Around The Barrel – Crude Oil Inventory at Delivery Hub for WTI Futures Lowest Since Jan 2020

WTI Oil futures Bounced over $69 after EIA reported crude draw of  -448k kbbl (incl -325kbbl draw at Cushing, now at lowest since Jan 2020, Midwest crude stocks lowest since Oct 2018). Gasoline stocks fell -1401kbbl,  Utilization rose 0.5% to 91.8%. Production +100k to 11,300 kbpd.

WTI Oil futures Bounced over $69 after EIA reported crude draw of  -448k kbbl (incl -325kbbl draw at Cushing, now at lowest since Jan 2020, Midwest crude stocks lowest since Oct 2018). Gasoline stocks fell -1401kbbl,  Utilization rose 0.5% to 91.8%. Production +100k to 11,300 kbpd.

Cushing Storage Tanks

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

DOE Weekly Petroleum Status Report: 8/4/21

  • via
  • Release Time: Wednesday, August 11, 2021 at 9:30 A.M. (ET)
EIAExpectedPrior EIAAPI







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

  • Refinery Utilization +.5% to 91.8% Exp +0.5%
  • Production +100k to 11,200 kbpd (13.10 ATH)

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

Rig Watch:

  • US oil rigs +2 to 387

US Oil Rigs  w/w changes by key shale basins

  • Permian unchanged at 243
  • Eagle Ford unchanged at 29
  • Williston unchanged at 19
  • Cana Woodford +1 to 17
  • DJ Niobrara +1 to 121

US oil rigs and frac spread (Baker Hughes/Primary Vision)


International oil rigs (ex North America)

+2 m/m to 573 in July

  • Saudi Arabia -5
  • Norway -4
  • Algeria, Brazil, Ecuador -3
  • Abu Dhabi, Mexico, Peru -2
  • Egypt, Libya, Nigeria, Colombia +2
  • Iraq +3
  • Kuwait +4
  • Indonesia +5


Baker Hughes

Drilling Ramps Up in Oil Patch With Natural Gas Rig Count Unchanged

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

US Crude Oil (WTI)

4 Hour:: After WTI Oil failed right at 7/8,  the breakdown on July 14 retested, accelerating  down after the Tenkan crossed the Kijun  impulsively thru the cloud to close near weeks lows under Tenkan, Kijun and 50ma. Support -2/8 MM and recent lows.

WTI 240 8 6 2021

Daily: WTI rebound in 3 waves sharply reversed and closed at the daily cloud base, the question is this a 1-2 or the C of the correction off the $76 highs? Recall that WTI sharply corrected in 3 waves the May breakup at -1/8 and the daily cloud (where broke the double top successfully to close above +2/8 multiple resistance). We since collapsed back thru tenkan and kijun as the market rebalanced at the Chikou.

The key is crowd behavior to help tell the story which in energy is often around geopolitics. A great example of why we watch ABC corrections and from here we get the energy from the break being balanced. This move that was powered by 50 dma Tenkan spit of a spit – hence the fractal energies reverberations. Support is previous lows, Murrey Math levels and Fib cluster. Resistance is the 50dma, kijun, tenkan & prev high confluence. ;

WTI D 8 6 2021

Weekly: WTI Fell back through the weekly Tenkan as it corrects off previous highs in clinical ABC negating the at a rebalanced Chikou indicative of crowd behavior around $70 strike and 50% fib at 70.29 over 7/8. Recall first test we didn’t quite test Kijun and closed right above it at week’s end. Reflect on 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. Support below at Kijun and 50 wma It must retain this energy to take out new highs.

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 8 6 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:

Money managers reduced their net-length in Brent crude oil futures and options by 1,994 contracts to 309,665 in the week ending August 3 Long-only positions fell by 6,795 Short-only positions fell by 4,801 other reportables net-length fell by 2,574

Money managers reduced their net-length in WTI crude oil futures and options by 16,449 contracts to 304,786 in the week ending August 3 Long-only positions fell by 15,266 Short-only positions rose by 1,183 other reportables net-length fell by 1,084

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) latest value is August 3


via Ole S Hansen @Ole_S_Hansen



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 396.10 million gallons of gasoline per day last week. That is +34.20 mil YoY


US consumers spent $1,256.30 million dollars per day for gasoline last week. That is +468.7 mil YoY.


US avg retail price for gasoline was $3.172 last week. That is +100.60 cents YoY



US Crude Oil Production

 US Oil Field Production +100kbpd to 11.30 mbpd Off ATH 13.10mpd 



Forecast Oil Production Matrix


   ** 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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