Around The Barrel – Crude Oil Drew 5079kbbls as Refinery Utilization Rose to Highest Since Pandemic Began

EIA reported a draw in crude of -5079kbbl (including a +785kbbl build at Cushing) Gasoline stocks grew +1499kbbl and Utilization rose 1.7% to 88.7%  the highest since the Pandemic began. Production fell -200kbbl to 10,800 kbpd.

EIA reported a draw in crude of -5079kbbl (including a +785kbbl build at Cushing) Gasoline stocks grew +1499kbbl and Utilization rose 1.7% to 88.7%  the highest since the Pandemic began. Production fell -200kbbl to 10,800 kbpd.

Cushing Storage Tanks

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

DOE Weekly Petroleum Status Report: 5/28/21

  • via
  • Release Time: Thursday, June 3, 2021 at 11:00 A.M. (ET)
EIAExpectedPrior EIAAPI





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

  • Refinery Utilization +1.7% to 88.7% Exp  +.7%
  • Production  -200 kbpd to 10,800 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

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  broke out higher from the congested pennant fueled by the tenkan and 50dma

US Crude Oil (WTI)

Daily: WTI  has formed a double top circa $68 and has failed over +1/8 multiple times giving us clear resistance. Last week we tested and spat the daily kijun and 50 dma to close under the tenkan as the market rebalanced att he mid point of the month’s range.  We have been effectively consolidating since we 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 geopolitics. We watch ABC corrections and from here we get the energy from the break being balanced. This week that was powered by 50 dma Tenkan spit of a spit. Support  is the 50dma, old channel & prev high confluence. Resistance is Tenkan Kijun & 50 dma,  MM and previous highs.

 WTI D 5 21 2021

Weekly: WTI correct off previous highs after it failed to create new highs and 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. Oil tested and held support at Tenkan. This move gains support after Kijun tested and broke back through the 50 wma, giving it a kiss of life. It must retain this energy to take out new 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 

 WTI W 5 21 2021


Oil 2020 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 Giovanni Staunovo? @staunovo


Chart: Crude net-positioning of non-commercial accounts (=managed money and other reportables) in barrels and in US dollars (Brent and WTI futures and options combined) #OOTT latest value is June 1

Money managers increased their net-length in WTI crude oil futures and options by 16,384 contracts to 382,239 in the week ending June 1 Long-only positions rose by 14,049 Short-only positions fell by 2,335 other reportables net-length fell by 3,934 – CFTC

Money managers increased their net-length in Brent crude oil futures and options by 8,830 contracts to 267,282 in the week ending June 1 Long-only positions rose by 11,542 Short-only positions rose by 2,712 other reportables net-length rose by 4,101 – ICE

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


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 384.10 million gallons of gasoline per day last week. That is +79.4 mil YoY


US consumers spent $1,202.3 million dollars per day for gasoline last week. That is +535.60 mil YoY.


US avg retail price for gasoline was $3.027 last week. That is +1.053 cents YoY



US Crude Oil Production

 US Oil Field Production -200kbpd to 10.80 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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