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XOP tracks an equal-weighted index of companies in the US oil & gas exploration & production space.

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U.S. crude oil stockpiles fell unexpectedly last week, while distillate and gasoline inventories rose, the Energy Information Administration (EIA) said on Wednesday.

US crude inventories draw down unexpectedly, fuel stocks rise - EIA

Strategic Petroleum Reserve fell to multi-decade lows, providing additional support to oil prices.

Oil Markets Test Session Highs As Crude Inventories Decline

Oil futures rose Wednesday, finding support after data showed China's crude imports rose in May, despite a decline in imports overall, and as traders awaited an official reading on U.S. inventories after industry data showed a drop in crude stocks but a rise in fuel supplies.

Oil higher as China crude imports rise; traders await inventory data

This article explores three key economic events that oil traders should monitor closely.

The Biggest Economic Events Oil Traders Need to Keep an Eye On

Global economic headwinds, rising inventories, somber economic readings undermine WTI oil prices despite Saudi Arabia's output cut and OPEC+ efforts.

Oil Price Forecast: Pressured by Worries of Surplus Inventories, Recession

Oil prices steadied on Wednesday after the previous session's losses, as demand concerns owing to slow global economic growth were offset by fears of tighter global supply following Saudi Arabia's pledge to deepen output cuts.

Oil prices steady as fears over supply tightness counter demand woes

OPEC+ announced on Sunday planned production reductions from some of its member states, most notably Saudi Arabia agreeing to make a one million barrel per day (bpd) voluntary cut starting in July. UBS analysts, in a note to clients, wrote they believe impacts of the decisions were “positive for (the) crude oil direction,” while expecting the biggest beneficiaries to be exploration, development and production (E&P) firms and international oil companies (IOCs).

OPEC+ output cuts could pump up E&P and IOC stock prices

Oil futures finished lower on Tuesday, with U.S. benchmark prices giving back what they gained a day earlier after Saudi Arabia on Sunday said it would take on an additional output cut of 1 million barrels a day in July. The market needs some assurance that the other OPEC+ members won't be taking advantage of Saudi Arabia and will be complying fully with previously agreed production cuts, said Fawad Razaqzada, market analyst at StoneX.

U.S. oil futures settle lower a day after rising in the wake of Saudi Arabia's plan to cut output

Oil markets gained upside momentum as traders focused on OPEC+ production cuts.

Natural Gas, WTI Oil, Brent Oil – Oil Moves Away From Session Lows Despite Economic Worries

The Energy Information Administration on Tuesday raised its oil-price forecasts for this year and next, and said it expects U.S. production to hit record highs as global supplies tighten following a decision by major oil producers last weekend to extend their production cuts through 2024.

EIA predicts record-high 2023 and 2024 U.S. oil output

U.S crude oil production this year will rise faster and demand increases will cool compared to prior expectations, the U.S. Energy Information Administration (EIA) said on Tuesday.

US 2023 oil output to rise more than previously expected, EIA says

Crude oil markets have fallen hard during the trading session on Tuesday as we continue to see a lot of noisy behavior.

Crude Oil Price Forecast – Crude Oil Markets Continue to Drop

Oil futures fell Tuesday, more than erasing the jump that followed Saudi Arabia's weekend announcement of a 1 million-barrel-a-day July output cut, as traders fretted over the global economic outlook.

Oil prices fall, erasing jump seen after Saudi production cut

Top crude exporter Saudi Arabia's one million barrel per day (bpd) oil output cut is unlikely to underpin a "sustainable price increase" into the high $80s-low $90s with weak fundamentals pointing to lower prices by year-end, Citi analysts said in a note on Tuesday.

Saudi output cut unlikely to lift oil prices to high $80s-low $90s, Citi says

WTI Oil prices slide as concerns about the global economic outlook overshadow Saudi Arabia's production cut.

Oil Price Forecast: OPEC+ Output Deal Boosts Market Optimism, but Global Economic Concerns Persist

Oil prices edged lower on Tuesday, giving up most of the prior session's gains that followed an announcement by the world's top exporter, Saudi Arabia, that it would further cut output.

Oil prices tick down with OPEC meeting in rear view

Oil futures climbed on Monday, with U.S. benchmark prices settling at their highest since May 26. Saudi Arabia on Sunday agreed to voluntarily cut its oil production level by 1 million barrels a day in July.

U.S. oil futures settle at their highest in more than a week

Oil markets jumped as OPEC+ decided to cut production but traders used the rally as an opportunity to take some profits off the table.

Natural Gas, WTI Oil, Brent Oil – Oil Pulls Back From Session Highs Amid Profit-Taking

U.S. crude oil exports, already running close to a record level hit in March, should get a further boost next month from deep production cuts in Saudi Arabia, analysts said on Monday, noting that this will also further deplete U.S. crude inventories, which have been hovering near historic lows.

US crude oil exports to gain tail winds from Saudi July output cut

Saudi Arabia's unilateral crude production cut may have excited "permabulls" but oil benchmarks haven't even capped their 50-day moving average on demand concerns.

Kneejerk Oil Price Rise Fails To Cap 50-Day Moving Average Despite Saudi Action

The outcome of a meeting this past weekend of major oil producers was somewhat surprising, but they may have expected to see a stronger climb in prices in the wake of Saudi Arabia's decision to voluntarily cut another 1 million barrels a day from its production level.

Saudi Arabia's planned oil cut could lead to ‘cracks' within OPEC+ — but not a spike in gasoline prices

The 10% reduction in output suggests Riyadh is willing to sacrifice market share to prop up prices.

Saudi Output Cut to Boost Oil Prices Could Be Costly

Goldman Sachs Physical Gold ETF

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(Kitco News) - Gold prices are modestly up and silver a bit weaker in midday U.S. trading Monday.

Gold gains as USDX slips, crude oil rallies

Consultancy Rystad Energy said the additional Saudi cut is likely to deepen the market deficit to more than 3 million barrels per day in July, which could push prices higher in the coming weeks.

Oil prices rise on fears of Saudi Arabia's biggest output cut in years

Oil futures rose after Saudi Arabia announced it would reduce crude output by an additional 1 million barrels per day beginning in July.

News for SPDR S&P Oil & Gas Exploration & Production ETF ETF (XOP)