Cushing, Oklahoma, is the largest crude oil storage hub in the US. Market surveys estimate that the crude oil inventories at Cushing could have fallen on December 22–29, 2017. Any fall in Cushing inventories benefits oil (UCO) (DWT) prices.
US crude oil (UWT) prices are at the highest level since June 2015. Higher oil (USO) prices favor funds like the Vanguard Energy ETF (VDE) and the Fidelity MSCI Energy Index (FENY). These ETFs have exposure to US energy companies.
EIA’s Cushing inventories
Cushing inventories fell by 1,584,000 barrels to 51.4 MMbbls (million barrels) on December 15–22, 2017, according to the EIA. The inventories fell 3% week-over-week and by 15,021,000 barrels or 22.6% YoY (year-over-year).
EIA’s US crude oil inventories
The EIA estimated that US crude oil inventories fell by 4.6 MMbbls to 431.8 MMbbls on December 15–22, 2017. The inventories also fell by 54.2 MMbbls or 11.2% YoY. The inventories also fell ~20% from their peak in March 2017.
Cushing crude oil inventories were near the lowest level since February 27, 2015. They also fell ~26% from their peak on April 7, 2017. US crude oil (UCO) prices have risen 12% since April 7, 2017. Any fall in US and Cushing inventories benefits oil (DWT) prices.
Next, we’ll discuss US crude oil rigs.
US crude oil (USO) futures hit $60.73 per barrel in early morning trade on January 2, 2018—the highest level since June 2015.
Hibbett Sports (HIBB) stock surged 22.3% as of 1:54 PM ET today as the company reported impressive results for fiscal 2019's fourth quarter, which ended on February 2.
Wall Street analysts expect a potential upside of 21.63% for Alexion Pharmaceuticals based on the stock's closing price on March 21.
Today, we got another round of dismal data points from Europe (VGK)(EZU). According to a Markit survey, Germany’s (EWG) March PMI Composite Output Index fell to a 69-month low of 51.5.
On March 21, US crude oil’s implied volatility was 24.9%, which was 6.7% below its 15-day average. Usually, lower implied volatility supports oil prices.
The overall cannabis sector took a hit today amid the broader market's declines. The volatility index (VIX) jumped 17.9%, and the cannabis sector is more sensitive than the market.
The tech-heavy NASDAQ Composite Index (QQQ) is on track to post its 12th weekly gain in 13 weeks.