EIA reported another build in crude storage, with ten in the last thirteen weeks. The EIA also announced large builds in gasoline and distillates Crude oil inventories rose +882k bbls the government agency said. Cushing fell a large -3393k bbls. US production fell 100bpd off the record high with 12.80 mbpd.
EIA reported just the second draw in crude storage in twelve week’s in builds but it was greeted by huge builds in gasoline and distillates Crude oil inventories fell -4856k bbls the government agency said. Cushing fell just -302k bbls. US production sit at new record high with 12.90 mbpd.
Crude Oil Tanks at Cushing OK, Basis For the WTI Futures Contract.
- via TradersCommunity.com
- Release Time: Thursday Dec 11 2019 –10.30 ET
Note in bbls *exp = Reuters poll est except Cushing
- Refinery Utilization -1.3% at 88.0% Exp +0.5%
- Production – 100 bpd to 12.80 mbpd (12.90 ATH)
WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave
WTI held onto last week’s gains through tenkan, Kijun and 50 dma zone to close over the cloud after OPEC, we noted this was a rising wedge without any resistance quickly completing a fractal spit per Adam’s Theory. Watch the channel. The impulse meant a C or (Y) complete – bullish case would be a developing X
WTI sharp impulse higher through 50 WMA was rejected at the cloud top but stayed over previous near highs. We were still working throught the fall after it spat the weekly 61.8%. We closed over Kijun and 50wma confluence (green), just in the cloud well over the weekly tenkan.,
Latest ICE and CFTC Open Interest Data:
CTFC and ICE open interest: via Ole S Hansen @Ole_S_Hansen
COT on crude oil in wk to Oct. 29.
Hedge funds increased bullish bets on 24 major commodity futures by 146k lots during the wk to Oct 29. Buying was concentrated in the big contracts from crude oil (+56k lots), gasoline (+23k) and natgas (+24k) to HG copper (+23k) and gold.;
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
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
US consumers bought 373.04 million gallons of gasoline per day last week. That is -6.47 mil YoY
US consumers spent $955.4 million dollars per day for gasoline last week. That is +$36.6 mil YoY.
US avg retail price for gasoline was $2.561 last week. That is +14.0 cents YoY
US Crude Oil Production
US Oil Field Production 12.800bpd ATH 12.90bpd
September Field Oil Production Hits a New High 12.463 mpd
** Note with the unreliability of the API numbers highlighted by its constant debacles we offer you the bare bones of that report.
EIA Products: This week’s stats all about products. Huge 16.4MMBBLS product build despite lower refinery runs. Huge drop in demand. Gasoline +5.4MMBBLS, Distillate +4.1MMBBLs. Gasoline yield hitting record highs.
EIA Crude: Small crude build of 0.82MM. However this number overshadowed by huge product build of 16.4MMBBLs. Crude imports up sharply to 6.8MMBD while exports at 3.4MMBD. Refinery runs at 16.6MMBD which continue to disappoint.
EIA Products: Products draw -6.3MMBBLs helped by propane and other oils. Strong product demand continues and lower refinery runs helping product tightness.
US Crude Oil Prices and Recessions
Via John Kemp @JKempEnergy
Key EIA and CME Dates For WTI Crude Oil
From TradersCommunity Research