|Day's Range||70.57 - 70.80|
Hot weather in Libya has caused a production outage at several oil fields in the country, reducing production by some 120,000 bpd
Investing.com - Crude oil prices settled sharply lower Thursday as reports OPEC and its allies were considering scaling back production cuts to counter a possible shortage in global supplies weighed on sentiment.
WTI and Brent pared gains on Thursday as growing stockpiles of crude and gasoline in the U.S. offset production concerns about Iran, Venezuela and Libya
Shell has made another large deepwater discover off the Gulf Coast of Mexico, a discovery that is just 13 miles from the Appomattox project that is set to come online by the end of 2019
Investing.com - Oil prices continued to fall on Thursday amid concern global supply and future output from the Organization of Petroleum Exporting Countries.
The quickly rising price of oil has winners and losers, but much tighter oil markets represent a couple of major risks for the world economy
Crude oil started this week on a stronger note and declined lower as the week progressed. On May 24, crude oil opened the day on a weaker note. Crude oil was trading at one-week low price levels in the early hours.
On May 21, Whiting Petroleum (WLL) stock’s short interest ratio (short interest as a percentage of float) was ~19.4%. A year ago, in May 2017, the stock’s short interest ratio was ~3.7%.
Investing.com - Oil prices continued to fall on Thursday morning in Asia, as markets took into account the possibility of higher output from the Organization of the Petroleum Exporting Countries (OPEC).
According to the North Dakota Department of Mineral Resources, the state produced 1,162,071 barrels of oil per day and 2,116,294 thousand cubic feet per day of associated gas in March.
Just as Mexico’s energy reforms begin to see some results, the country’s coming elections threaten to scare some foreign investment away and damage the oil industry
Investing.com - Crude oil prices settled lower on Wednesday following data showing an unexpected jump in U.S. crude supplies.
High oil prices are beginning to take their toll at the pump, with analysts expecting that nearly 24 percent of U.S. citizens will be driving less this summer due to surging gasoline prices
The S&P 500 fell ~0.3% to 2,724.44 on May 22 due to the decline in energy stocks. Uncertainty about the outcome of trade negotiations between the US and China also pressured the S&P 500. Six out of the ten key sectors in the S&P 500 dropped on May 22.
Approximately 36.4% of Wall Street analysts have rated Whiting Petroleum (WLL) as a “buy,” while 45.5% of analysts have rated it as a “hold.” Around 12% of analysts have rated WLL as an “underperform.”
Current implied volatility in Whiting Petroleum (WLL) is ~45.3%. In contrast, the broader energy sector represented by the Energy Select Sector SPDR ETF (XLE) has an implied volatility of ~16.6%. Based on Whiting Petroleum’s implied volatility of ~45.3% and assuming a normal distribution of stock prices with a standard deviation of one (with a probability of 68.0%), Whiting Petroleum stock will likely close between $49.88 and ~$56.56 in the next seven days.
Canadian National Railway Co plans to use some additional capacity expected at the end of 2018 for its crude business, which it plans to "lock in for some time" at "very favorable pricing," the company's Chief Financial Officer said on Wednesday. "We've taken the opportunity...as capacity will come in in the second half of the year to actually lock in crude business at very favorable pricing and to lock it in for some time with some volume commitments," CN CFO Ghislain Houle said at the Wolfe Research transportation conference. Canadian railway executives have remained cautious about rising crude-by-rail demand after they were forced to slash rates for shipping crude in 2015 due to a rout in global oil prices.
Crude oil started this week on a stronger note by rising to 3.5-year high levels on Monday but lost strength as the week progressed. After a pullback on Tuesday, crude oil started May 23 on a weaker note and traded with weakness in the early hours. Supply fears amid geopolitical tensions supported crude oil prices at the beginning of the week.
Saudi Arabia is OPEC’s largest oil producer. According to the EIA, Saudi Arabia’s crude oil production increased by 20,000 bpd (barrels per day) to 10,080,000 bpd in April—compared to the previous month. The production also increased by 100,000 bpd or 1% from a year ago.
Venezuela is OPEC’s eighth-largest crude oil producer. The EIA estimates that Venezuela’s crude oil production decreased by 45,000 bpd (barrels per day) to 1,465,000 bpd in April—compared to March. The country’s production has dropped by 515,000 bpd or 26% year-over-year.
Hedge funds’ net long positions in US crude oil futures and options contracts trading in NYMEX and ICE declined by 15,322 to 419,907 on May 8–15—the lowest level in the last six months. The CFTC released the data on May 18.
The EIA estimates that US crude oil exports increased by 689,000 bpd (barrels per day) to a record high of 2,566,000 bpd on May 4–11. The exports also increased by 1,480,000 bpd or ~136% year-over-year.
The S&P 500 rose ~0.7% to 2,733.01 on May 21 due to the rise in industrial stocks and crude oil prices. The index is at the highest level in more than two months. All of the major sectors in the S&P 500 advanced on May 21.