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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
PolgarStocks
1 Mar 15 20:59:47
$USO Stock Message Board Updated Sunday, March 1, 2015 11:07:09 PM $BHP $KGET $FSL $ENIP http://t.co/k964Vvkkfv
PolgarStocks
1 Mar 15 20:59:39
$MCP Filings Updated Sunday, March 1, 2015 11:07:09 PM $XOP $XHB $USO $FGLD http://t.co/oZiLTnback
Swing Trade Warrior
1 Mar 15 20:54:10
Weekly trade video recap is up and ready! http://t.co/qobn93Go0I $USO $COH $CVLT $SPY $AAPL $BRS $QQQ $VIX #stocks #trading #youtube #money
salman riaz
1 Mar 15 20:44:45
RT @StockTwits: Here's @harmongreg's favorite chart right now: $GLD / $USO ratio vs. the Shanghai Composite http://t.co/ASfGhffyVt http://…
Hedge.Bz
1 Mar 15 20:30:09
Cheap Oil Trims US Trade Deficit $USO http://t.co/dBPsQWQLwH
BRENTON.
1 Mar 15 20:25:32
RT @StockTwits: Here's @harmongreg's favorite chart right now: $GLD / $USO ratio vs. the Shanghai Composite http://t.co/ASfGhffyVt http://…
Valerie Paulson
1 Mar 15 20:23:24
RT @StockTwits: Here's @harmongreg's favorite chart right now: $GLD / $USO ratio vs. the Shanghai Composite http://t.co/ASfGhffyVt http://…
royfberger
1 Mar 15 20:20:09
Be water, my friends. Be water. $MSFT $SPY $F $AAPL $HYG $IMAX $RIG $YHOO $USO $HUN http://t.co/8mR4s08jCl http://t.co/KwVQB36ZSa
Sean Brodrick
1 Mar 15 20:16:35
RT @StockTwits: Here's @harmongreg's favorite chart right now: $GLD / $USO ratio vs. the Shanghai Composite http://t.co/ASfGhffyVt http://…
Investing Insight
1 Mar 15 20:14:00
StockTwits: Here's harmongreg's favorite chart right now: $GLD / $USO ratio vs. the Shanghai Composite … http://t.co/vSP66XB2uw
StockTwits
1 Mar 15 20:13:00
Here's @harmongreg's favorite chart right now: $GLD / $USO ratio vs. the Shanghai Composite http://t.co/ASfGhffyVt http://t.co/1U14LvzVwb
Fractal Autotrading
1 Mar 15 20:01:07
Can $USO be traded automatically? With Fractalgo it can! http://t.co/Ac9NkjSCDI
BEAR K
1 Mar 15 20:00:22
RT @andrewnyquist: Crude Oil Weekly Chart - For 3 weeks in a row $55 has been resistance. Big level to watch. $CL_F $USO http://t.co/WbRdYU…
PolgarStocks
1 Mar 15 19:58:41
$AAPL Reviews Updated Sunday, March 1, 2015 10:07:10 PM $EPI $HEDJ $USO $SMH http://t.co/1GiqxeNGJC
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1 Mar 15 19:49:33
$SPY $COMPQ $DJIA $DIA $IWM $RUT $QQQ $SPX careful...looks like tops forming and may pullback $ES_F futures look OK though. $USO?
Jarrad Fiorito
1 Mar 15 19:49:04
$USO is still being bought up whenever it goes under $18 ....watch for a push higher this week http://t.co/wSgVrHmeB2
Stephen s
1 Mar 15 19:32:46
RT @IHPosts2: Stocks Trending Now: http://t.co/48sklYjpAJ $USO $BTZO $XLY $CYBR $SOXL $DIA $MYEC $XOM $LNKD $GOOG $IJJP $CURE ~
Stephen s
1 Mar 15 19:31:52
RT @PolgarStocks: $XLK Filings Updated Sunday, March 1, 2015 02:07:18 AM $USO $MYEC $AAPL $CYTX http://t.co/VP6K0iH5r7
Stephen s
1 Mar 15 19:30:58
RT @stock_forums: Stocks Trending Now: http://t.co/gLXIst6tkJ $AVGO $MYEC $USO $INDY $BBY $ALXN $HCG.TO $KMI $SCY.TO $UUP $XPH $JNK ~
Stephen s
1 Mar 15 19:30:26
RT @langanstocks: $POT Stock Message Board Updated Sunday, March 1, 2015 08:03:18 AM $GS $USO $IYR $MYEC http://t.co/ti7kTmQtkk
Stephen s
1 Mar 15 19:30:16
RT @PolgarStocks: $USO Last Price Updated Sunday, March 1, 2015 08:07:14 AM $NTEK $MYEC $INTC $TNH http://t.co/AG4jbolgbI
SmallCaps
1 Mar 15 19:23:07
http://t.co/FnKjvTaom4 <-- Let me tell you a story about how knowledge is power in trading..$CL_F $USO $QM_F $XOIL
414
1 Mar 15 19:21:05
CL red so far. Under $50. Looks like we head lower this a week..still short $uso via April puts ..
Trading Hub
1 Mar 15 19:16:30
Watch List for Mar. 3rd, 2015 $LL $ARUN $EYES $CLNE $VIMC $USO $SCO $AAPL $FB $TWTR $LNKD http://t.co/6zdJZKqmUi
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1 Mar 15 18:57:37
$USO Company Info Updated Sunday, March 1, 2015 9:03:17 PM $EDZ $CELG $FEYE $BLK http://t.co/fEqElor6ig
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1 Mar 15 18:57:37
$GENE Recent News Updated Sunday, March 1, 2015 9:07:10 PM $JNK $GEVO $CVO $USO http://t.co/nCgqn1HCiO
gordon gekko is god
1 Mar 15 18:13:28
Oil drops nearly $1 as pace of rig count declines slows http://t.co/TbsYDInLoX $USO, $OIL, $UCO, $SCO, $BNO, $UGA, $DTO, $DBO, $UWTI, $USL,
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1 Mar 15 18:07:11
RT @FA_Forex: What is the $USO going to do next? Get real time alerts and analysis at http://t.co/4iQ62WXZpL
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1 Mar 15 17:57:15
$CRM Stock Message Board Updated Sunday, March 1, 2015 8:07:07 PM $USO $WLL $JNK $TQQQ http://t.co/E5CkvZHyvm
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1 Mar 15 17:55:13
$AGIO News Updated Sunday, March 1, 2015 8:10:59 PM $TNA $USO $HD $QLD http://t.co/SfAizDnTQI
Humble Trader
1 Mar 15 17:42:54
$PAS $NFX $CXO $NBL first tranche of secondaries, more $USO companies to follow...then finally the single digits E&O companies...
Patrick
1 Mar 15 17:37:21
RT @FA_Forex: What is the $USO going to do next? Get real time alerts and analysis at http://t.co/4iQ62WXZpL
Humble Trader
1 Mar 15 17:24:46
$USO oil companies issuing more equity at half prices feom 6 montgs ago is telling you oil prices not going back to 100
Langan Stocks
1 Mar 15 16:56:16
$XLK Stock Message Board Updated Sunday, March 1, 2015 7:03:14 PM $CYTX $EWY $USCI $USO http://t.co/hamGx4SeVr
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1 Mar 15 16:56:11
$DDD Stock Forum Updated Sunday, March 1, 2015 7:03:14 PM $NBG $USO $XLU $GS http://t.co/N6TeUFcRRR
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$GRCU News Updated Sunday, March 1, 2015 7:10:59 PM $SLV $USO $CYCC $XRT http://t.co/6SzNZEA8ud
Market Dominate
1 Mar 15 16:48:40
RT @FA_Forex: What is the $USO going to do next? Get real time alerts and analysis at http://t.co/4iQ62WXZpL
Fractal Forex
1 Mar 15 16:45:17
What is the $USO going to do next? Get real time alerts and analysis at http://t.co/4iQ62WXZpL
S&P Fractal
1 Mar 15 16:41:11
Confidently trade $USO Crude http://t.co/UWtB54zk3J
Stock Market Sensor
1 Mar 15 15:49:11
< $GLD, $TLT, $UUP, $USO > #Sectors / #Assets Short-term #Sentiment http://t.co/y29o2aK7No
Dick H. Ahles
1 Mar 15 15:00:42
Why The Price Of Oil Is More Likely To Fall To 20 Rather Than Rise To 80 $OIL $USO http://t.co/4mQoJbbarj
FireTimCook
1 Mar 15 14:56:46
$USO chart: Short if crosses below line or long if crosses the downtrend. http://t.co/YvYaLtNe9Y
TV_Trading Ideas
1 Mar 15 14:56:46
Short if crosses below line or long if crosses the downtrend $USO http://t.co/4KZc3Ow0ez
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1 Mar 15 14:54:12
$CLF Reviews Updated Sunday, March 1, 2015 5:11:08 PM $LQMT $USO $UNG $FWDG http://t.co/2CikOnDcHM
IH News Desk
1 Mar 15 13:52:39
$OPXS Stock Message Board Updated Sunday, March 1, 2015 4:11:08 PM $USO $EYES $CELG $SPXL http://t.co/Rgy40FjFA6
StockSaints-Earnings
1 Mar 15 12:44:48
RT @RobertWeinstein: Why Only Some Airline Tickets Are Falling http://t.co/ucSNjr0uXn @TheStreet $AAL $DAL $LUV $UAL $USO
El Duque
1 Mar 15 12:30:56
NEW POST: Your Head's on a Swivel, Right? - http://t.co/zrOsYbAdXW - #ES_F $SPY #NQ_F #CL_F $USO http://t.co/OJcb6FQnWH
WeinsteinTST
1 Mar 15 12:07:20
Why Only Some Airline Tickets Are Falling http://t.co/L71pIIYVzI @RobertWeinstein $AAL $DAL $LUV $UAL $USO
iHangout
1 Mar 15 11:55:23
lookn4wins: The Hunt for the Next 10 Bagger: USO +0.39% Stock Charts $USO United States Oil http://t.co/vj9V8muzaX
Langan Stocks
1 Mar 15 11:51:10
$NTEK Financials Updated Sunday, March 1, 2015 2:03:16 PM $MCP $USO $MTSL $UPRO http://t.co/RIZPryYuzt
				
				
By  +Follow September 18, 2013 9:10AM
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