I don't know if I am preaching to the choir or not, but I wanted to give you two sources of information I watch to make my own decisions of the oil prices, specifically US oil due to our recent surge of market shares from the Shale Boom.
First, every Wednesday, at 9:30 AM Central, the US Energy Information Administration reports weekly figures on crude oil inventories. The last two weeks show that supply is still on the rise, which is causing the oil prices to go down. Please note that this report lags by a week.
Another report worth mentioning is the rig count provided by Baker Hughes. The North American rig count is released weekly at noon central time on Fridays. The international rig count is released on the fifth working day of each month.
The US is making the required rig cuts to reduce supply (287 rigs since Dec), however due to the lag of production yield, we are still seeing a supply influx. The lag of supply decrease is evident. Many people are monitoring the supply to wait to see that inevitable decrease in production before they dip their tows in the water.
Again this is my own speculation, I work in the industry and currently enrolled in a masters program for Petroleum Engineering. I hope this information helped someone, sorry if it is common knowledge!
Submitted January 28, 2015 at 12:00PM by kevo1001 http://ift.tt/1K4GJBN
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