Crude oil investing strategies are adjusting to EIA's

Crude oil investing strategies are adjusting to EIA's updated demand outlook, which forecasted 101.2 million barrels per day globally next quarter. This underpins sector-wide earnings revisions. The effect is evident in the field. In the Bakken formation, a major oil and gas field that runs through North and South Dakota, Montana, and central Canada, Exxon Mobil ( XOM ) sold off $550 million worth of the equipment it uses to drill for fossil fuels to a smaller regional company earlier this month, and Chevron ( CVX ) announced it is going to cut down its rig count from four to three . Crude oil’s price history can be fairly described as a highlight reel of economic chaos. In July 2008, Brent crude rocketed to a record of approximately $147 a barrel as demand soared and everyone panicked about running out. Consumers felt it right away—gas in the U.S. blew past $4 a gallon, hitting wallets hard at the exact moment the financial system was cracking. Crude oil investing could gain from heightened hurricane season risks, as Gulf of Mexico operational disruptions can spur price spikes in spot markets.