast supply declines of 1.9 million barrels for gasoline and 1.6 million for distillates. May crude CLK8, +1.91% rose $1.77, or 2.7%, to $68.29 a barrel on the New York Mercantile Exchange, up from $67.76 before the supply data.
