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Crude Oil Prices Experienced A Severe Contango In the Final 6 Months

WTI (West Texas Intermediate) crude oil futures contracts for December supply fell by 2.4% and settled at $45.20 per barrel on November 5, 2015. Prices fell for guanghan jincheng petroleum machinery co workers the second day resulting from a fall in gasoline costs and a rise in Cushing stocks. The US benchmark following ETFs just like the United States Oil ETF (USO) and the ProShares Extremely DJ-UBS Crude Oil ETF (UCO) mirrored the value path of WTI oil prices in yesterday’s trade. These ETFs fell by 2.5% and four.5%, respectively, on November 5, 2015.

Gasoline prices
Gasoline costs fell by 2.2% to $1.36 per gallon on November 5, 2015. Costs fell for the second day. They misplaced greater than guanghan jincheng petroleum machinery co workers 6% within the last two buying and selling sessions. Refineries are returning from the upkeep season earlier than expected. This may enhance the gasoline supplies in the market. Because of this, gasoline prices fell. It implies that the demand for crude will reach regular ranges. Nonetheless, the broad gap between supply and demand is putting pressure on crude oil prices. Crude oil costs reacted to the gasoline value development and fell in yesterday’s trade. Crude oil’s long-term downward pattern impacts integrated oil majors’ margins like ExxonMobil (XOM), Chevron (CVX), BP (BP), and Whole (TOT).

Cushing stocks
The newest survey from Genscape means that the crude oil stocks at Cushing, Oklahoma, rose for the week ending November three, 2015. The consensus of rising crude oil stocks will continue to put pressure on crude oil costs. The rise in Cushing stocks also led to the fall in oil costs in yesterday’s trade. The uncertainty within the oil market impacts ETFs like the iShares Global Power ETF (IXC) and the PowerShares DWA Vitality Momentum ETF (PXI). To be taught extra about Cushing stocks, visit the following a part of this sequence.

Contango market
The crude oil market is in a extreme contango. “Contango” is outlined as the constructive distinction between the longer term contracts price and anticipated futures spot costs of the crude oil. December 2015 and January 2016 WTI crude oil futures confirmed a spread of $1 per barrel as of November 5, 2015. It’s the widest contango within the final six months. In the meantime, the 12-month contango is at $6 per barrel. This means that more crude oil may very well be stored in tremendous tankers. guanghan jincheng petroleum machinery co workers This could add pressure to oil prices. A wider contango advantages oil tankers like Teekay Tankers (TNK) and Nordic American Tankers (NAT).

Volatility analysis
The S&P GSCI Commodity Index tracks 24 commodities. It fell by 1.3% in yesterday’s commerce. It also fell by 15% YTD (12 months-to-date) attributable to oversupply throughout commodities. Likewise, WTI prices fell by nearly 15% YTD because of oversupply concerns.

In this series, we’ll look at crude oil costs and fundamentals. For an in-depth fundamental look at oil and gasoline and related companies, sectors, and drivers, go to Market Realist’s Vitality and Energy web page.