• Today, 3:22 AM
    • Oil markets are going to stabilize this year, according to OPEC's Secretary General.
    • Speaking in Venezuela, Mohammed Barkindo, also said he remains optimistic that OPEC economies will improve as a result of last year's producer agreement.
    • It comes after Saudi Arabia said the Kingdom is committed to cutting its output and is prepared to extend the supply deal if necessary.
    • Crude futures +0.3% to $52.54/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, OILX
    Today, 3:22 AM | 1 Comment
  • Fri, Jan. 13, 1:14 PM
    • The U.S. weekly active oil rig count fell by 7 to 522, the first decline following 11 weeks of gains, according to the latest Baker Hughes survey.
    • The overall rig count, which includes one additional natural gas rig to 136 and a miscellaneous rig, dropped by 6 to 659.
    • The numbers are little changed from a year ago at this time, when 515 oil rigs and 135 gas rigs were employed, totaling 650 rigs.
    • ETFs: USO, UNG, OIL, UWTI, UGAZ, UCO, DGAZ, DWTI, SCO, BNO, BOIL, DBO, GAZ, DTO, USL, KOLD, UNL, DNO, OLO, SZO, DCNG, OLEM
    Fri, Jan. 13, 1:14 PM | 32 Comments
  • Fri, Jan. 13, 5:40 AM
    • "Compliance won't be 100%, it never is," OPEC delegates told Reuters, stating the group is unlikely to fully deliver on its target to cut production.
    • According to the officials, 80% compliance would be good, with as low as 50% acceptable.
    • OPEC planned to slash its output by 1.2M barrels per day to 32.5M bpd from Jan. 1, while Russia and other non-members expected to cut about half as much.
    • Crude futures -1% to $52.48/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, OILX
    Fri, Jan. 13, 5:40 AM | 18 Comments
  • Thu, Jan. 12, 11:30 AM
    • Crude oil prices rally for a second straight day, with WTI +1.4% at $52.98/bbl, supported by reports that key OPEC members were cutting production as promised and on forecasts of strong demand growth in China.
    • Saudi Energy Minister Khalid al-Falih said today that the kingdom has cut production to its lowest in nearly two years, and that the OPEC deal would accelerate the rebalancing of the global oil market.
    • Iraq's oil minister says his country has cut its oil exports by 170K bbl/day and was cutting them by another 40K bbl/day this week, and Kuwait's oil minister says his country has ct its oil output by more than it promised under the OPEC deal.
    • Crude prices also are helped by China's forecast for domestic crude demand to reach a record 594M tons this year (~12M bbl/day) and net crude imports to rise 5.3% to 396M tons (~8M bbl/day) in 2017.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    Thu, Jan. 12, 11:30 AM | 7 Comments
  • Thu, Jan. 12, 4:55 AM
    • Global macroeconomic numbers have responded "positively" to the agreement between OPEC and non-OPEC producers to pare output, according to OPEC Secretary General Mohammad Barkindo.
    • Crude-producing countries will decide in May whether to extend their collective output cuts beyond the first half of the year, he added, stating OPEC isn't targeting a specific price for crude.
    • Crude futures +0.2% to $52.34/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, OILX
    Thu, Jan. 12, 4:55 AM | 12 Comments
  • Wed, Jan. 11, 12:52 PM
    • U.S. crude oil climbs 3.2% to $52.45/bbl after EIA data showed that refiners processed a record amount of crude and that supplies fell at the Cushing, Okla., storage hub.
    • U.S. refiners churned 17.1M bbl/day of crude into fuel last week, the highest weekly figure going back to 1982, while Cushing stockpiles, which have been rising in recent weeks, fell by 579K barrels.
    • Prices recovered after initially falling in reaction to a higher than expected rise in total crude oil inventories to 4.1M barrels, and U.S. production jumped to more than 8.9M bbl/day during the week, the highest read since April.
    • But analysts say the stockpile gains largely were driven by an increase in oil imports, which rose to their highest level since 2012 as shipments of crude that were delayed at the end of last year for tax purposes are starting to appear.
    • Refiners are higher: PSX +1.5%, VLO +0.8%, MPC +1.9%, TSO +1.1%, HFC +2.1%, WNR +0.9%, PBF +0.3%, CVI +0.7%, DK +0.4%.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, SZO, OLEM
    Wed, Jan. 11, 12:52 PM | 23 Comments
  • Wed, Jan. 11, 10:31 AM
    Wed, Jan. 11, 10:31 AM | 25 Comments
  • Fri, Jan. 6, 1:18 PM
    Fri, Jan. 6, 1:18 PM | 30 Comments
  • Thu, Jan. 5, 12:04 PM
    • ProShares today launches the UBS ETRACS – ProShares Daily 3x Long Crude ETN (WTIU) and the UBS ETRACS – ProShares Daily 3x Inverse Crude ETN (WTID).
    • This comes following Credit Suisse late last year shutting down its popular triple-levered UWTI and DWTI.
    • Janus in December launched its own replacements, UWT and DWT.
    • Related ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILK, OILX
    Thu, Jan. 5, 12:04 PM | 3 Comments
  • Thu, Jan. 5, 11:01 AM
    Thu, Jan. 5, 11:01 AM | 23 Comments
  • Thu, Jan. 5, 8:21 AM
    • Saudi Aramco says it is raising premiums for all of its major crude grades to Asia, a sign that the Saudis are initiating production cuts agreed at last month's OPEC meeting.
    • Aramco increased its official pricing for Arab Light crude to Asia by $0.60/bbl to $0.15 below the regional benchmark; it had been expected to raise the pricing for shipments of Arab Light by $0.50, according to a Bloomberg survey.
    • Buyers in the U.S. will pay premiums that are $0.20/barrel higher for both Extra Light and Light grade crudes in February, while pricing for Medium and Heavy blends remains unchanged.
    • Brent crude +0.8% at $56.94/bbl; WTI crude +0.8% at $53.70.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    Thu, Jan. 5, 8:21 AM | 7 Comments
  • Wed, Jan. 4, 4:41 PM
    • In what would be the largest fall since the start of September, crude inventories fell 7.43M barrels last week, according to the API.
    • Oil's added to the day's gains, now up 1.9% to $53.32 per barrel.
    • USO +0.2% after hours
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILK, OILX
    Wed, Jan. 4, 4:41 PM | 18 Comments
  • Wed, Jan. 4, 12:24 PM
    • Goldman Sachs expects Brent crude oil prices to peak at $59/bbl by the summer as oil producers mostly stick to their production cut agreements and U.S. shale drillers ramp up output.
    • Goldman sees OPEC and non-OPEC nations enacting 84% of their agreed-upon cuts, citing the incentive among lower-cost producers to "fast-forward the normalization in inventories."
    • Inventory normalization "generates backwardation, which removes hedging gains from high-cost producers and helps low-cost producers grow market share," the firm writes.
    • However, U.S. shale activity has picked up strongly, with the U.S. horizontal oil rig count at a 13-month high, and Goldman expects U.S. shale producers to continue to ramp up activity at current price levels.
    • Brent currently +1.3% at $56.20; WTI +1.4% at $53.07.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    Wed, Jan. 4, 12:24 PM | 11 Comments
  • Tue, Jan. 3, 12:48 PM
    • Crude oil futures have reversed course and moved sharply lower after touching their highest levels in 18 months, as concerns apparently begin to crop up over implementation of the crude oil output caps by OPEC and non-OPEC producers.
    • While no single catalyst seems responsible for the reversal, recent reports suggest that Libya and Nigeria, who were exempt from the cuts, have been making progress in restoring output faster than expected, and Kurdistan, which has not agreed to participate in the output cuts, reportedly is ramping up oil sales; a strong dollar and possible new year positioning dynamics also may be adding to the move.
    • “Indications of cheating - a major issue in past deals - would prove to be a significantly bearish factor,” says Schneider Electric analyst Robbie Frasier.
    • At least part of the reason for the move was technical, says Tyler Richey, noting "there was a roughly $1 ‘gap’ between Friday’s primary session close and this morning’s 9 a.m. open, and fast money traders chased it lower to ‘fill the gap.’”
    • ETFs: USO, OIL, XLE, UWTI, UCO, VDE, ERX, DWTI, OIH, SCO, BNO, DBO, ERY, DIG, DTO, USL, DUG, BGR, IYE, FENY, DNO, FIF, DBE, OLO, PXJ, RYE, SZO, DDG, FXN, RJN, OLEM, CRAK
    Tue, Jan. 3, 12:48 PM | 25 Comments
  • Tue, Jan. 3, 2:25 AM
    • It will inevitably be another big year for crude watchers as the truth over whether oil producing countries will cap output is made clear.
    • Jan. 1 marked the official start of the deal agreed by OPEC and non-OPEC member countries in November last year to reduce production by almost 1.8M barrels per day.
    • In the session today, crude is pushing higher: WTI +0.5% to $54/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, OILX
    Tue, Jan. 3, 2:25 AM
  • Dec. 30, 2016, 1:21 PM
    Dec. 30, 2016, 1:21 PM | 19 Comments