EIA reported massive builds in crude, distillate and gasoline storage. US production finally fell to 12.30 mbpd, off record high of 13.10 mbpd.Crude prices continue to fall despite OPEC+ cuts. Still oil production and inventories far outstrip demand since the Coronavirus.
EIA reported massive builds in crude, distillate and gasoline storage. US production finally fell to 12.30 mbpd, off record high of 13.10 mbpd.Crude prices continue to fall despite OPEC+ cuts. Still oil production and inventories far outstrip demand since the Coronavirus.
Crude Oil Tanks at Cushing OK, Basis For the WTI Futures Contract.
DOE Weekly Petroleum Status Report: 4/15/20
- via TradersCommunity.com
- Release Time: Wednesday April 22 2020 – 9:30 ET
| EIA | Expected | Prior EIA | Prior API | |
| Crude | +15022k | +16100k | +19248k | +13226k |
| Cushing | +4776k | +5078k | +5724k | +4913k |
| Gasoline | +1017k | -+3700k | +4914k | +3435k |
| Distillate | +7876k | +2900k | +6280k | +7639k |
Note in bbls *exp = Reuters poll est except Cushing
- Refinery Utilization -1.5% to 67.60% Exp -2.9%
- Production -100k to 12.20 mbpd (13.10 ATH)
Summary of Weekly Petroleum Data for the Week (Live Link)
Covid-19 Contango Crude Prices
API Crude Inventories
WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave
US Crude Oil (WTI)
After WTI workied off the chikou with the outside trend line under $20 in 5 waves it quickly reversed in 3 this week. We need sustained impulse from here for a reversal. Question is was that completing a C or 3 of something larger. Recall the initial collpase where math and crowd behavior tell the story right to the +2/8 and collapsed back to the break up and now through the channel, accelerating when Tenkan and 50 dma crossed. Note 1.618 extension of previous emotive wave.
WTI has been a series of fractals. expected in algorithm dominated price action From the larger acceleration lower after broke the weekly uptrend, a fractal of the sharp and all the way to 16yr lows we have seen mirror replications. From here we see need traction to work out from 3 waves Key resistance is Kijun and 50wma confluence (green) which all failed after the violent spike up. Support channel and fib conflageration with MM 0 -8 and -2-8
Crude Oil Futures Committment of Traders
Latest ICE and CFTC Open Interest Data:
Via Brynne Kelly @BrynneKKelly ·
CTFC and ICE open interest: 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 commodityvol.com
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 OH NYMEX OB 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
Imports
Exports
US Gasoline Consumers
Input to Refineries
US consumers bought 213.40 million gallons of gasoline per day last week. That is -182.20 mil YoY
US consumers spent $395.4 million dollars per day for gasoline last week. That is -$723.5 mil YoY.
US avg retail price for gasoline was $1.853 last week. That is -97.5 cents YoY
US Crude Oil Production
US Oil Field Production 12.30mpd 0ff ATH 13.10mpd
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.
OILytics @OilyticsData
EIA Crude:
Crude: Another set of record-breaking stats. Crude build of +19.2MM as crude stocks hit above 500MM for the first time since June 2017. Cushing +5.7MM and +15.66 in the last 3 weeks. Refinery runs continue to crater, the lowest level since Sept 2008.
EIA Products:
EIA Products:Products build of +7.99MM as gasoline and disty build +4.9MM and +6.28MM. Demand in complete freefall as gasoline stocks hit record highs.
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