Energy Reports
Weekly Energy Update (May 18, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices were mostly steady over the past week. Recession fears continue to stifle price movements. (Source: Barchart.com) Commercial crude oil inventories rose 5.0 mb compared to the forecast draw of 2.0 mb. The SPR fell 2.4 mb, putting the total build at 2.6… Read More »
Weekly Energy Update (May 11, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Although prices have bounced to return to the lower end of the $84/$72 trading range, recession fears continue to dominate sentiment. (Source: Barchart.com) Commercial crude oil inventories rose 3.0 mb compared to the forecast draw of 2.5 mb. The SPR fell 2.9 mb, putting… Read More »
Weekly Energy Update (May 4, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Recession fears are gripping the oil market, sending prices toward lows last seen in March. (Source: Barchart.com) Commercial crude oil inventories fell 1.3 mb compared to the forecast draw of 1.5 mb. The SPR fell 2.0 mb, putting the total draw at 3.3 mb.… Read More »
Weekly Energy Update (April 27, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF After gapping two weeks ago, oil prices have filled the gap on worries about the global economy. (Source: Barchart.com) Commercial crude oil inventories fell 5.1 mb compared to the forecast draw of 1.5 mb. The SPR fell 1.0 mb, putting the total draw at… Read More »
Weekly Energy Update (April 20, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF After gapping last week, prices are consolidating. (Source: Barchart.com) Commercial crude oil inventories fell 4.6 mb compared to the forecast draw of 0.9 mb. The SPR fell 1.6 mb, putting the total draw at 6.2 mb. In the details, U.S. crude oil production was… Read More »
Weekly Energy Update (April 13, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil gapped higher in early April on reports that OPEC+ was cutting production targets. It has held those gains and is now moving above chart resistance at $82 per barrel. (Source: Barchart.com) Commercial crude oil inventories rose 0.6 mb compared to the forecast… Read More »
Weekly Energy Update (April 6, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil jumped on the unexpected decision by OPEC+ to cut production targets. (Source: Barchart.com) Crude oil inventories fell 3.7 mb compared to the forecast of a 1.8 mb build. The SPR fell 0.4 mb. In the details, U.S. crude oil production was unchanged… Read More »
Weekly Energy Update (March 30, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil decisively broke its recent $72-$82 per barrel trading range. Recent weakness was exacerbated by funds that sold out of long crude oil positions. Prices have recovered to the lower end of the previous trading range. We will see if this acts as… Read More »
Weekly Energy Update (March 23, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil decisively broke its recent $72-$82 per barrel trading range. Problems in the banking sector are raising fears of a global economic slowdown. Classic technical analysis would suggest that the former support at $72 will become resistance; in other words, this level will… Read More »