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Crude Oil Prices Rise on Fed Reserve, Crude Reserve Announcements

By  +Follow September 18, 2013 9:10AM
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Oil ETFs were on the rise today as the price of crude oil jumped. October contracts for West Texas Intermediate (WTI) crude were up over 2 percent to more than $107 a barrel and November contracts on Brent crude were up over 1.5 percent to almost $110 a barrel. The result in the ETF market was as one expected, with major crude oil ETFs climbing. The United States Oil Fund LP ($USO), which tracks WTI prices, climbed almost 2.5 percent by mid afternoon, and the ProShares Ultra DJ-UBS Crude Oil ($UCO), which is leveraged 200 percent, showed gains of almost 5 percent. Crude bears, meanwhile, took a hit as ProShares UltraShort DJ-UBS Crude Oil ($SCO), which is also leveraged 200 percent, dropped over 5 percent.

Demand for oil remains high, and looks to stay that way

Prices for crude oil jumped today on two news items. News that the Federal Reserve would not be “tapering” its bond-buying program rippled across the economy, and likely supported expectations for continued high demand in the United States. And the news from earlier in the day confirmed that demand has been much higher than expected.

The Energy Information Administration (EIA) reported that American oil stockpiles fell by some 4.4 million barrels to 355.6 million barrels last week. This significantly outpaced the average estimate of 1.2 million barrels that analysts polled by the Wall Street Journal came up with, and it was much higher than the 252,000 barrel decline that the American Petroleum Institute (API) claimed its data showed yesterday. EIA data also revealed that refiners were working at 92.5 percent of their capacity for the second straight week, representing 16.4 million barrels of crude processed.

"The refiners were running like crazy at a time [their capacity utilization] is usually down," said Kyle Cooper, director of research at Houston energy consultancy IAF Advisors. Demand usually peaks during summer months and declines during the fall. The price jump comes after oil dropped last week when it appeared as though a U.S. military strike in Syria was less likely.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for uso
Fractal Alerts
24 Oct 14 19:39:39
New $USO alerts http://t.co/VZOOspppjz have recently been posted. Check them out now.
David de los Angeles
24 Oct 14 19:24:50
Commented on: "Peak What? Drowning In Oil, Again" http://t.co/MHMVT382sd $OIL $USO $CRUD
GLD Fractalerts
24 Oct 14 19:14:37
New $USO alerts have recently been posted. Check them out now. http://t.co/WU09V1c5Fe
FA Trading
24 Oct 14 17:59:40
What is the $USO going to do next? Get real time alerts and analysis at http://t.co/ECP0ImDGb4
Volatility Implied
24 Oct 14 17:32:44
“@361Capital: Thorns in the Market Today: $USO $XLE $AMZN $F $P $DECK $JNPR $AEO $ANF $GPRO $FNFG $SYNA http://t.co/sHkmiI4NF0” RT hmmm
Joe Rescino
24 Oct 14 16:52:56
RT @361Capital: Thorns in the Market Today: $USO $XLE $AMZN $F $P $DECK $JNPR $AEO $ANF $GPRO $FNFG $SYNA http://t.co/kudLESPt3S
Jeff Quiggle
24 Oct 14 16:50:18
$MACRO > $TLT $GLD $QQQ $IWM $SPY $JNK $FXI $EEM $FEX $USO Yesterday > $TLT $GLD $IWM $QQQ $FXI $JNK $SPY $EEM $FEZ $USO
361 Capital
24 Oct 14 16:50:12
Thorns in the Market Today: $USO $XLE $AMZN $F $P $DECK $JNPR $AEO $ANF $GPRO $FNFG $SYNA http://t.co/kudLESPt3S
Richard Hargrave
24 Oct 14 16:22:52
WEEKLY WRAP UP, $NYAD, $SPY, $NYSI, $IWM,, $IBM, $F, $QQQ, $IYT, $KO, $UNG, $USO, $ETC $ETC. http://t.co/eBB6nRdMv2
Cindy@fafinder
24 Oct 14 15:58:58
RT @FA_Volume: New $USO alerts http://t.co/7uzaMYVvNL have recently been posted. Check them out now.
Advisorbox Media
24 Oct 14 15:58:43
RT @FA_Volume: New $USO alerts http://t.co/7uzaMYVvNL have recently been posted. Check them out now.
SLV Fractalerts
24 Oct 14 15:05:22
What is the $USO going to do next? http://t.co/owaMnqMVPo Get real time alerts and analysis.
ShortStockVolume.com
24 Oct 14 14:32:17
Top Shorted Stocks 10/24/14... 20. $KMI 67.96% 21. $HST 67.20% 22. $CX 65.83% 23. $COG 64.52% 24. $USO 64.33% 25. $JDSU 63.80%
ShortStockVolume.com
24 Oct 14 14:32:16
Top Shorted Stocks 10/24/14... 22. $CX 65.83% 23. $COG 64.52% 24. $USO 64.33%... http://t.co/cSZO9i9Rhq
Stockaholics
24 Oct 14 14:03:00
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Kevin B. Bantz
24 Oct 14 12:27:02
$USDX bounce or pause $RB_F $CL_F $HO_F $NG_F $ERX $ERY $USO $SCO http://t.co/df2PLcOx5e http://t.co/HgwbtyL9Ir
Stock Forums
24 Oct 14 12:05:21
$ERX 52Wk Low Click Here: http://t.co/FpSfwFsPX6 Also See: $GPRO $XIV $USO $FB ~
Interactive Brokers
24 Oct 14 11:33:34
#IBTI Technical Analysis - Waverly Advisors Summary Stats http://t.co/kJkoEnDkvN $SPY $IWM $FXE $FXY $USO $GLD $TLT $EWH $EWJ
Mike Weaver
24 Oct 14 10:15:13
Indexes and oil travelling in sync still...$SPY hit celing...so did $USO at same time...smell a rollover here possibly...volume very light
Alan Farley
24 Oct 14 10:13:23
Crude oil inside week keeps everyone guessing. $CL $USO
ken wood
24 Oct 14 09:42:57
$CL_F $USO this strat on tos working well for day traders http://t.co/vL7Jo6IQy1
Stockaholics
24 Oct 14 09:40:01
Our Penny Stock Alerts Gained 371% In 2 weeks! Sign Up For Free Text Alerts For Our New Pick: http://t.co/dLDRavoCi4 $USO $EWP $CORN
Matthew Peacock
24 Oct 14 09:24:58
In June 2012, oil hit 80, USO hit 29.90, then went up three months later to mid 33's, get in while you can. $USO
Matthew Peacock
24 Oct 14 09:24:05
Buy $USO
FMD Capital
24 Oct 14 09:09:36
Cheap oil presents opportunity for retirement portfolios http://t.co/1XWcl3xknV $SPY $XLE $XOM $CVX $USO $FILL $COP $BP
FMD Capital
24 Oct 14 09:07:36
Just Released --> Weekly Investor Insights http://t.co/EHUV3sie8e $SPY $VWO $XLE $VXX $USO $IYR $TLT
Craig Garbers
24 Oct 14 09:07:11
RT @SAlphaTrending: Global Oil Markets: There And Back Again http://t.co/YGnn1958Lu $HAL $OXY $PXD $RSPP $OIL $USO $BNO $SCO
Interactive Brokers
24 Oct 14 09:03:13
#IBTI Technical Analysis - Waverly Advisors Summary Stats http://t.co/Rda2qrabRZ $SPY $IWM $FXE $FXY $USO $GLD $TLT $EWH $EWJ
Seeking Alpha
24 Oct 14 09:00:04
Global Oil Markets: There And Back Again http://t.co/YGnn1958Lu $HAL $OXY $PXD $RSPP $OIL $USO $BNO $SCO
Seeking Alpha
24 Oct 14 08:55:53
Peak What? Drowning In Oil, Again http://t.co/ueoQN0ZtAr $OIL $USO $CRUD
Stock Forums
24 Oct 14 08:55:51
$CYBR Financials Click Here: http://t.co/UIwC7PG7Iq Also See: $EWRS $SKX $ACT $USO ~
Franco Delloni
24 Oct 14 08:40:47
ETF $USO va perdiendo 11,1% en lo que va del mes
John Ryan
24 Oct 14 08:39:05
In $uco at 24.10. Nat gas and oil are going to return. There are larger powers that will not let this slide continue & cut supply. $uso $dbo
Jay Prideaux
24 Oct 14 08:38:30
Back-Rank Checkmate Potential @chessnwine http://t.co/G4nr6VQJpf $USO $SLB ... Crude dowward pressure
Wall Street Watkins
24 Oct 14 08:27:41
RT @momotrader: While the bulls enjoying a green day in $SPX $DJI $QQQ, $IWM is red, $USO is red and $VIX is green. Know what leads. #TeaL…
Tim Thielen, CMT
24 Oct 14 08:26:53
I just exited a $USO trade... http://t.co/IwptxwJVF8... http://t.co/IwptxwJVF8
Stock Forums
24 Oct 14 08:19:13
$CSX EOD Data Click Here: http://t.co/sZ5YTJVPfq Also See: $SLW $JNJ $SPXU $USO ~
momotrader
24 Oct 14 08:14:17
While the bulls enjoying a green day in $SPX $DJI $QQQ, $IWM is red, $USO is red and $VIX is green. Know what leads. #TeaLeaves
Fractal Bear
24 Oct 14 08:14:03
New $USO alerts http://t.co/aKietJJpzk have recently been posted. Check them out now.
Daily Contracts
24 Oct 14 08:14:01
Real-Time feed of company contracts, original agreements and executive updates from United States Oil Fund Lp $USO http://t.co/32O07dBSIa
FXBAlerts
24 Oct 14 08:12:04
Confidently trade $USO Crude http://t.co/YCamaNmT5E
Dave Bergstrom
24 Oct 14 07:57:04
Dallas Nurse cured? Maybe a bid coming into travel stocks and oil. $SPY $USO $AAL $UAL $DAL
DennisM
24 Oct 14 07:55:44
Forgot how high the US Oil Fund had gotten before Bush left $USO $117, now sitting at 30 http://t.co/GsBjlFMZjk
Robert Lesnicki
24 Oct 14 07:45:47
Crude oil is sitting on recent lows. $USO vs $IWM vs $SPY I think we'll find out soon if it matters http://t.co/Q2xEKMAqfr
Vic Kahvedji
24 Oct 14 07:44:01
RT @TheKillir: Spoo's Up, Crude down! #CouldBeASnoopDoggSong $SPY $USO
Interactive Brokers
24 Oct 14 07:40:13
#IBTI Technical Analysis - Waverly Advisors Summary Stats http://t.co/PTTNYjPWM2 $SPY $IWM $FXE $FXY $TLT $USO $GLD $TLT $EWJ $EWH
Dividend Master
24 Oct 14 07:39:55
$UNG made quite a dive towards $19 but longs beat it back . Its $USO that has ugly feel of trap door opens under it as longs blow up
Chess
24 Oct 14 07:38:33
NEW POST: Back-Rank Checkmate Potential http://t.co/hKhN7pEhKa $CL_F $DTO $SCO $USO
James
24 Oct 14 07:38:01
RT @TheKillir: Spoo's Up, Crude down! #CouldBeASnoopDoggSong $SPY $USO
Stevie B
24 Oct 14 07:37:48
$HERO 3rd quarter revenues $221M with a Market Cap $246M #microcap $SPY $USO $RIG $XLE #stocks
				
				
By  +Follow September 18, 2013 9:10AM
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