EIA reported for the fifth week in a row that crude oil inventories grew, +9281k bbls with Gasoline and Distillate draws last week. Cushing grew +1276k bbls. US production stayed at the record high with 12.60 mbpd.
EIA reported for the fourth week in a row that crude oil inventories grew, +2927k bbls with Gasoline and Distillate draws last week. Cushing grew +940k bbls. US production new record high with 12.60 mbpd.
Crude Oil Tanks at Cushing OK, Basis For the WTI Futures Contract.
- via TradersCommunity.com
- Release Time: Thursdday Oct 17 2019 –11.00 ET
Note in bbls *exp = Reuters poll est except Cushing
- Refinery Utilization -2.6% at 84.1% Exp -0.5%
- Production UNCH to 12.60 mbpd (12.50 ATH)
WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave
After WTI filled the gap without any resistance quickly completing a fractal spit per Adam’s Theory it has built an ABC or 1-2 i ii of 3 in conconsolidation with the $ES_F supporting reflecting mindless speculation from the herd. From there CL_F is trying found balance with the chikou and popped the tenkan with Kijun and 50 dma above. The impulse meant a C or (Y) complete – bullish case would be a developing X
After WTI spat the weekly 61.8% momentum continued with power through the gap up and Reversed back under Tenkan, Kijun and 50wma (green) under the cloud after rejecting the break retest from there we have found support at previous spit zone get back out with tenkan, Kijun and 50wma all above.
Latest ICE and CFTC Open Interest Data:
CTFC and ICE open interest: via Ole S Hansen @Ole_S_Hansen
The net-long in #WTI plunged by 32%, the most since August 2017, with longs being cut and fresh shorts added.
The combined net-long in WTI (-63k lots) and Brent (17k lots) crude #oil slumped by 17% to 389k lots, an eight-month low. This as the economic growth cloud darkened and the risk premium following the Saudi Aramco attack was wiped out.
Speculators cut bullish bets across 24 major commodity futures by one quarter to 265k lots in wk to Oct 1. A stronger $USD, demand worries and reduced geopolitical risks helped attract sellers to oil gold and copper while continued short-covering supported agriculture
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
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
US consumers bought 392.87 million gallons of gasoline per day last week. That is +7.23 mil YoY
US consumers spent $1,032.8 million dollars per day for gasoline last week. That is -$77.5 mil YoY.
US avg retail price for gasoline was $2.6629 last week. That is -25.0 cents YoY
US Crude Oil Production
US Oil Field Production +200bpd NEW ATH 12.60bpd
** Note with the unreliability of the API numbers highlighted by its constant debacles we offer you the bare bones of that report.
EIA Crude Imports:
EIA Crude Stats::
US Crude Oil Prices and Recessions
Via John Kemp @JKempEnergy
Key EIA and CME Dates For WTI Crude Oil
From TradersCommunity Research