Tracking the Price of Oil - Feb. 11th to April 9th
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Oil prices have risen $16.30 (45%) since February 11th:
USO vs. ^DJI
USO vs. EURUSD=X
U.S Crude Oil Inventories
U.S. inventories have gained in 24 of the past 28 weeks. Hmmm....is it just me or is there too much speculation in this current run-up?
April 9th (Thursday) - Oil jumps $2.86 to $52.24 a barrel
The reason: The Dow rose ~ 250 points after Wells Fargo announced it expects to report a better-than-expected first-quarter profit of $3 billion.
April 8th (Wednesday) - Oil rises 23 cents to $49.38 a barrel
The reason: U.S. crude inventories rose a less-than-expected 1.65 million barrels last week.
April 7th (Tuesday) - Oil falls $1.90 to $49.15 a barrel
The reason: Analysts expect tomorrow's EIA report to show a 2 million barrel rise in U.S. crude inventories for the week ended April 3rd. In addition, Wall street dropped nearly 200 points while the dollar gained against the euro.
April 6th (Monday) - Oil falls $1.46 to $51.05 a barrel
The reason: Wall street slumped while the U.S. dollar strengthened.
April 3rd (Friday) - Oil slips 13 cents to $52.51 a barrel
The reason: U.S. unemployment in March was in-line with expectations despite rising to a 25-year high of 8.5%.
April 2nd (Thursday) - Oil surges $4.25 to $52.64 a barrel
The reason: World markets shot up after the G20 agreed on a $1.1 trillion dollar stimulus. The euro also gained against the U.S. dollar after the European Central Bank decided on a smaller than expected rate cut.
April 1st (Wednesday) - Oil falls $1.27 to $48.39 a barrel
The reason: Oil prices fell despite the Dow rising 2% after the EIA reported U.S. crude inventories rose a larger-than-expected 2.8 million barrels last week.
March 31st (Tuesday) - Oil jumps $1.25 to $49.66 a barrel
The reason: With the help of a weaker dollar, oil prices followed U.S. and European stocks higher. Analysts expect tomorrow's EIA report to show a 2.5 million barrel rise in U.S. crude inventories for the week ended March 27th.
March 30th (Monday) - Oil plunges $3.97 to $48.41 a barrel
The reason: Oil prices followed U.S. stocks lower after Obama gave GM and Chrysler an ultimatum: restructure or face bankruptcy. In addition, the U.S. dollar rose against the euro.
March 27th (Friday) - Oil drops $1.96 to $52.38 a barrel The reason: The U.S. dollar posted its largest one-day gain in more than two months against the euro.
March 26th (Thursday) - Oil jumps $1.57 to $54.34 a barrel
The reason: The U.S. Commerce Department downwardly-revised GDP for the last quarter of 2008 to -6.3%, less than the -6.6% analysts expected.
March 25th (Wednesday) - Oil falls $1.21 to $52.77 a barrel
The reason: The EIA reported that U.S. crude inventories shot up 3.3 million barrels last week, much more than the 1.3 million barrels analysts expected. This brings the total count to 356.6 million barrels, the highest since July 1993! The impact of this rise was partially offset by U.S. gasoline inventories falling 1.1 million barrels, new home sales rising in February, and a weaker dollar due to Geithner's remarks.
March 24th (Tuesday) - Oil rises 18 cents to $53.98 a barrel
The reason: Oil rebounded in anticipation of tomorrow's EIA report after being down for most of the day due to a stronger dollar. Analysts expect gasoline stockpiles to drop 500,000 barrels and crude-oil stockpiles to rise 1.3 million barrels for the week ended March 20th.
March 23rd (Monday) - Oil rises $1.73 to $53.80 a barrel
The reason: The Dow surged 500 points after the U.S. Treasury unveiled its detailed plan to buy up toxic assets. Also, the National Association of Realtors reported that existing home sales went up an unexpected 5.1% in February as prices plunged.
March 20th (Friday) - Oil drops 55 cents to $51.06 a barrel
The reason: The U.S. Dollar Index rebounded after 8 consecutive days in the red.
March 19th (Thursday) - Oil surges $3.47 to $51.61 a barrel
The reason: The dollar fell against major currencies after the Federal Reserve announced its plan to inject around one trillion dollars into the economy.
March 18th (Wednesday) - Oil falls $1.02 to $48.14 a barrel
The reason: Today's weekly EIA report showed that gasoline inventories rose by 3.2 million barrels. Analysts expected a drop of 2.1 million barrels.
March 17th (Tuesday) - Oil rises $1.81 to $49.16 a barrel
The reason: Government data showed that the number of housing starts surprisingly jumped by 22 percent in February, the largest percentage rise since January 1990.
March 16th (Monday) - Oil jumps $1.10 to $47.35 a barrel
The reason: In an interview with "60 Minutes", Ben Bernanke said that "we'll see the recession coming to an end probably this year." This optimism overshadowed OPEC's decision to keep output unchanged.
March 13th (Friday) - Oil falls 78 cents to $46.25 a barrel
The reason: An OPEC report released today showed world oil demand contracting faster than expected.
March 14th (Thursday) - Oil surges $4.70 to $47.03 a barrel
The reason: Oil rose on better than expected U.S. retail sales data and in anticiaption of OPEC's meeting this Sunday.
March 11th (Wednesday) - Oil plunges $3.38 to $42.33 a barrel
The reason: U.S. crude inventories surprisingly increased 700,000 barrels for the week ended March 6th as analysts had expected a drop of 1 million barrels.
March 10th (Tuesday) - Oil drops $1.36 to $45.71 a barrel
The reason: The U.S. Energy Department cut its world oil demand forecast for 2009.
March 9th (Monday) - Oil gains $1.55 to $47.07 a barrel
The reason: Oil hit a two-month high today on speculation that OPEC will cut more production when it meets this Sunday.
March 6th (Friday) - Oil jumps $1.91 to $45.52 a barrel
The reason: The dollar fell against the euro today, making oil more attractive to foreign investors, as the U.S. unemployment rate jumped to its highest level in 26 years.
March 5th (Thursday) - Oil drops $1.77 to $43.61 a barrel
The reason: Oil prices followed the U.S. stock market lower as the Dow ended at a new 12-year low. Support also came after China announced it will not add to its $586 billion stimulus package.
March 4th (Wednesday) - Oil soars $3.73 to $45.38 a barrel
The reason: Today's EIA report revealed a 700,000 barrel drop in crude inventories for the week ended Feb. 27th. Analysts had expected crude stocks to rise 2.2 million barrels. Additional support came from speculation that China will soon announce a hefty stimulus package.
March 3rd (Tuesday) - Oil rises $1.50 to $41.65 a barrel
The reason: Oil prices rose despite more gloomy U.S. economic data after an oil pipeline operated by Royal Dutch Shell in Nigeriaexploded. Analysts expected tomorrow's EIA report to show a 2.2 million barrel rise in crude inventories and a 600,000 barrel drop in gasoline inventories.
March 2nd (Monday) - Oil plunges $4.61 to $40.15 a barrel
The reason: Oil prices declined sharply today on demand worries as the Dow dropped below the 7000 mark for the first time since 1997. In addition, the US Commerce Department reported that construction spending in January fell to a four-year low.
February 27th (Friday) - Oil slips 46 cents to $44.76 a barrel
The reason: U.S. GDP for the last quarter of 2008 was downwardly-revised from -3.8% to -6.2%
March 27th (Friday) - Oil drops $1.96 to $52.38 a barrel The reason: The U.S. dollar posted its largest one-day gain in more than two months against the euro.
March 26th (Thursday) - Oil jumps $1.57 to $54.34 a barrel
The reason: The U.S. Commerce Department downwardly-revised GDP for the last quarter of 2008 to -6.3%, less than the -6.6% analysts expected.
March 25th (Wednesday) - Oil falls $1.21 to $52.77 a barrel
The reason: The EIA reported that U.S. crude inventories shot up 3.3 million barrels last week, much more than the 1.3 million barrels analysts expected. This brings the total count to 356.6 million barrels, the highest since July 1993! The impact of this rise was partially offset by U.S. gasoline inventories falling 1.1 million barrels, new home sales rising in February, and a weaker dollar due to Geithner's remarks.
March 24th (Tuesday) - Oil rises 18 cents to $53.98 a barrel
The reason: Oil rebounded in anticipation of tomorrow's EIA report after being down for most of the day due to a stronger dollar. Analysts expect gasoline stockpiles to drop 500,000 barrels and crude-oil stockpiles to rise 1.3 million barrels for the week ended March 20th.
March 23rd (Monday) - Oil rises $1.73 to $53.80 a barrel
The reason: The Dow surged 500 points after the U.S. Treasury unveiled its detailed plan to buy up toxic assets. Also, the National Association of Realtors reported that existing home sales went up an unexpected 5.1% in February as prices plunged.
March 20th (Friday) - Oil drops 55 cents to $51.06 a barrel
The reason: The U.S. Dollar Index rebounded after 8 consecutive days in the red.
March 19th (Thursday) - Oil surges $3.47 to $51.61 a barrel
The reason: The dollar fell against major currencies after the Federal Reserve announced its plan to inject around one trillion dollars into the economy.
March 18th (Wednesday) - Oil falls $1.02 to $48.14 a barrel
The reason: Today's weekly EIA report showed that gasoline inventories rose by 3.2 million barrels. Analysts expected a drop of 2.1 million barrels.
March 17th (Tuesday) - Oil rises $1.81 to $49.16 a barrel
The reason: Government data showed that the number of housing starts surprisingly jumped by 22 percent in February, the largest percentage rise since January 1990.
March 16th (Monday) - Oil jumps $1.10 to $47.35 a barrel
The reason: In an interview with "60 Minutes", Ben Bernanke said that "we'll see the recession coming to an end probably this year." This optimism overshadowed OPEC's decision to keep output unchanged.
March 13th (Friday) - Oil falls 78 cents to $46.25 a barrel
The reason: An OPEC report released today showed world oil demand contracting faster than expected.
March 14th (Thursday) - Oil surges $4.70 to $47.03 a barrel
The reason: Oil rose on better than expected U.S. retail sales data and in anticiaption of OPEC's meeting this Sunday.
March 11th (Wednesday) - Oil plunges $3.38 to $42.33 a barrel
The reason: U.S. crude inventories surprisingly increased 700,000 barrels for the week ended March 6th as analysts had expected a drop of 1 million barrels.
March 10th (Tuesday) - Oil drops $1.36 to $45.71 a barrel
The reason: The U.S. Energy Department cut its world oil demand forecast for 2009.
March 9th (Monday) - Oil gains $1.55 to $47.07 a barrel
The reason: Oil hit a two-month high today on speculation that OPEC will cut more production when it meets this Sunday.
March 6th (Friday) - Oil jumps $1.91 to $45.52 a barrel
The reason: The dollar fell against the euro today, making oil more attractive to foreign investors, as the U.S. unemployment rate jumped to its highest level in 26 years.
March 5th (Thursday) - Oil drops $1.77 to $43.61 a barrel
The reason: Oil prices followed the U.S. stock market lower as the Dow ended at a new 12-year low. Support also came after China announced it will not add to its $586 billion stimulus package.
March 4th (Wednesday) - Oil soars $3.73 to $45.38 a barrel
The reason: Today's EIA report revealed a 700,000 barrel drop in crude inventories for the week ended Feb. 27th. Analysts had expected crude stocks to rise 2.2 million barrels. Additional support came from speculation that China will soon announce a hefty stimulus package.
March 3rd (Tuesday) - Oil rises $1.50 to $41.65 a barrel
The reason: Oil prices rose despite more gloomy U.S. economic data after an oil pipeline operated by Royal Dutch Shell in Nigeriaexploded. Analysts expected tomorrow's EIA report to show a 2.2 million barrel rise in crude inventories and a 600,000 barrel drop in gasoline inventories.
March 2nd (Monday) - Oil plunges $4.61 to $40.15 a barrel
The reason: Oil prices declined sharply today on demand worries as the Dow dropped below the 7000 mark for the first time since 1997. In addition, the US Commerce Department reported that construction spending in January fell to a four-year low.
February 27th (Friday) - Oil slips 46 cents to $44.76 a barrel
The reason: U.S. GDP for the last quarter of 2008 was downwardly-revised from -3.8% to -6.2%
February 26th (Thursday) - Oil surges $2.72 to $45.22 a barrel
The reason: The main oil supplier of the United Arab Emirates unexpectedly announced today that it will cut 15%-17% of its April crude supplies to Asia. Support also came from yesterday's EIA report which showed U.S. gasoline demand rising.
February 25th (Wednesday) - Oil rises $2.54 to $42.50 a barrelThe reason: Today's EIA report revealed that gasoline inventories unexpectedly dropped 3.4 million barrels and that crude inventories only rose 700,000 barrels. Analysts had expected gasoline inventories to fall 100,000 barrels and crude inventories to rise 2 million barrels.
February 24th (Tuesday) - Oil jumps $1.52 to $39.96 a barrel
The reason; Oil followed US stocks higher after Ben Bernanke told Congress that the nationalization of banks is unlikely and that the "severe" recession could end this year. Tomorrow will be dictated by the EIA's Weekly Petroleum Status Report as analysts expect crude inventories to rise 2 million barrels for the week ended Feb. 20.
February 23rd (Monday) - Oil slides $1.59 to $38.44
The reason: Oil followed the tumbling U.S. stock market today despite a warning that OPEC will likely cut ouput when members meet next month on March 15th.
February 20th (Friday) - Oil falls 54 cents to $38.94 a barrel
The reason: Toady's pessimism in the stock market spilled over into oil.
February 19th (Thursday) - Oil surges $4.86 to $39.48 a barrel
The reason: Today's weekly EIA report revealed a surprising drop in U.S. crude inventories, Inventories fell for the first time this year, declining 138,000 barrels. Analysts expected an increase of 1.8 million barrels.
February 18th (Wednesday) - Oil drops 31 cents to $34.62 a barrel
The reason: Investors expect tomorrow's weekly EIA report to show an increase once again in U.S. crude inventories. Analysts estimate an increase of 1.8 million barrels for the week ended Feb. 13th.
February 17th (Tuesday) - Oil tumbles $2.58 to $34.93 a barrel
The reason: Gloomy data around the globe continues to weigh on investor sentiment. Japan reported Monday that it is suffering its worst economic downturn in 35 years.
February 16th (Friday) - Oil shoots up $3.53 to $37.51 a barrel
The reason: The House approved Obama's economic stimulus package today as investors hope this can revitalize demand.
February 12th (Thursday) - Oil slips $1.96 to $33.98 a barrel
The reason: Investors are worrying that inventories will continue to increase due to the overall lack of demand. This is the fifth consecutive day oil has been down.
February 11th (Wednesday) - Oil falls $1.62 to $35.94 a barrel
The reason: A weekly report from the Energy Information Administration revealed a larger-than-expected increase in crude inventories for the week ended Feb. 6th. Supplies rose 4.7 million barrels which surpassed the average analyst estimate of ~ 3 million. Crude inventories have gained in 18 of the past 20 weeks. Lack of demand much?
Posted by Konrad Imielinski at 4/11/2009 1:16 AM 
Categories: Oil's Daily Recap
Tags: Oil Oil's Daily Recap Oil Prices
Categories: Oil's Daily Recap
Tags: Oil Oil's Daily Recap Oil Prices
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