logo
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

 


Crude Oil Prices Rise on Fed Reserve, Crude Reserve Announcements

By  +Follow September 18, 2013 9:10AM
Share:
Tickers Mentioned:

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. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Liked What You Read? Join Equities.com as a contributor and get eyeballs on your content FOR FREE!

Results for uso
I LOVE HEDGE FUNDS
29 Aug 15 01:45:35
$USO put in order to dump my remaining calls...
I LOVE HEDGE FUNDS
29 Aug 15 01:45:11
RT @MikeBellafiore: watching $ADSK $SPLK $SWHC $GME $FCX $BIG $ACI $SPY $VXX $USO $NQ Trade well
clayton
29 Aug 15 01:44:34
USO United States Oil Fund, LP Bid http://t.co/6LsI7IJZGI $USO $XLV $EPI $GOOG #USO #stocks #stocks
PolgarStocks
29 Aug 15 01:38:09
$EXP Stock Forum Updated Saturday, August 29, 2015 04:07:15 AM $USO $GPRO $INO $RSP http://t.co/3Z0PSESxAH
Stock_Huntress
29 Aug 15 01:28:08
http://t.co/aV04SGRUmy <-- In a few months this guy will likely be Super_trades 1st Millionaire student! $USO $ZQK $PRKR #Trading
Ahmet Ayan
29 Aug 15 01:24:01
RT @seeitmarket: New Post - "Energy Insights From Dave Lutz and Crude Oil Levels Of Interest" http://t.co/5oGFlRBIrz by @FZucchi $XLE $USO …
Neal
29 Aug 15 00:58:29
RT @seeitmarket: New Post - "Energy Insights From Dave Lutz and Crude Oil Levels Of Interest" http://t.co/5oGFlRBIrz by @FZucchi $XLE $USO …
qe
29 Aug 15 00:50:24
RT @RyanDetrick: Here's your summary of what happened today. Good one for microcaps, $OIH , GDX, $USO. #DetrickDailyScorecard. $SPY http:…
robert
29 Aug 15 00:50:03
RT @seeitmarket: New Post - "Did Crude Oil Prices Just Bottom?" http://t.co/PlL3Y3Pphm by @TradingOnMark $USO $OIL $CL_F http://t.co/oKQd6m…
Collins Sikowitz
29 Aug 15 00:49:20
RT @USO_Fractalerts: What is the $USO going to do next? Get real time alerts and analysis at http://t.co/V89Z8CC9An
USO Fractalerts
29 Aug 15 00:48:23
What is the $USO going to do next? Get real time alerts and analysis at http://t.co/V89Z8CC9An
IH NASDAQ OMX
29 Aug 15 00:48:11
XLP Consumer Staples Select Sector SPDR E.P.S. http://t.co/ufPG2tbodb $XLP $USO $SCMP $AEZS #XLP #stocks #stock
clayton
29 Aug 15 00:48:10
XLY Consumer Discretionary Select Sector SPDR Open http://t.co/S0GIvsMwSO $XLY $FXE $USO $CTLE #XLY #stocks #finance
PolgarStocks
29 Aug 15 00:47:56
XLY Consumer Discretionary Select Sector SPDR EOD Data http://t.co/RWovLt2LY0 $XLY $QTMM $RSX $USO #XLY #stockmarket #invest
Stock_Tracker
29 Aug 15 00:47:22
WFC Wells Fargo & Co. P/E Ratio http://t.co/89AMrq23xH $WFC $USO $XLV $DDD #WFC #tradeideas #pennystocks
clayton
29 Aug 15 00:47:21
WMT Wal-Mart Stores, Inc. Prev Close http://t.co/UGEty9fpot $WMT $AMBA $USO $KSU #WMT #finance #share
PolgarStocks
29 Aug 15 00:47:20
USO United States Oil Fund, LP Ask http://t.co/usepP0y8zu $USO $UPS $DDD $GES #USO #nasdaq #invest
clayton
29 Aug 15 00:47:19
USO United States Oil Fund, LP Short Sales http://t.co/ZsPvfbbs08 $USO $BTU $OWOO $HACK #USO #stocks #tradeideas
IH NASDAQ OMX
29 Aug 15 00:47:18
USO United States Oil Fund, LP Short Sales http://t.co/f6Id8ptB4A $USO $EEM $CVX $UGAZ #USO #tradeideas #invest
IH NASDAQ OMX
29 Aug 15 00:47:17
USO United States Oil Fund, LP Bid Size http://t.co/6zycA2GReK $USO $AEZS $HYG $EXC #USO #investing #finance
Stock Forums
29 Aug 15 00:47:13
WMIH WMI Holdings Corp. Volume http://t.co/sYfLzhl1Rr $WMIH $CIRC $EXC $USO #WMIH #invest #stock
leahanne
29 Aug 15 00:46:10
USO United States Oil Fund, LP Stock Forum http://t.co/4mc2PlW1tQ $USO $ITB $DDD $FB #USO #stocks #share
Stock Forums
29 Aug 15 00:46:06
USO United States Oil Fund, LP Day High http://t.co/tQM0IrDgA4 $USO $AEZS $QIHU $AGI #USO #stockmarket #pennystocks
Stock Forums
29 Aug 15 00:46:04
USO United States Oil Fund, LP Ask http://t.co/dB6zudd7MF $USO $CNX $BAC $VUG #USO #investing #share
IH News Desk
29 Aug 15 00:46:04
UVXY ProShares Ultra VIX Short-Term Futures ETF Last Trade http://t.co/zI6jZo1Pes $UVXY $TSLA $USO $SKX #UVXY #nasdaq #finance
Emylers
29 Aug 15 00:46:02
UPRO ProShares UltraPro S&P 500 Last Trade http://t.co/rKmp2feEcG $UPRO $BIDU $ABX $USO #UPRO #invest #pennystocks
Lucky Jimmy
29 Aug 15 00:46:00
USO United States Oil Fund, LP Tick http://t.co/1nNaNX8NDg $USO $OWOO $VG $XLU #USO #investing #stock
jim50
29 Aug 15 00:46:00
USO United States Oil Fund, LP Exchange http://t.co/netezKbrdG $USO $CBM $EWS $EEM #USO #stockmarket #stocks
Jake13
29 Aug 15 00:45:59
USO United States Oil Fund, LP Message Board Posts http://t.co/h6ZCizHvxo $USO $RPG $SUNE $MTUM #USO #stock #invest
DennyT
29 Aug 15 00:45:57
USO United States Oil Fund, LP Company Info http://t.co/bkLP3z2spg $USO $TIVO $HACK $CAM.TO #USO #invest #nasdaq
Investors Hangout
29 Aug 15 00:45:04
USO United States Oil Fund, LP Ideas http://t.co/XGCHT2hMsY $USO $CURE $MDY $JPM #USO #invest #finance
lookn4wins
29 Aug 15 00:44:08
SKF ProShares UltraShort Financials Change http://t.co/w8wWEdPXby $SKF $USO $AVXL $AXP #SKF #invest #invest
IH NASDAQ OMX
29 Aug 15 00:44:07
STO Statoil ASA Ex-Div Date http://t.co/P2dWhLRXUd $STO $USO $IBB $FCX #STO #finance #stock
Rosner Stocks
29 Aug 15 00:42:42
SCMP Sucampo Pharmaceuticals Inc. Stock Forum http://t.co/rQdCPp1WDt $SCMP $ABX $USO $GSS #SCMP #stock #investing
Lucky Jimmy
29 Aug 15 00:42:39
GOLD Randgold Resources Ltd. Dividend http://t.co/E70oDH4gB0 $GOLD $EWJ $PCLN $USO #GOLD #stock #pennystocks
leahanne
29 Aug 15 00:41:22
LINE Linn Energy LLC Dividend http://t.co/aKK07EPtYw $LINE $GSS $USO $CEF #LINE #nasdaq #share
Stock Forums
29 Aug 15 00:41:22
LQD iShares iBoxx Investment Grade Corporate Bond Fund E.P.S. http://t.co/QRTG6jaupR $LQD $USO $ITB $EXC #LQD #pennystocks #finance
Stock_Tracker
29 Aug 15 00:41:18
LQD iShares iBoxx Investment Grade Corporate Bond Fund Filings http://t.co/oqWd0L787a $LQD $EA $USO $ATI #LQD #tradeideas #invest
Stock_Tracker
29 Aug 15 00:41:16
ITB iShares Dow Jones U.S. Home Construction Bid Size http://t.co/vdBLp4JOdo $ITB $SOXS $DRN $USO #ITB #stock #stock
IH NASDAQ OMX
29 Aug 15 00:40:20
IBM International Business Machines Day Low http://t.co/R55dXYyelO $IBM $SMN $C $USO #IBM #share #stock
IH NASDAQ OMX
29 Aug 15 00:40:18
IEF iShares Barclays 7-10 Year Treasury Bond Fund EOD Data http://t.co/PdVte2VrK7 $IEF $USO $AXU $GDXJ #IEF #nasdaq #finance
leahanne
29 Aug 15 00:38:48
GLD SPDR Gold Trust Shares Bid Size http://t.co/hZ2RKrrt6j $GLD $APC $XLP $USO #GLD #share #stockmarket
Investors Hangout
29 Aug 15 00:38:43
FV First Trust Dorsey Wright Focus 5 ETF Prev Close http://t.co/kA43xnIqoR $FV $EWY $USO $RSP #FV #pennystocks #investing
DennyT
29 Aug 15 00:38:40
FV First Trust Dorsey Wright Focus 5 ETF Filings http://t.co/nUuYB1e4MQ $FV $UGAZ $USO $COP #FV #stocks #tradeideas
leahanne
29 Aug 15 00:38:29
ELRA Elray Resources, Inc. % Change http://t.co/OpdnhPoIIO $ELRA $USO $ITC $DRN #ELRA #stocks #shareESRX Express Scripts, Inc. Market…
Rosner Stocks
29 Aug 15 00:38:22
ELRA Elray Resources, Inc. % Change http://t.co/mPhlnjrdAO $ELRA $USO $ITC $DRN #ELRA #stocks #shareESRX Express Scripts, Inc. Market…
DennyT
29 Aug 15 00:38:22
EWJ Japan iShares Ex-Div Date http://t.co/qv75kq7fuC $EWJ $YCS $USO $WFC #EWJ #stocks #finance
PolgarStocks
29 Aug 15 00:38:17
ELRA Elray Resources, Inc. % Change http://t.co/BRbNZgPd03 $ELRA $USO $ITC $DRN #ELRA #stocks #shareESRX Express Scripts, Inc. Market…
PolgarStocks
29 Aug 15 00:38:11
ELRA Elray Resources, Inc. % Change http://t.co/P7stB6EKli $ELRA $USO $ITC $DRN #ELRA #stocks #shareESRX Express Scripts, Inc. Market…
PolgarStocks
29 Aug 15 00:37:29
ELRA Elray Resources, Inc. % Change http://t.co/lMVVBQ9TM8 $ELRA $USO $ITC $DRN #ELRA #stocks #shareESRX Express Scripts, Inc. Market…
				
				
By  +Follow September 18, 2013 9:10AM
Share:

Comments

 

blog comments powered by Disqus

 Today's Must Reads

Welcome to Equities.com's Small-Cap Throwdown


These Analysts Called Apple's (AAPL) Collapse, Here's What They're Saying Now

7 Dow Stocks Worth Owning and a Lot that Aren't

Sprint Turnaround Has Begun


Saving the

Small-Cap Market

 

Small-cap stocks offer investors many benefits, ranging from higher growth potential to overlooked value opportuni... in Equities.com's Hangs on LockerDome

About us

Equities.com is an advanced financial data portal and social network designed to connect self-directed investors with the world’s most innovative startup and small cap companies. Through our in-depth coverage of small cap markets, comprehensive research and stock valuation reports, state of the art issuer products, and world class events, Equities.com provides the social tools and insight that drive tomorrow’s investment relationships and opportunities.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.

Login or Register

LOG IN