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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.

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Results for uso
Onur CURA
1 Apr 15 00:52:19
RT @Marc_Hav: $USOIL $USO If you are bullish on oil then this might be your chart. http://t.co/5ukBc3rUGR
PolgarStocks
1 Apr 15 00:26:11
$LATF Short Sales Updated Wednesday, April 1, 2015 03:07:07 AM $CMG $RIGH $DD $USO http://t.co/ubLF7O26wW
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1 Apr 15 00:22:10
$INTC Last Price Updated Wednesday, April 1, 2015 03:10:59 AM $TSLA $TWTR $USO $SLV http://t.co/XwzNkhmCO9
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1 Apr 15 00:21:09
$MNST Stock Price Updated Wednesday, April 1, 2015 03:03:15 AM $GLD $FXE $HLF $USO http://t.co/FQVIy39Z0L
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Harry
31 Mar 15 23:48:17
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rondo
31 Mar 15 23:34:47
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31 Mar 15 23:30:43
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at least sŭmˈwŭn..
31 Mar 15 23:29:42
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31 Mar 15 23:29:37
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31 Mar 15 23:25:37
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31 Mar 15 23:09:59
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PolgarStocks
31 Mar 15 22:24:08
$NUGT Financials Updated Wednesday, April 1, 2015 01:07:03 AM $CTIC $OSLH $USO $CMG http://t.co/xmM4G2Lqw4
Langan Stocks
31 Mar 15 22:19:13
$NKE Last Price Updated Wednesday, April 1, 2015 01:03:12 AM $TIP $USO $ECIGD $ECIGD http://t.co/xF81xpY7zQ
Eugenio
31 Mar 15 21:47:22
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Angel Dan
31 Mar 15 21:38:56
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Joe Attrux
31 Mar 15 21:33:14
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Jason Olive
31 Mar 15 21:28:00
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Alysia Sarkisian
31 Mar 15 21:27:16
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Seeking Alpha
31 Mar 15 21:23:04
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31 Mar 15 21:01:56
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Akio Kashiwagi
31 Mar 15 20:51:30
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SmallCaps
31 Mar 15 20:49:22
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royfberger
31 Mar 15 20:46:06
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31 Mar 15 20:41:13
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Eric
31 Mar 15 20:11:08
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Danny E
31 Mar 15 20:03:31
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31 Mar 15 19:59:48
Oil prices edge lower as Iran talks extend beyond deadline http://t.co/K6sde4h1j1 $USO
RedBridgeCapitL LLC
31 Mar 15 19:42:00
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$XOM
31 Mar 15 19:32:38
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$XOM
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Love Penny stock
31 Mar 15 19:27:00
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$XOM
31 Mar 15 19:15:12
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$XOM
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$XOM
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$XOM
31 Mar 15 19:00:18
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$XOM
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$XOM
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$XOM
31 Mar 15 18:44:10
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$XOM
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$XOM
31 Mar 15 18:28:16
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$XOM
31 Mar 15 18:28:15
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By  +Follow September 18, 2013 9:10AM
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