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| Crude Oil Gains Almost 9% This Week due to Slowing US Production | |
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OPEC Could Balance the Slowing Output from the US (Part 1 of 2) Crude oil trades flat
Below is our crude oil price and fundamental analysis. For an in-depth fundamental look at crude oil and related companies, sectors, and drivers, please refer to our Energy and Power page.
WTI (West Texas Intermediate) May crude oil futures rose marginally by 0.57% and closed at $56.71 per barrel on Thursday. Oil prices were trading almost flat due to increasing production from OPEC (Organization of the Petroleum Exporting Countries). The benchmark tracking ETFs like the United States Oil Fund LP (USO) and the ProShares Ultra DJ-UBS Crude Oil (UCO) followed the footsteps of crude oil. They gained 1.17% and 2.66%, respectively, on April 16, 2015.
On April 15, 2015, the EIA (U.S. Energy Information Administration) reported that weekly crude oil inventories increased by 1.02 MMbbls (million barrels). This was the lowest inventory increase since January 7, 2015. The industry consensus was an increase of 4.05 MMbbls. Oil inventories rose to 483.7 MMbbls from 482.4 MMbbls for the week ending April 10. Slowing US production and inventories support the oil prices.
This is the fifth up day over the last ten days. During the same period, average up days’ prices increased 2.62% more than the average down days. Brent crude oil was the top performer in yesterday’s trade. WTI oil had an average performance in relation to other commodities. Crude oil prices gained 6% YTD (year-to-date)—supported by declining US production and slowing inventory.
Energy ETFs like the SPDR Oil and Gas ETF (XOP) and the Energy Select Sector SPDR ETF (XLE) moved in the opposite direction from crude oil. They fell marginally in yesterday’s trade. Oil and gas exploration stocks like Hess (HES), Southwestern Energy (SWN), and Marathon Oil (MRO) gained more than 5% over the last five trading sessions. They account for 3.45% of XLE. Higher oil prices benefit oil producers.
Continue to Part 2 Browse this series on Market Realist:
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Marathon Oil Corporation
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CODE : MRO |
ISIN : US5658491064 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Marathon Oil est une société d’exploration minière de pétrole basée aux Etats-Unis D'Amerique. Marathon Oil est cotée aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 23,7 milliards US$ (21,3 milliards €). La valeur de son action a atteint son plus bas niveau récent le 13 août 1982 à 0,70 US$, et son plus haut niveau récent le 19 septembre 2024 à 27,89 US$. Marathon Oil possède 849 755 866 actions en circulation. |