Energy storage still distorted from Hurricane Laura. EIA reported a build in crude oil of +2003kbbl, a build of of +1838kbbl at Cushing. Draw in gasoline -2954kbbl. US production was at 10,000 mbpd, off record high of 13.10 mbpd.
Energy storage was distorted from Hurricane Laura. EIA reported a draw in crude oil of -9362kbbl, a build of of +110kbbl at Cushing. Draw in gasoline -4583kbbl. US production was at 9,700 mbpd, off record high of 13.10 mbpd.
Crude Oil Tanks at Cushing OK, Basis For the WTI Futures Contract.
- via TradersCommunity.com
- Release Time: Thursday September 10 2020 – 11:00 ET
Note in bbls *exp = Reuters poll est except Cushing
- Refinery Utilization -4.9% to 71.8% Exp -4.5%
- Production +300 to 10.00 mbpd (13.10 ATH)
Saudis Turn Around ….
WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave
In any break key is crowd behavior to help tell the story. We watch ABC corrections from here. he March breakdown, Support Tenkan and Kijun. In any break key is crowd behavior to help tell the story. We watch ABC corrections from here.
WTI after it’s huge run continues to rebalance chikou indicative of extreme crowd behavior in a series of fractals. We have completed 5 waves as marked, from here we watch 3 develop to confirm.
These are special times, recall “After we regained the pattern 261.8% from the extreme (-$40) move. The climax of the larger acceleration lower after broke the weekly uptrend, a fractal of the sharp and all the way to all time lows to negative pricing we have seen mirror replications.” Support is previous channels, tenkan and Kijun. Above we have 50wma and Murrey Math time and price Above we have 50wma and Murrey Math time and price.
Latest ICE and CFTC Open Interest Data:
CTFC and ICE open interest: via Ole S Hansen @Ole_S_Hansen
Speculators cut bullish WTI (-15.8k) and Brent (-20.9k) crude oil bets to 538k, a ten-week low, in wk to July 28. A 9% jump in natgas helped increase the net-long to a 16-mth high at 196k lots
In the week to July 28 where the BCOM index rose 2%, speculators cut length across the major contracts of #oil #gold #silver #soybeans and #corn. They increased exposure in #natgas, #copper and #sugar while cutting short positions in SoyMeal, #cocoa and #coffee
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
Input to Refineries
US consumers bought 352.40 million gallons of gasoline per day last week. That is -59.5 mil YoY
US consumers spent $81779.10 million dollars per day for gasoline last week. That is -$271.2 mil YoY.
US avg retail price for gasoline was $2.221 last week. That is -0.339 cents YoY
US Crude Oil Production
US Oil Field Production +300kbpd to 10.00 mpd 0ff ATH 13.10mpd
Forecast Oil Production Matrix – HFI Research
Implied US oil production from this EIA report is 11 mb/d and headed for 10 mb/d. via @HFI_Research
** Note with the unreliability of the API numbers highlighted by its constant debacles we offer you the bare bones of that report.
US Crude Oil Prices and Recessions
Via John Kemp @JKempEnergy
Key EIA and CME Dates For WTI Crude Oil
From TradersCommunity Research</