Key energy events
Between January 16 and January 19, 2018, the events mentioned in the table below could be important for US crude oil prices as well as natural gas prices.
Key events January 16–18, 2018
The EIA (U.S. Energy Information Administration) Drilling and Productivity Report (or DPR) could be important for US crude oil (USO) (DBO) (UCO) as well as natural gas (UNG) (BOIL) prices. A rise in production and productivity levels of oil and natural gas from the US major shale regions could limit the upside in these two energy commodities.
US crude oil futures
On January 12, 2018, US crude oil futures closed at $64.30 per barrel, their highest closing price since December 8, 2014. On the same day, natural gas futures closed at $3.20 per MMBtu (million British thermal unit), their highest closing price since November 13, 2017.
In addition to the EIA data, OPEC’s (Organization of the Petroleum Exporting Countries) Monthly Oil Market Report and the IEA (International Energy Agency) Oil Market Report could be important for US crude oil prices, which are at their three-year highs. Higher oil (BNO) prices could benefit the energy exposure of equity indexes such as the S&P 500 Index (SPY) (SPX-INDEX) and the Dow Jones Industrial Average Index (DIJA-INDEX). So these events could also impact the equity indexes.
Dollar Tree (DLTR) is rated a 2.1 on a scale of 1 ("strong buy") to 5 ("strong sell") by Wall Street analysts.
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.