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by SIACharts.com

In this week’s Equity Leaders Weekly we are going to take a commodity focus and give an update on both Crude Oil and Natural Gas as both have seen some significant positive moves since they were last covered.

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Crude Oil Continuous Contract (CL.F)

Crude oil snapped its longest streak of daily gains in 2017 on Wednesday after 8 consecutive positive trading days as the markets priced in both support coming from short-term inventories as well as the longer-term outlook for supplies in the US – closing at $53.11/bbl. Both the Energy Information Agency (EIA) and the American Petroleum Institute (API) both reported declines in crude inventories of 2.2 million barrels and 1.3 million barrels, respectively – the first draw of stockpiles in a month. While short term numbers were positive, the EIA also issued a report showing US crude output rising to a record 9.9 million barrels per day (bpd) in 2018. This number is up over 7% from the projected 9.22 million bpd for 2017.

On May 26th the Organization of Petroleum Exporting Countries is set to meet in Vienna where they will discuss the progress of their coordinated production cuts where the cartel pledged to cut production by 1.2 million bpd. So far the group has managed to meet that mark and Saudi Arabia is rumored to support extending the cuts into the second half of 2017 in order to prevent a downside price shock to crude, however the final decision is yet to be made.

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