US crude oil futures
February US crude oil (UCO) (USL) futures contracts fell 0.4% and were trading at $59.7 per barrel at 12:55 AM EST on December 27, 2017. Prices fell due to profit-booking. Meanwhile, March E- Mini S&P 500 (SPY) futures contracts rose 0.07% to 2,688.75 at the same time.
EIA’s crude oil inventories
For the week ending December 15, 2017, US crude oil inventories fell for the fifth straight week. So far, nationwide inventories have fallen 9.8% in 2017. During the same period, US oil prices have risen ~10%. Any fall in inventories is bullish for oil (DWT) (UCO) prices.
The EIA is scheduled to release the US crude oil inventory report on December 28, 2017. The market survey estimates that US crude oil inventories would have fallen by ~3.9 MMbbls (million barrels) on December 15–22, 2017.
A larger-than-expected fall in US crude oil inventories could benefit oil prices. It could drive oil prices to $61 per barrel or $62 per barrel. Higher oil (DWT) prices support funds like the Vanguard Energy ETF (VDE) and the iShares U.S. Energy ETF (IYE).
However, traders should be cautious. Any large build in gasoline inventories on December 15–22, 2017, could pressure oil prices. Analysts expect a build of 0.9 MMbbls during this period.
Next, we’ll discuss US crude oil refinery demand and imports.
According to the EIA, the four-week average US gasoline demand fell by 42,000 bpd or 0.5% to 9 MMbpd (million barrels per day) on December 8–15, 2017.
Tilray (TLRY) reported its quarterly earnings after the market closed. The company reported a total quarterly sales of $15.5, which increased nearly 203.8% year-over-year.
Earlier today, US tech giant Apple (AAPL) launched new versions of its iPad Air and iPad Mini. The company is set to hold a special event on March 25.
Facebook has stated that over 700 million of its users play games, watch gaming videos, and engage in gaming groups on its platform.
On March 18, President Trump tweeted, “GDP growth during the four quarters of 2018 was the fastest since 2005.” Let’s look at the data.
Today, Steel Dynamics released its first-quarter earnings guidance. It expects its first-quarter EPS to be between $0.88 and $0.92.
Amazon (AMZN) recently teamed up with the Yankees and other investors to purchase the YES Network.