QEP Resources Inc (QEP)

[MCIGGY]

This is interesting.

India’s oil imports in May hit the lowest since October 2011 as refiners with brimming storage cut purchases after a continuous decline in fuel demand, preliminary data obtained from industry sources showed. In May, India imported 3.18 million barrels per day (bpd) of oil, a decline of about 31% from April, and about 26% from a year ago, the data showed. Data also showed that Oil from the Organization of the Petroleum Exporting Countries (OPEC) as a share of India’s imports fell to an all-time low of 71.3%, while the share of US oil hit a record high of nearly 8% in May.
I think US is getting cozy with India and could be good for US oil companies, probably bad for relations with other oil producing nations.

The oil markets had a mixed day today:

Crude Oil decreased 2.11 USD/BBL or -5.23% to 38.2600Brent decreased 2.18 USD/BBL or -5.11% to 40.4500Natural gas increased 0.004 USD/MMBtu or 0.25% to 1.6250Gasoline decreased 0.0882 USD/GAL or -6.78% to 1.2120Heating oil decreased 0.0446 USD/GAL or -3.71% to 1.1567

The above data was collected around 13.30 EST on Wednesday.

Top commodity gainers: Rice (0.64%), Coffee (0.31%), Live Cattle (0.40%), and Oat (0.33%)Top commodity losers: Gasoline (-6.78%), Crude Oil (-5.23%), Brent (-5.11%), and Lumber (-3.90%)

The above data was collected around 13:40 EST on Wednesday.