With the Artic Blast hitting Texas WTI oil futures hover at the highest prices in over a year. EIA reporting a draw in crude of -7258kbbl (including-3028kbbl draw at Cushing). Gasoline grew +672kbbl and a draw with distillate –3422kbbl. US production fell 200kbpd to 1080000 kbpd, still off record high of 13.10 mbpd.
With the Artic Blast hitting Texas WTI oil futures hover at the highest prices in over a year. EIA reporting a draw in crude of -7258kbbl (including-3028kbbl draw at Cushing). Gasoline grew +672kbbl and a draw with distillate –3422kbbl. US production fell 200kbpd to 1080000 kbpd, still 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, February 18, 2021 at 11:00 A.M. (Eastern Time)
|EIA||Expected||Prior EIA||Prior API|
Note in bbls *exp = Reuters poll est adjusted for API shift, except Cushing
- Refinery Utilization +0.7% to 83.0% Exp -0.3%
- Production -200 at 10,800 mbpd (13.10 ATH)
US Crude Oil Quick Look
via Giovanni Staunovo? @staunovo
Gulf of Mexico
API Crude Inventories
WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave
WTI continued higher after broke the topside of the channel it had been in since September, In any break, the key is crowd behavior to help tell the story. We watch ABC corrections and from here we got the energy from the break. Support is the Tenkan, old channel & prev high confluence. Watch Kijun & 50 dma.. Resistance MM and previous lows.
WTI has continued higher after it rebalanced chikou indicative of extreme crowd behavior in a series of fractals at last Dec wave 1 turn after we had completed 5 waves as marked, from here we watched 3 & 5 waves develop. Price popped after the spit of the 50wma (green) which is now key for support as Tenkan touched Kijun in a kiss of life.
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 Murrey Math time and price
Latest ICE and CFTC Open Interest Data:
CTFC and ICE open interest: via Giovanni Staunovo? @staunovo
Money managers increased their net-length in WTI crude oil futures and options by 4,776 contracts to 354,920 in the week ending January 19 – a 6-month high Long-only positions rose by 1,352 Short-only positions fell by 3,424 CFTC
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 330.00 million gallons of gasoline per day last week. That is -42.5 mil YoY
US consumers spent $812.10 million dollars per day for gasoline last week. That is -$109.00 mil YoY.
US avg retail price for gasoline was $2.461 last week. That is +4.20 cents YoY
US Crude Oil Production
US Oil Field Production +100 to 11.00 mbpd 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