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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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31 Oct 14 16:41:13
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31 Oct 14 16:41:04
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31 Oct 14 16:40:34
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31 Oct 14 16:39:36
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31 Oct 14 16:38:40
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31 Oct 14 16:36:52
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31 Oct 14 16:36:45
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31 Oct 14 16:35:40
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31 Oct 14 16:34:25
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31 Oct 14 16:33:19
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31 Oct 14 16:32:29
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31 Oct 14 16:31:52
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Monique Hicks- Cook
31 Oct 14 16:30:24
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Mac Barnes
31 Oct 14 16:29:56
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31 Oct 14 16:29:13
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31 Oct 14 16:28:51
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China Terrell
31 Oct 14 16:27:59
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31 Oct 14 16:26:59
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Preston Marshall
31 Oct 14 16:26:01
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Arham
31 Oct 14 16:25:30
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Jeremy White
31 Oct 14 16:25:06
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31 Oct 14 16:24:12
RT @philstockworld: WTF? Futures Flying and Dollar Rising on BOJ's 80 TRILLION Yen Boost $SLW $USO $SPY $EWJ -- http://t.co/RjS6KZhKzM htt…
Jeff
31 Oct 14 16:23:48
RT @philstockworld: WTF? Futures Flying and Dollar Rising on BOJ's 80 TRILLION Yen Boost $SLW $USO $SPY $EWJ -- http://t.co/RjS6KZhKzM htt…
Jason Brown
31 Oct 14 16:22:52
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31 Oct 14 16:22:18
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Ryan Milnes
31 Oct 14 16:21:24
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Tony Dukes
31 Oct 14 16:20:57
RT @philstockworld: WTF? Futures Flying and Dollar Rising on BOJ's 80 TRILLION Yen Boost $SLW $USO $SPY $EWJ -- http://t.co/RjS6KZhKzM htt…
monik
31 Oct 14 16:20:00
RT @philstockworld: WTF? Futures Flying and Dollar Rising on BOJ's 80 TRILLION Yen Boost $SLW $USO $SPY $EWJ -- http://t.co/RjS6KZhKzM htt…
Kee
31 Oct 14 16:18:48
RT @philstockworld: WTF? Futures Flying and Dollar Rising on BOJ's 80 TRILLION Yen Boost $SLW $USO $SPY $EWJ -- http://t.co/RjS6KZhKzM htt…
Isaac
31 Oct 14 16:18:20
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DE-DE
31 Oct 14 16:16:51
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Joby Mckenzie
31 Oct 14 16:16:01
RT @philstockworld: WTF? Futures Flying and Dollar Rising on BOJ's 80 TRILLION Yen Boost $SLW $USO $SPY $EWJ -- http://t.co/RjS6KZhKzM htt…
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31 Oct 14 16:15:17
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Sandra Harper
31 Oct 14 16:15:09
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31 Oct 14 16:14:45
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31 Oct 14 16:09:36
RT @philstockworld: WTF? Futures Flying and Dollar Rising on BOJ's 80 TRILLION Yen Boost $SLW $USO $SPY $EWJ -- http://t.co/RjS6KZhKzM htt…
Iris
31 Oct 14 16:08:24
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31 Oct 14 16:07:16
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chanmey
31 Oct 14 16:06:16
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rocktheboatLA
31 Oct 14 16:05:55
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drew
31 Oct 14 16:05:14
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Mando
31 Oct 14 16:04:28
RT @philstockworld: WTF? Futures Flying and Dollar Rising on BOJ's 80 TRILLION Yen Boost $SLW $USO $SPY $EWJ -- http://t.co/RjS6KZhKzM htt…
Joshua C
31 Oct 14 16:03:46
RT @philstockworld: WTF? Futures Flying and Dollar Rising on BOJ's 80 TRILLION Yen Boost $SLW $USO $SPY $EWJ -- http://t.co/RjS6KZhKzM htt…
Amanda
31 Oct 14 16:03:21
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31 Oct 14 16:02:39
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31 Oct 14 16:01:42
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31 Oct 14 16:00:34
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31 Oct 14 16:00:04
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Salt Optics
31 Oct 14 15:59:21
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Fabian Chung
31 Oct 14 15:58:25
RT @philstockworld: WTF? Futures Flying and Dollar Rising on BOJ's 80 TRILLION Yen Boost $SLW $USO $SPY $EWJ -- http://t.co/RjS6KZhKzM htt…
				
				
By  +Follow September 18, 2013 9:10AM
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