WTI Crude oil surged to the highest prices since 2019 after OPEC and MidEast impacts. EIA reported post storm anomalities with a massive build in crude of + 13798 kbbl (including a 526kbbl build at Cushing). Gasoline drew -11869kbbl and Utilization recovered 13% to 68.0%. Production rose to 10,900 from 10,000 kbpd last week
WTI Crude oil surged to the highest prices since 2019 after OPEC and MidEast impacts. EIA reported post storm anomalities with a massive build in crude of + 13798 kbbl (including a 526kbbl build at Cushing). Gasoline drew -11869kbbl and Utilization recovered 13% to 68.0%. Production rose to 10,900 from 10,000 kbpd last week
Crude Oil Tanks at Cushing OK, Basis For the WTI Futures Contract.
DOE Weekly Petroleum Status Report: 3/3/21
- via TradersCommunity.com
- Release Time: Wednesday, March 10, 2021 at 10:30 A.M. (ET)
| EIA | Expected | Prior EIA | API | |
| Crude | +13798k | +800k | +21563k | +12792k |
| Cushing | +526k | +652k | +485k | +295k |
| Gasoline | -11869k | -3500k | -13624k | -8499k |
| Distillate | -5504k | -3500k | -9719k | -4796k |
Note in bbls *exp = Reuters poll est adjusted for API shift, except Cushing
- Refinery Utilization +13.00% to 68.0% Exp +7.3%
- Production +900 at 10,900 mbpd (13.10 ATH)
Summary of Weekly Petkoleum Data for the Week (Live Link)
US Crude Oil Quick Look
via Giovanni Staunovo? @staunovo
Weather Watch
Gulf of Mexico
API Crude Inventories
WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave
WTI has 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. This week that was powered by the Tenkan Spit of a spit. 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. Given that we had tremendous energy which bore out in the hghs last seen 2019.
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
Crude Oil Futures Committment of Traders
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
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 366.5 million gallons of gasoline per day last week. That is -19.3 mil YoY
US consumers spent $1, 015.50 million dollars per day for gasoline last week. That is +80.7 mil YoY.
US avg retail price for gasoline was $2.771 last week. That is +39.60 cents YoY
US Crude Oil Production
US Oil Field Production +900 to 19.00 mbpd Off 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.
OILytics @OilyticsData
EIA Crude:
EIA Products:
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