The Past Month, In Oil

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Includes: OIL, USO
by: Konrad Imielinski



Oil prices have increased $3.32 (4.4%) within this time frame:

July 1st, 2010 (Thursday)


Oil fell $2.68 to $72.95
: U.S. jobless claims unexpectedly rose by 13,000 to 472,000 in the week ended June 26th.

July 2nd, 2010 (Friday)

Oil fell 81 cents to $72.14
: June U.S. unemployment and non-farm payrolls were worse than expected.

July 6th, 2010 (Tuesday)

Oil fell 16 cents to $71.98
: After being up for majority of the day, oil prices fell as the U.S. stock market pared its gains. The Institute of Supply Management reported that its non-manufacturing index declined to 53.8 in June from 55.4 in May.

July 7th, 2010 (Wednesday)

Oil rose $2.09 to $74.07
: Oil prices followed the U.S. stock market higher as the Dow rose over 200 points. In addition, the EIA is expected to report tomorrow a 3.5 million barrel fall in U.S. oil inventories.

July 8th, 2010 (Thursday)

Oil rose $1.37 to $75.44
: U.S. oil inventories fell 5 million barrels in the week ended July 2nd. In addition, U.S. jobless claims fell by 21,000 to 454,000 in the week ended July 3rd.

July 9th, 2010 (Friday)

Oil rose 65 cents to $76.09
: Yesterday’s bullish news continued to push oil in the green. In addition, investors are looking ahead to the start of earnings season next week.

July 12th, 2010 (Monday)

Oil fell $1.14 to $74.95
: The U.S. dollar strengthened against the euro on uncertainty ahead of U.S. earnings reports and European bank stress tests.

July 13th, 2010 (Tuesday)

Oil rose $2.20 to $77.15
: The Dow rose ~145 points after positive earnings reports from Alcoa and CSX. In addition, the IEA reported that global oil demand will grow by 1.6% to 87.8 million barrels in 2011. Also, the euro hit a two-month high against the U.S. dollar.

July 14th, 2010 (Wednesday)

Oil fell 11 cents to $77.04
: Oil prices were boosted in midday trading by a 5.1 million barrel fall in U.S. oil inventories in the week ended July 9th. Oil, however, finished in the red after the Federal Reserve cut its growth forecast.

July 15th, 2010 (Thursday)

Oil fell 42 cents to $76.62
: The Empire State and Philly Fed manufacturing indexes fell much more than expected this month.

July 16th, 2010 (Friday)

Oil fell 61 cents to $76.01
: Oil prices followed the U.S. stock market lower after Bank of America and General Electric reported disappointing second quarter earnings. In addition, the Reuters/University of Michigan consumer sentiment index plummeted to a reading of 66.5 in July.

July 19th, 2010 (Monday)

Oil rose 53 cents to $76.54
: Oil prices moved alongside the U.S. stock market after better than expected earnings by Halliburton and better than expected orders by Boeing.

July 20th, 2010 (Tuesday)

Oil rose 90 cents to $77.44
: Oil got a boost in midday trading after the DJIA reversed course and finished in the green. In addition, traders are carefully watching a storm in the Caribbean that has a 60% chance of turning into a tropical cyclone over the next 48 hours. The August contract expired today. The September contract rose 68 cents to $77.58.

July 21st, 2010 (Wednesday)

Oil fell $1.02 to $76.56
: U.S. oil inventories rose by 400,000 barrels in the week ended July 16th. In addition, gasoline inventories rose by 1.1 million barrels.

July 22nd, 2010 (Thursday)

Oil rose $2.74 to $79.30
: Oil prices were boosted by the U.S. stock market as earnings from Caterpillar Inc., 3M Co., UPS Inc. and AT&T Inc were better than expected. In addition, the euro-zone reported surprisingly strong manufacturing and services sector data. Last but not least, investors are continuing to eye a tropical storm which may hit the Gulf of Mexico within a few days.

July 23rd, 2010 (Friday)

Oil fell 38 cents to $78.98
: Concern over oil production in the Gulf of Mexico eased as Tropical Storm Bonnie appears to be weaker than expected.

July 26th, 2010 (Monday)

Oil unchanged at $78.98
: Oil prices ended flat on mixed data. Tropical storm Bonnie was nothing but a bust in the Gulf of Mexico. However, sales of new U.S. homes surprisingly rose in June.

July 27th, 2010 (Tuesday)

Oil fell $1.48 to $77.50
: U.S. consumer confidence declined in July to its lowest level since February.

July 28th, 2010 (Wednesday)

Oil fell 51 cents to $76.99
: U.S. oil inventories jumped 7.31 million barrels in the week ended July 23rd.

July 29th, 2010 (Thursday)

Oil rose $1.37 to $78.36
: The euro hit an 11 week high vs. the U.S. dollar on optimistic euro-zone data. In addition, U.S. jobless claims fell in the week ended July 24th.

July 30th, 2010 (Friday)

Oil rose 59 cents to $78.95: Oil prices rose despite a slower than expected 2nd quarter U.S. GDP growth rate. The Chicago Purchasing Managers Index rose unexpectedly to 62.3 this month from 59.1 in June. The University of Michigan/Reuters consumer sentiment index rose to 67.8 from a preliminary reading of 66.5 in July.



Disclosure: None