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Crude Oil Futures Lower on Bearish EIA Report, Prices Remain Uncertain

The U.S. Energy Information Administration reported this morning that last week, U.S. commercial crude inventories increased by 2.8 million barrels. Futures contracts are stressing that this is the third week in a row crude oil inventories have experienced an increase. March crude futures on the New York Mercantile Exchange fell $0.05 to $53.14 this morning as traders ruminate.

Crude futures prices look to be uncertain in the coming year. President Donald Trump has voiced a pro-energy stance, as he approved to revive the Keystone XL oil pipeline project through an executive order on Tuesday. President Trump's actions and rhetoric have lead traders and analysts to forecast growth of U.S. oil production.

As President Trump moves to make the U.S. independent of energy sources, OPEC nations have been limiting production, causing the price of Brent crude to rally. Yesterday, Benchmark Brent crude closed up $0.17 to $55.40. This producing contradiction between the U.S. and OPEC has lead traders' to believe that oil is capped into a trading range.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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