EIA reported a build in crude of +1320kbbl (including a -142kbbl draw at Cushing) PADD3 (GulfCoast) gasoline inventory rose a record 5.7mbbl with the Colonial shutdown. Gasoline stocks drew -1963kbbl and Utilization rose 0.2% to 86.3% down from the highest since Pandemic began. Production unchanged to 11,000 kbpd.
EIA reported a build in crude of +1320kbbl (including a -142kbbl draw at Cushing) PADD3 (GulfCoast) gasoline inventory rose a record 5.7m bbl with the Colonial shutdown. Gasoline stocks drew -1963kbbl and Utilization rose 0.2% to 86.3% down from the highest since Pandemic began. Production unchanged to 11,000 kbpd.
Crude Oil Tanks at Cushing OK, Basis For the WTI Futures Contract.
DOE Weekly Petroleum Status Report: 5/12/21
- via TradersCommunity.com
- Release Time: Wednesday, May 19, 2021 at 10:30 A.M. (ET)
| EIA | Expected | Prior EIA | API | |
| Crude | +1320k | +1600k | -427k | +620k |
| Cushing | -142k | -652k | -421k | +53k |
| Gasoline | -1963k | -900k | +378k | -2837k |
| Distillate | -2324k | -400k | -1743k | -2581k |
Note in bbls *exp = Reuters poll est adjusted for API shift, except Cushing
- Refinery Utilization +0.2% to 86.3% Exp +.3%
- Production UNCH kbpd 11,000 kbpd (13.10 ATH)
Summary of Weekly Petkoleum Data for the Week (Live Link)
US Crude Oil Quick Look
via Giovanni Staunovo? @staunovo
via Ole S Hansen @Ole_S_Hansen
Weather Watch
Gulf of Mexico
API Crude Inventories
API Cushing Stocks
WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave
WTI broke out higher from the congested pennant fueld by the tenkan and 50dma grouping at the cloud top. We have completed a corrective 3 wave structure it is now a question of degree, that is an (a) of a 4 or (iv) of a 3. We are now able to retest min targets after CL 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 reumed the uptrend 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 50wma (green) was by touched Kijun above in a kiss of life. Given that we had tremendous energy which bore out in the highs 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
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
Money managers boosted bullish commodities bets by 106k lots to 2.5m lots in wk to April 27. Buying concentrated in surging softs and grains led by sugar, coffee and wheat. Copper and gas oil also in demand while selling of gold was only exceeded by #cattle.
Speculators bought WTI (+8k) while keeping an unch #Brent position in wk to April 27. The comb. Oil long reached a six-week high at 677k lots. Biggest change being a 15% jump in the gas oil long to a two-year high.
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 commodityvol.com
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 OH NYMEX OB 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
Imports
Exports
US Gasoline Consumers
Input to Refineries
US consumers bought 387.40 million gallons of gasoline per day last week. That is +76.70 mil YoY
US consumers spent $1,173.10 million dollars per day for gasoline last week. That is +598.00 mil YoY.
US avg retail price for gasoline was $2.961 last week. That is +1.11 cents YoY
US Crude Oil Production
US Oil Field Production UNCH 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
REGULAR & HOLIDAY RELEASE SCHEDULE
From TradersCommunity Research