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Baker Hughes, Inc. (NYSE: BHI) has released its data on the weekly rig counts and most are up. We are watching the key ETF products react via the Oil Services HOLDRs (NYSE: OIH), the Ultra Oil & Gas ProShares (NYSE: DIG), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) react to this news. It will be interesting to see if this continues after the recent pause in oil.
Posts for Ticker ‘USO’
Rig Count Growth Mostly Positive (BHI, OIH, DIG, USO, OIL)
Oil Inventories Heading Wrong Way (OIH, DIG, USO, OIL)
The Department of Energy has just released its weekly oil inventories data and those wanting stable prices from oil data may be disappointed. We are watching the key ETFs around the news via the Oil Services HOLDRs (NYSE: OIH), the Ultra Oil & Gas ProShares (NYSE: DIG), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) reactions based upon the supply data. NYMEX WTI Crude is up $0.89 per barrel at $80.03 at 10:38 AM EST after the news.
Crude stockpiles fell by 887,000 barrels (to 336.789 million barrels) versus a Dow Jones target of -600,000. Frankly, anything negative was going to be a disappointment for us. And it only gets worse from there…
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Exxon: Weak Dollar Adding $20 to Oil Prices (XOM, USO)
The weak dollar has definitely been a contributor to the rise in the price of gold. And it is also partly responsible for some of the oil gains that took prices back over $80 per barrel before the recent pullback. But Rex Tillerson, the CEO of Exxon Mobil Corp. (NYSE: XOM), has actually quantified this with an assigned dollar value to CNBC. His take is that as much as $20.00 per barrel is tied to the weakness of the US Dollar.
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Ida: The Hurricaneless Hurricane (OIH, USO, OIL, MUR, MRO, RDS, CVX, XOM)
Oil and gas companies have closed or winding down many US Gulf operations ahead of a very late in the year Hurricane Ida. The weekend reports had this one dissipating then the reports early this morning had this making landfall as a tropical storm with [a possibility of it being hurricane. This morning Ida became a tropical storm again at the National Hurricane Center. In order to not have to out-guess ahead of time which companies will be least or most impacted had this been a full hurricane at the time it met rigs and the coast, we looked at the Oil Services HOLDRs (NYSE: OIH), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) reactions based upon the supply data. While the infrastructure is now not as likely to be hit as hard and while a tropical storm is far less of a threat than a hurricane, NYMEX WTI Crude is actually still up $1.78 at $79.21 as of 10:13 AM EST.
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Oil Inventories Head Wrong Way, Again (OIH, DIG, USO, OIL)
The latest weekly inventories data from Department of Energy in crude and oil products is adding more support and adding fuel to a fire in the commodity rally today. It looks like we are back to larger draw-downs that expected. We are watching the Oil Services HOLDRs (NYSE: OIH), the Ultra Oil & Gas ProShares (NYSE: DIG), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) reactions based upon the supply data. NYMEX WTI Crude is now up $1.13 at $80.73 as of 10:36 AM EST.
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Rig Counts Inching Back Up (BHI, OIH, DIG, USO, OIL)
This week’s data from Baker Hughes, Inc. (NYSE: BHI) on the weekly rig counts looks better and less mixed than in other weeks despite the notion that all projects should be financially sound at current levels. On the news, we are watching the key ETF products of the Oil Services HOLDRs (NYSE: OIH), the Ultra Oil & Gas ProShares (NYSE: DIG), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) react to this news. The overall figure is up, but barely. Commodities players are mostly lower today, but more on the consumer data than on anything about rig counts.
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DOE Oil Inventories Back Up (OIH, DIG, USO, OIL)
We have just seen this week’s latest Department of Energy weekly oil inventory data. The new report is on the heels of a sudden rise in oil prices followed by an almost just as sudden drop in oil prices this week. Fortunately for the consumer, there was a rise in the key inventory data we follow. The question is if it is enough of a gain to keep oil as a commodity from attracting too much in new investment dollars. We are watching the Oil Services HOLDRs (NYSE: OIH), the Ultra Oil & Gas ProShares (NYSE: DIG), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) reactions based upon the supply data. At 10:41 AM EST we have NYMEX WTI Crude down by $1.35 at $78.20 (down from the $79.75 level after inventory a week ago).
Mixed Bag on Oil Rig Counts (BHI, OIH, DIG, USO, OIL)
Baker Hughes, Inc. (NYSE: BHI) has released its weekly rig counts, and the results are not as strong as you would expect considering $80 oil is here. We have watched the Oil Services HOLDRs (NYSE: OIH), the Ultra Oil & Gas ProShares (NYSE: DIG), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) react to this news. The overall figure is up, but barely.
DOE Mixed Inventory Driving Oil Prices (OIH, DIG, USO, OIL)
The Department of Energy’s weekly energy inventories data is giving another mixed picture similar to last week. The difference is that this was more in-line with expectations that what we saw last week. We are watching the Oil Services HOLDRs (NYSE: OIH), the Ultra Oil & Gas ProShares (NYSE: DIG), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) reactions based upon the supply data. At 10:44 AM EST we have NYMEX WTI Crude up $0.63 per barrel at $79.75 0.5% (up from the $76.43 after the last week’s inventory data).
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Refineries Throw Wrench in Oil Inventory Data (OIH, DIG, USO, OIL)
As usual, the weekly energy inventories data is giving a picture that can be construed as bullish or bearish for the price of oil and gas, yet there is a wrench in the machine from refineries that has energy prices higher. We are watching the Oil Services HOLDRs (NYSE: OIH), the Ultra Oil & Gas ProShares (NYSE: DIG), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) reactions based upon the supply data. At 11:21 AM EST we have oil up +$0.83 at $76.43, for a gain of +1.09%.
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Technician Call: Oil to $90+, But Questions Seasonality (USO, GLD, OIL, OIH)
Now that Gold has busted $1,000.00 and headed up almost every day since, the next target commodity is oil and the question is if black gold can mirror the performance of yellow gold. One of our affiliates has a quick detailed technical analysis audio/video presentation that shows the possibility of much higher oil prices. The United States Oil (NYSE: USO) is harder to use as a measure to directly track oil tick for tick, because unlike the SPDR Gold Shares (NYSE: GLD) directly investing in gold bullion, as the USO tries to track oil prices by rolling futures contracts. The iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) also uses crude oil futures contract (plus the T-Bill rate of interest that could be earned) to track oil prices.
While using the price of oil as a tracking measure is hard to do outside of directly trading oil, the Oil Services HOLDRs (NYSE: OIH) is one of the best way to play the big oil services companies and it often tracks broader oil prices more than the large integrated oil players.
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Higher Oil, Higher Rigs (BHI, OIH, DIG, USO, OIL)
Maybe higher oil prices keep begetting higher rig counts. Baker Hughes, Inc. (NYSE: BHI) has released its weekly rig counts and there are gains in all three measures. We have been watching the Oil Services HOLDRs (NYSE: OIH), the Ultra Oil & Gas ProShares (NYSE: DIG), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) react to this news. The gains are small outside of the U.S. rig counts, but small gains are better than contractions.
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Oil Tries to Interpret Inventory Data (OIH, USO, OIL)
The Department of Energy gave some critical data in its weekly oil inventories. Frankly, you can make a bullish case here and a bearish case as well. The drop in crude oil came to -978,000 barrels over last week. Dow Jones had a figure of a build at +1.7 million barrels, but we had been told to expect far less of a build than that. That would be very bullish on the surface, until you parse the other data. We are watching the Oil Services HOLDRs (NYSE: OIH), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) on the news.
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Another Increase in Crude Inventories (CVX, XOM, OIL, USO, CIT)
The US Department of Energy’s Energy Information Administration has released its weekly status report on crude oil inventories, and once again they are higher, this time by 2.8 million barrels. Gasoline inventories are down 1.6 million barrels and distillate inventories are up by 300,000 barrels. All these figures put respective inventories above the upper bound of the five-year average for oil, gasoline, and diesel fuel.
It’s no surprise then that share prices for the petroleum companies are falling in the wake of the report. Chevron Corporation (CVX), which announced the retirement of chairman and CEO David O’Reilly and his replacement by vice-chairman John Watson, is trading down, as is Exxon Mobil Corp. (XOM). For some unknown reason, the iPath S&P GSCI Crude Oil Total Return Index ETN (OIL), and the US Oil Fund ETF (USO) are both up about 1%. Read More
Shaking It Up in Weekly Oil Inventories (OIH, USO, OIL)
The weekly data on oil inventories from the Department of Energy is out and we are seeing another bullish yet mixed bag here in the numbers for oil prices. We are also watching the Oil Services HOLDRs (NYSE: OIH), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) react to this news.
Oil & Gas Rig Counts Falter (OIH, DIG, USO, OIL)
Baker Hughes, Inc. (NYSE: BHI) has released its weekly rig counts and the gains we were seeing look as though they may have started to already peter out. Throw that in with an almost $3.00 drop to almost $69.00 in NYMEX WTI crude, and we are seeing two of the four key oil ETFs getting whacked. We have been watching the Oil Services HOLDRs (NYSE: OIH), the Ultra Oil & Gas ProShares (NYSE: DIG), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) react to this news.
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Huge Surprise in Oil Inventory Data (OIH, USO, OIL)
The Department of Energy just released the weekly inventory data in crude and oil products, and the headline figures are huge on the surface. We have been watching the Oil Services HOLDRs (NYSE: OIH), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) react to this news. There was a huge draw-down in crude oil, yet there was an increase in gasoline. Perhaps the aberration is due to inventory juggling for the Labor Day weekend.
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Oil Rig Counts Staying Stronger (BHI, OIH, USO, OIL)
Baker Hughes, Inc. (NYSE: BHI) issued its weekly rig counts and the counts are still going in the right direction overall if you like to see increased drilling activity. This is also showing up in the Oil Services HOLDRs (NYSE: OIH), United States Oil (NYSE: USO), and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL).
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Oil Inventory Surprise (OIH, USO, OIL)
The Department of Energy has just released its weekly inventory data for crude oil, gasoline, distillates, and refining levels. This week was marked by draw-downs but because of the weakness in the markets we are not seeing a rally in oil prices. The notion that this is ahead of the Labor Day weekend may be a factor as well. We have been watching the Oil Services HOLDRs (NYSE: OIH), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) react to this news.
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More Rigs Chasing Higher Oil (BHI, OIH, USO, OIL)
Rig Counts Chasing Oil Prices (OIH, USO, OIL)
The weekly rig count data from Baker Hughes Inc. (NYSE: BHI) is out, and this last week we are seeing a bump in rig counts across the board. These might be way down from peak drilling levels in 2008 when oil was well over $100, but this is at least a move in the right direction for the drillers. We are also watching the Oil Services HOLDRs (NYSE: OIH), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) react to this news.
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