Heading into FOMC EIA reported draws in crude and gasoline higher than what API reported. Cushing showed another build with 643k bbls.. US production actually fell for the second week in a row this week in the shale revolution another100k off the record high to 12.20 mbpd.
Heading into FOMC EIA reported draws in crude and gasoline higher than what API reported. Cushing showed another build with 643k bbls.. US production actually fell for the second week in a row this week in the shale revolution another100k off the record high to 12.20 mbpd.
Crude Oil Tanks at Cushing OK, Basis For the WTI Futures Contract.
DOE Weekly Petroleum Status Report: 6/12/19
- via TradersCommunity.com
- Release Time: Wednesday June 19 2018 –10.30 ET
| EIA | Expected | Prior EIA | API | |
| Crude | -3106k | -2000k | +2206k | -812k |
| Cushing | +643k | +820k | +2096k | +519k |
| Gasoline | -1692k | +1100k | +764k | +1458k |
| Distillate | -551k | +1200k | -1000k | -050k |
Note in bbls *exp = Reuters poll est except Cushing
- Refinery Utilization +0.7% to 94.0% Exp +0.9%
- Production –100k to 12.20k bd (12.40 ATH)
Summary of Weekly Petroleum Data for the Week (Live Link)
API Crude Inventories
Weekly Global Oil Prices
WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave
WTI reversed hard through the 61.8% Fib after breaking down retesting the cloud and getting the ‘kiss of death’ on the Tenkan/kijun touch. The Daily ABC, B or ii) broke with impulse testing the breakup level Feb. On the bounce we broke above the Tenkan at week’s end but failed to close above it. Key going forward.
WTI spat hard to close the week at the weekly Kijun but failed to get over falling away, mark this as key resistance. Well under the 50wma (green) and Tenkan, We got the expected retest there to bring chikou back in balance (blue) – watch Murrey confluence with the cloud acting as resistance.
Crude Oil Futures Committment of Traders
Latest ICE and CFTC Open Interest Data:
7th consecutive drop for WTI spec length. The longs continue to flee the market and shorts gaining momentum. WTI long/short ratio at only 2.6:1 via OILytics @OilyticsData
Seven consecutive weeks of selling has now reduced the combined fund long in #Brent and #WTI crude oil by 41% to 421k lots, a near four months low. This before the #tankerattacks in the Gulf of Oman briefly boosted prices before declining again on demand fears. via Ole S Hansen @Ole_S_Hansen
OILytics @OilyticsData
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 commodityvol.com
Brent/WTI Vol May 31, 2019 NYMEX LO = CRUDE OIL OPTIONS ICE_North Sea BRN
via CommodityVol.com @CommodityImpVol
Update of Brent & WTI Option Vol (Live Link)
WTI crude first, second third month atm vol May 31, 2019 NYMEX LO = CRUDE OIL OPTIONS
Atm vol: May 31, 2019
NYMEX LO = CRUDE OIL OPTIONS NYMEX OH = NY HARBOR ULSD OPTION NYMEX OB = RBOB OPTIONS
The Fundamental Angle with Brynne Kelly @BrynneKKelly
DigStic Data @DigStic
RonH Data @Ronh999
Cushing Oil Stocks
NB: Check out Ron’s great work at Ron H Public Tableau Link
US Oil Exports Back Off ATH.
US Oil Imports Week Over Week
US Oil Input Into Refineries Per Day
US consumers spent $1,113.30 million dollars per day for gasoline last week. That is -14.40 mil YoY.
US avg retail price for gasoline was $2.670 last week. That is -20.90 cents YoY.
US consumers bought 416.98 million gallons of gasoline per day last week. That is +25.29 mil YoY
US Oil Field Production of 12.20 OFF ATH 12.40
US Crude Oil Production by State and API at February 2019 via OILytics @OilyticsData
Crude Production by state and API: Data updated until Jan-19. L48 monthly production drops for the first time in 8 months.
Y-o-Y production growth (KBD):
- API 25 and lower: -116
- 25-30: -90
- 30-35: +83
- 35-40: +603
- 40-45: +583
- 45-50: +320
- 50+: +82
** Note with the unreliability of the API numbers highlighted by its constant debacles we offer you the bare bones of that report.
OILytics @OilyticsData
EIA Crude Imports by Country:
Crude imports drop slightly drop w-o-w to 7.5MMBD. Stable imports from Canada and Mexico who continue to provide roughly 60% of US imports. Ven imports again at 0, Saudi imports trend down while surprisingly Nigerian imports make a comeback.
EIA Product Stats:
Total Products built +2.7MM despite a gasoline and distillate draw as propane continues to build. Very strong gasoline demand numbers which are helping to absorb the increased production as refining runs ramp up.
EIA Crude Stats:
Crude stocks draw -3.1MM as production drops 100KBD for the 2nd week in a row, while crude exports consistently over 3MMBD now. US refining runs continue to ramp up
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