ProShares Ultra Bloomberg Crude Oil

UCO provides 2x the daily return of an index of futures contracts of WTI crude.

United States Brent Oil Fund LP

Invesco DB Oil Fund

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares

iShares U.S. Oil & Gas Exploration & Production ETF

VanEck Vectors Oil Services ETF

iPath Pure Beta Crude Oil ETN

Invesco Dynamic Oil & Gas Services ETF

United States Oil Fund LP

SPDR S&P Oil & Gas Exploration & Production ETF

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Oil prices edged higher on Thursday, after dipping slightly in the previous session, as markets refocused on expectations of tight crude supply for the rest of 2023.

Oil prices tick up as markets zoom in on supply tightness

Oil prices settled lower on Wednesday, shaking off earlier gains fueled by a forecast from the International Energy Agency for potential global supply deficit in the fourth quarter. The latest U.S. inflation reading ran on the “hot side,” especially on the core figure, which will “bolster the case for a ‘higher for longer' Fed policy rate outlook, said Tyler Richey, co-editor of Sevens Report Research.

Oil futures end lower as demand worries outweigh forecasts for supply deficit

Oil traders take some profits off the table near multi-month highs.

Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Pull Back After EIA Report

Domestic oil production increased from 12.8 million bpd to 12.9 million bpd as producers reacted to higher prices.

Crude Inventories Increased by 4 Million Barrels, Exceeding Analyst Expectations

The crude oil market rallied a bit during the trading session on Wednesday, as we continue to see upward pressure on crude oil overall.

Crude Oil Price Forecast – Crude Oil Markets Continue to March Higher

In its monthly report, the Paris-based International Energy Agency said that cuts from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries have taken 2.5 million barrels a day of crude off the market since January. The cuts have largely been offset by record supply coming from the U.S. and Brazil, with non-OPEC supply up 1.9 million barrels a day.

Oil prices extend rise on supply worries

OPEC+ maintaining current supply cuts through year-end coupled with a positive demand backdrop in Asia could push Brent prices above $100 per barrel before 2024, analysts at Bank of America Global Research said.

OPEC+ cuts, firm demand in Asia to lift Brent above $100/bbl by year-end -BofA

ARM Holdings PLC

When the Bureau of Labor Statistics reports August consumer price index (CPI) data Wednesday morning, the results are expected to show that inflation hawks and inflation doves both got it right.

Wednesday's Action: CPI, Oil Inventories, Arm IPO Pricing

Kuwait Oil Company's first offshore exploratory and drilling operations for oil and gas are expected to end in 2026, the state-owned firm's chief geologist said.

Kuwait Oil's first offshore drilling expected to end in 2026

The US is "playing with fire" as its oil reserves drop to a 40-year low at a time when crude prices are surging, Larry McDonald warned in a post on X.

The US is 'playing with fire' as oil reserves plunge to a 40-year low, markets guru Larry McDonald says

The International Energy Agency expects a significant supply shortfall for the rest of this year and says low inventories could lead to market volatility.

Saudi Oil Cuts Set to Keep Gasoline Prices Higher

The extension of supply cuts by OPEC+ to the end of 2023 will lock in a substantial market deficit through the fourth quarter, the International Energy Agency (IEA) said on Wednesday, as it stuck by its estimates for demand growth this year and next.

OPEC+ cuts to tighten oil market sharply in fourth quarter, says IEA

Brent futures and WTI crude surge, echoing OPEC's bullish demand outlook and tighter global oil inventory projections.

Oil Prices Forecast: Supply Concerns Push Futures Near 10-Month High

Oil prices edged higher on Wednesday, hovering at a new 10-month high hit the previous day, as expectations of tighter global supply and fears of supply disruption in Libya outweighed concerns of slower demand in some countries such as China.

Oil prices hover near 10-month high on supply concerns

Crude oil prices surged to a 10-month high Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) and the U.S. Energy Information Administration (EIA) released reports predicting that surging demand and recent price gains could stick through the remainder of the year. The price for November deliveries of Brent crude, the global benchmark, surged 2% to as high as $92.40 per barrel in Tuesday trading.

Crude Oil Prices Hit 10-Month High as OPEC, EIA Suggest Demand Could Keep Prices Elevated

Oil prices marked fresh settlement highs for the year on Tuesday with expectations that output cuts by major producers will lead to a global crude supply shortfall in the fourth quarter. Analysis by the Organization of the Petroleum Exporting Countries shows that if the group of producers maintains its August production level of 27.45 million barrels a day through the end of the year, the global oil market will be over 3 million barrels a day in deficit in the fourth quarter, Herman Wang, chief OPEC correspondent for S&P Global Commodity Insights said on X Tuesday.

Oil futures log fresh settlement highs for the year

Global oil prices climbed above $92 a barrel on Tuesday for the first time in nearly 10 months as the energy market braces for supply disruptions caused by catastrophic flooding in Libya.

Oil prices hit 10-month high after Libya flood catastrophe

Traders focus on tight supplies as Saudi Arabia and Russia have recently extended voluntary production cuts.

Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As OPEC Maintains Demand Forecasts

U.S. crude oil production is forecast to rise more than previously thought in 2023, while global oil inventories are expected to fall after Saudi Arabia extended output cuts this month, the Energy Information Administration said on Tuesday.

U.S oil output to rise in 2023; global stocks to fall after Saudi cut - EIA

Amid tight global supplies, the oil market is expected to face its biggest deficit in over a decade. That's as Saudi Arabia has extended its output cuts, while Russia plans to continue limiting exports.

The biggest oil deficit since 2007 will hit in the 4th quarter as Saudi Arabia cuts supply

The oil market is tightening as Saudi Arabia and Russia are set to throttle output over the coming months, the structure of the global Brent crude oil benchmark indicated on Tuesday.

Tight oil market blows out Brent futures price structure

The crude oil market has rallied a bit during the trading session on Tuesday, as it looks like oil is ready to break out again.

Crude Oil Price Forecast – Crude Oil Market Shows Strength

US stocks slipped Tuesday, while oil prices climbed ahead of Tuesday's release of the August inflation report. Brent crude, the international benchmark, surged above $91 a barrel.

US stocks slide as oil prices climb and investors brace for August inflation report

Oil futures traded higher early Tuesday, leaving the front-month contract within striking distance of its highest settlement level since November as investors awaited more U.S. inflation data and a European central bank decision on interest rates this week.

Oil prices climb, eyeing highest settlement since November as U.S. inflation report looms

OPEC on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024 citing signs that major economies are faring better than expected despite headwinds such as high interest rates and elevated inflation.

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