Around The Barrel – Crude Oil Draws Again As Refinery Utilization Rises to 85%

WTI Oil Futures rallied hard after EIA reported a draw in crude of -5890 kbbl (including a 346kbbl build at Cushing).  Gasoline stocks rose  +309kbbl and Utilization recovered another 1% to 85.0%. Production rose 100k to 11,000 kbpd.

WTI Oil Futures rallied hard after EIA reported a draw in crude of -5890 kbbl (including a 346kbbl build at Cushing).  Gasoline stocks rose  +309kbbl and Utilization recovered another 1% to 85.0%. Production rose 100k to 11,000 kbpd.

Cushing Storage Tanks

Crude Oil Tanks at Cushing OK, Basis For the WTI Futures Contract.

DOE Weekly Petroleum Status Report: 4/7/21

  • via
  • Release Time: Wednesday, May 14, 2021 at 10:30 A.M. (ET)
EIAExpectedPrior EIAAPI





Note in bbls *exp = Reuters poll est  adjusted for API shift, except Cushing

  • Refinery Utilization +1.0% to 85.0% Exp  +.3%
  • Production  +10kbpd at 11,000 mbpd (13.10 ATH)

Summary of Weekly Petkoleum Data for the Week (Live Link)

US Crude Oil Quick Look


via Giovanni Staunovo? @staunovo


Weather Watch

Gulf of Mexico

API Crude Inventories

United States API Crude Oil Stock Change

API Cushing Stocks

United States API Cushing Number

WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave

WTI  spiked higher over $68 Last week to complete a 5 wave structure and test min targets after broke the topside of the channel it had been in since September, In any break, the key is crowd behavior to help tell the story which in energy is often around often geopolitics. We watch ABC corrections and from here we get the energy from the break being balanced. This week that was powered by the Tenkan Spit of a spit. Support  is the Tenkan, old channel & prev high confluence. Watch Kijun & 50 dma.. Resistance MM and previous lows.

WTI D 4 2 2021

WTI continued higher after it rebalanced chikou indicative of extreme crowd behavior reverseing at 7/8 after the series of fractals at last Dec wave 1 turn after we had completed 5 waves as marked, from here we watched 3 & 5 waves develop. Price popped after the spit of the 50wma (green) which is now key for support as Tenkan touched Kijun in a kiss of life. Given that we had tremendous energy which bore out in the hghs last seen 2019.

These are special times, recall “After we regained the pattern 261.8% from the extreme (-$40) move. The climax of the larger acceleration lower after broke the weekly uptrend, a fractal of the sharp and all the way to all time lows to negative pricing we have seen mirror replications.” Support is previous channels, tenkan and Kijun. Above we have Murrey Math time and price 

WTI W 4 2 2021

Oil 2014 2021

Oil 2020 2021

Crude Oil Futures Committment of Traders

Latest ICE and CFTC Open Interest Data:

CTFC and ICE open interest: via Ole S Hansen @Ole_S_Hansen

COT on #commodities in wk to April 6 saw speculators cut bullish bets for a sixth week, albeit at a much reduced pace compared with recent weeks. Net length across 24 major #futures contracts was reduced by 1% to 2.3m lots, down 18% from the late Feb. record at 2.8m lots


COT on #crudeoil in week to April 6 saw the current loss of momentum and rangebound trading behavior reduce the combined net long in #WTI (-21k) and #Brent (-20k) to 630k lots, lowest since January. The #NatGas long slumped 10% in response to a 6% selloff.


Understanding DCOT Reports

Read Understanding Commitments of Traders Reports – COT, TFF and DCOT  to help understand the disaggregated reports (DCOT) and how they break down the reportable open interest positions into four classifications: 1. Producer/Merchant/Processor/User 2. Swap Dealers 3. Managed Money 4. Other Reportables 

Crude Oil Option Volatilty Watch via


NYMEX LO = Crude Oil Options First 3 Months (Live Link)


NYMEX LO & ICE North Sea Brent BRN Crude Oil Options (Live Link)




NYMEX LO NYMEX OB Options (Live Link)


The Fundamental Angle with Brynne Kelly ‏@BrynneKKelly





DigStic Data @DigStic

Dec 11 2019 – Two Top Tens this week. One a draw in Cushing, the other a build in Total Products.




RonH Data ‏@Ronh999



Cushing Oil Stocks


 NB: Check out Ron’s great work at Ron H Public Tableau Link

US Oil Import Export





US Gasoline Consumers

Input to Refineries


US consumers bought 375.60 million gallons of gasoline per day last week. That is +162.90 mil YoY


US consumers spent $1,072.20 million dollars per day for gasoline last week. That is +660.9 mil YoY.


US avg retail price for gasoline was $2.849 last week. That is +99.00 cents YoY



US Crude Oil Production

 US Oil Field Production +100 mbpd to 11.00 mbpd Off ATH 13.10mpd  



Forecast Oil Production Matrix – HFI Research

Implied US oil production from this EIA report is 11 mb/d and headed for 10 mb/d. via @HFI_Research


   ** Note with the unreliability of the API numbers highlighted by its constant debacles we offer you the bare bones of that report.

US Crude Oil Prices and Recessions


Via John Kemp @JKempEnergy 

Key EIA and CME Dates For WTI Crude Oil

CME Crude Oil Futures Calendar

CME Crude Oil Options Calendar


From TradersCommunity Research

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