Crude oil futures fell again after recovering some from Coronavirus fears after EIA reported a small build in crude storage and draws in gasoline and distillate. The EIA said Crude oil inventories had a build of 415k bbls. Cushing drew -133kk bbls. US production record high of 13.00 mbpd.
Crude oil futures fell again after recovering some from Coronavirus fears after EIA reported a small build in crude storage and draws in gasoline and distillate. The EIA said Crude oil inventories had a build of 415k bbls, Cushing drew -133kk bbls. US production record high of 13.00 mbpd.
>Crude Oil Tanks at Cushing OK, Basis For the WTI Futures Contract.
- via TradersCommunity.com
- Release Time: Thursday Feb 20 2020 –11.00 ET
Note in bbls *exp = Reuters poll est except Cushing
- Refinery Utilization +1.4% 89.4% Exp +0.5%
- Production UNCH bpd to 13.00 mbpd (13.00 ATH)
WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave
WTI has bounced after 5 waves down from the Iran blowoff back over the tenkan, Resistance above is Kijun and 50dma. Math and crowd behavior tell the story after +2/8 and collapsed to 0/8 spit From here question is was thos 5 waves completing?. Support is MM, Previous Lows and extensions.
WTI key in big picture is if can test the break of the weekly uptrend, a fractal of the sharp move down. From there we can mark this as correctional or something larger. Key resistance is Kijun, Tenkan and 50wma confluence (green) which all failed afte the violent spike up. Support previous lows.
Latest ICE and CFTC Open Interest Data:
CTFC and ICE open interest: via Ole S Hansen @Ole_S_Hansen
Brent crudeoil longs were left exposed once it broke key support on Wednesday. Two weeks of selling had failed to trigger a reduction in the net-long. In wk to Jan 21 it even rose by 2.8k lots to reach a 15-mth high at 429k lots. The WTI long rose by 6.4k lots to 232k
COT on commodities to Jan 21 shows the changes made by funds just before the coronavirus outbreak became the main market driver. The worrying news from China raised concerns about its potential impact on demand for key commodities from crudeoil to copper and soybeans
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 374.56 million gallons of gasoline per day last week. That is +4.96 mil YoY
US consumers spent $909.4 million dollars per day for gasoline last week. That is +$59.40 mil YoY.
US avg retail price for gasoline was $2.428 last week. That is +11.1 cents YoY
US Crude Oil Production
US Oil Field Production Back `at ATH 13.00mpd
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.
A small build of 0.4MMBBLs, much lower than market expectation. Crude production stays flat w-o-w as it struggles to move past 13MMBD while refinery runs slowly tick up to 16.2MMBD. Exports back at 3.5MMBD after last week’s low numbers.
Total products drew -1.4MMBBLs as propane draw of -3MM and gasoline draw of -1.97 offset the other oil build of +3MM. Low gasoline yield helping the draw despite increased refinery runs.
US Crude Oil Prices and Recessions
Via John Kemp @JKempEnergy
Key EIA and CME Dates For WTI Crude Oil
From TradersCommunity Research