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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
Christian
27 Jan 15 22:19:11
RT @marketminute: Nice pop in $USO $RSX $JNK-
provotrout
27 Jan 15 21:52:48
@IncredibleTrade I'm gonna steal this and post it every morning at 9:29AM EST in the $USO column.
Fractal Forecasting
27 Jan 15 21:49:53
New $USO alerts have recently been posted. Check them out now. http://t.co/q4bn17bitY
SmallCaps
27 Jan 15 21:35:48
http://t.co/GpwpWS6RrR <-- Change your life and beat the wall street scammers at their own game! $USO $UWTI $TSLA $SPY
The Economist
27 Jan 15 21:29:11
RT @philstockworld: Market Clutching at Straws Trying to Hold Onto Gains -- http://t.co/R2Myln1nJo -- $DJI $SPY $USO $GS #OilManipulation h…
Guillermo Delgado
27 Jan 15 21:16:00
RT @JuanCMinero: $USO at 17.21 today, shows BIG.! Institucional volumen acumulación as well as retail volume spikes 📈 Quote me in February.…
Gary Hudson
27 Jan 15 20:53:00
How To Buy And Hold Leveraged ETFs: The Top 7 Outperforming 3x ETFs Over The Past Year $USO #ETF $QQQ $CURE $DWTI http://t.co/fbVsVSP2VN
IH News Desk
27 Jan 15 20:52:16
$TKMR News Updated Tuesday, January 27, 2015 11:11:21 PM $USO $SLW $QLD $BORN http://t.co/2LQj5PArUJ
Denny
27 Jan 15 20:49:27
RT @marketminute: Nice pop in $USO $RSX $JNK-
Ophir Gottlieb
27 Jan 15 20:40:28
I just broke the news to Squirt that we're still short the $USO 16 puts in Feb. He did not take it well. http://t.co/LxFJNyXAsA
Jen Aglira
27 Jan 15 20:29:21
RT @philstockworld: Market Clutching at Straws Trying to Hold Onto Gains -- http://t.co/R2Myln1nJo -- $DJI $SPY $USO $GS #OilManipulation h…
Sherilyn Balazs
27 Jan 15 20:25:10
What will these major tickers do next? These guys tell all: http://t.co/o6PqlxZaOF $TRTC $TSLA $QLD $USO $GDX http://t.co/RNOb7QgmPo
Juan Carlos Minero
27 Jan 15 20:19:54
$USO at 17.21 today, shows BIG.! Institucional volumen acumulación as well as retail volume spikes 📈 Quote me in February. #OIL $oil #TRMX
252io
27 Jan 15 20:16:01
Yikes, oversupply in #oil. MMs trying hard to peg $45 but it may fail by EOW. http://t.co/Yo0k4UoVOD $UWTI $DWTI $WTIC $USO $XLE $XOP $STUDY
James DiPlata
27 Jan 15 20:07:13
RT @tradewithjoe: Really Last week to get free trade alerts on $SPY $QQQ $IWM $BABA $AAPL $FB $TWTR $IBB $BIIB $GLD $GDX $USO $UNG - http:/…
ethan
27 Jan 15 20:05:40
RT @HedgeLy: Analysts Examine Effects Of Drop In Oil Prices On Energy Sector $CVX $VLO $USO | http://t.co/LLThZG7kzp http://t.co/Ljfeq6noBc
tradewithjoe
27 Jan 15 20:01:50
Really Last week to get free trade alerts on $SPY $QQQ $IWM $BABA $AAPL $FB $TWTR $IBB $BIIB $GLD $GDX $USO $UNG - http://t.co/GXSIDDDOGD
Mark Yusko
27 Jan 15 19:56:43
RT @nikkeix225: @LMTentarelli @MarkYusko #MktValue "likes" the lows and is finding a home there. $uso http://t.co/L4sXqVl5J2
Hedge.Bz
27 Jan 15 19:51:53
Analysts Examine Effects Of Drop In Oil Prices On Energy Sector $CVX $VLO $USO | http://t.co/0jqZ9zLxTx http://t.co/MGL06ZomQV
HLy
27 Jan 15 19:51:52
Analysts Examine Effects Of Drop In Oil Prices On Energy Sector $CVX $VLO $USO | http://t.co/LLThZG7kzp http://t.co/Ljfeq6noBc
EsanE
27 Jan 15 19:49:56
@LMTentarelli @MarkYusko #MktValue "likes" the lows and is finding a home there. $uso http://t.co/L4sXqVl5J2
Rosner Stocks
27 Jan 15 19:47:06
$CNET Filings Updated Tuesday, January 27, 2015 9:59:26 PM $GOOG $UCO $DGAZ $USO http://t.co/pzimGrCHeH
Rodney Moss
27 Jan 15 19:42:55
RT @NassarInvesting: “@TradersChat: Jan 28 watching to buy OIL $UWTI $USO $EOX $MCP $BPZ $REN $MILL $KEG $SFY $GDP http://t.co/owjmYKcHhI”$…
Mark Yusko
27 Jan 15 19:41:19
RT @LMTentarelli: #CrudeOil 15 consecutive closes below $50 - line in the sand for now. $WTIC $USO $SCO http://t.co/r7QAufEW5H
Langan Stocks
27 Jan 15 19:40:12
$UNH Stock Message Board Updated Tuesday, January 27, 2015 10:03:25 PM $IYR $UNG $IBB $USO http://t.co/ZZzoCItiB9
POWExR
27 Jan 15 19:38:02
RT @TradersChat: Jan 28 watching to buy OIL $UWTI $USO $EOX $MCP $BPZ $REN $MILL $KEG $SFY $GDP http://t.co/GZtX8jxsmq
blackmarkt
27 Jan 15 19:30:38
v. Consumer Sentiment RT @stlouisfed: Avg. price of gas in U.S. $2.044 http://t.co/76EOOomVZX $CL_F $USO #BlackGold http://t.co/vyR1t8uRe6
Nassar Investing
27 Jan 15 19:25:20
“@TradersChat: Jan 28 watching to buy OIL $UWTI $USO $EOX $MCP $BPZ $REN $MILL $KEG $SFY $GDP http://t.co/owjmYKcHhI”$WTI also. Let's get it
TradersChat.org
27 Jan 15 19:22:13
Jan 28 watching to buy OIL $UWTI $USO $EOX $MCP $BPZ $REN $MILL $KEG $SFY $GDP http://t.co/GZtX8jxsmq
TradersChat.org
27 Jan 15 19:19:13
RT @NassarInvesting: A lot of stocks had a nice little pop his last our due to Oil IMO. $WTI $UWTI $USO $WRES. If oil fades so will these.
iHangout
27 Jan 15 19:09:11
chartguy89: 2015 Trending Stocks: USO +2.02% Stock Charts $USO United States Oil http://t.co/KWhmRB8jGr
ric pow
27 Jan 15 18:56:19
From the green leader? U.S. proposes offshore oil drilling from Virginia to Georgia http://t.co/SQCWB5bIcW $USO $OIL $UCO $SCO
Kalki2014
27 Jan 15 18:51:13
:|:::: #Europe #War https://t.co/pvhxxme5ar #Veviers #Paris #WW3 #ISIS $OIL $USO $UCO $SCO $BNO $GLD $IAU $SGOL $UGL $DGP #Charl...
chartguy89
27 Jan 15 18:50:35
USO +2.02% Stock Charts $USO United States Oil Fund LP (NAR) Last Updated: 01/27/2015 20:50:45 USO Stock Chart http://t.co/FuR4zSur7t
PolgarStocks
27 Jan 15 18:46:36
$GDXJ Short Sales Updated Tuesday, January 27, 2015 9:07:24 PM $FXI $NEM $USO $TQQQ http://t.co/oagOnet3xO
Jeff Quiggle
27 Jan 15 18:21:05
$MACRO > $UUP $TLT $GLD $FXI $EEM $VXX $JNK $IWM $FEZ $QQQ $SPY $USO Yesterday > $UUP $TLT $GLD $FXI $EEM $VXX $JNK $IWM $QQQ $SPY $FEZ $USO
Mark Brant
27 Jan 15 18:14:16
RT @rareviewmacro: #Options market for $XOM $CVX $COP $SLB $OXY starting to discount #dividends cuts. (HT: Jefco MC) $XLE $XOP $OIH $USO $…
LTentarelli
27 Jan 15 17:58:35
#CrudeOil 15 consecutive closes below $50 - line in the sand for now. $WTIC $USO $SCO http://t.co/r7QAufEW5H
Mark Freeman
27 Jan 15 17:40:57
$GLD update: Leading market sectors higher Tues included: $TLT $GLD $SLV $GDX $RSX $TAN $USO $UNG, while everything else lead markets lower.
Ben Silverberg
27 Jan 15 17:33:45
Leading market sectors higher Tues included: $TLT $GLD $SLV $GDX $RSX $TAN $USO $UNG, while everything else lead markets lower. $SPX $SPY
Stock Rocket
27 Jan 15 17:30:28
Our Penny Stock Alert On $QLTS Has Gained 34.62% In The Past 2 Days! Special Update: http://t.co/SK1yaqFkM1 $USO $EWP $CORN
Chris Johnson
27 Jan 15 17:14:37
RT @CEOTechnician: "6 Positive Signs for Crude Oil" ~~~> http://t.co/JXbVFjJikG $CL_F $HAL $UCO $USO $XLE
Christopher Simons
27 Jan 15 17:10:18
$UWTI $USO $OIL Is $45 the bottom of the dip for Oil? Cramer says it is: http://t.co/d50qdYHCE0
Ask Diesel
27 Jan 15 17:02:53
RT @TravisMKnight: $UUP $USO OIL Could Catch A Bid On Continued Weakness US Dollar.. Watching: http://t.co/6buSBUqKLo http://t.co/KWsu6uF…
Si Chan
27 Jan 15 17:01:05
Whether we see another flush in $USO is anyone's guess, but if we do get it, I am thinking it's a good risk and reward entry for a long.
Si Chan
27 Jan 15 16:59:16
$USO has recently been showing signs of buyer, but I am not convince that this is a buy yet. I am thinking one more flush should do it.
tradewithjoe
27 Jan 15 16:49:49
Really Last week to get free trade alerts on $SPY $QQQ $IWM $BABA $AAPL $FB $TWTR $IBB $BIIB $GLD $GDX $USO $UNG - http://t.co/gAwmtSYxPs
CapCube NYC
27 Jan 15 16:46:37
Good points @CEOTechnician: "6 Positive Signs for Crude Oil" ~~~> http://t.co/yMj6AUvZ7A $CL_F $HAL $UCO $USO $XLE”
Stockaholics
27 Jan 15 16:42:08
Our Penny Stock Picks Gained 968% In 5 Weeks! Get Our Next Pick Early: http://t.co/yQwzgQ7fmA $USO $EWP $CORN
Gotham City Capital
27 Jan 15 16:32:54
$UUP $USO OIL Could Catch A Bid On Continued Weakness US Dollar.. Watching: http://t.co/6buSBUqKLo http://t.co/KWsu6uFNx6
				
				
By  +Follow September 18, 2013 9:10AM
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