Around The Barrel – Crude Oil Builds With Exports Down & Imports Higher

WTI Oil futures bounced following the US Released SPR ahead of EIA reporting a crude build +1017Kbbl (incl +787kbbl build at Cushing). Crude storage near lows seen in 2018. Gasoline stocks drew -603kbbl,  Utilization rose +0.7% to 88.4%. Production fell to +100k to 11,500 kbpd.

Cushing Storage Tanks
Cushing Storage Tanks

DOE Weekly Petroleum Status Report

  • via TradersCommunity.com
  • Report Date 11/17/21
  • Release Time: Wednesday, November 24, 2021 at 10:30 A.M. (ET)

Note in bbls *exp = Reuters poll est  adjusted for API shift, except Cushing

 EIAExpPrior API
Crude+1017k+1400k -2101k +2307k
Cushing+787k+586k +216k +915k
Gasoline-603k-1790k -707k +600k
Distillate-1968k+1100k -824k -1500k
Weekly US Crude Oil Storage Report
  • Refinery Utilization +0.7% to 88.4% Exp +.5%
  • Production  –100k to 11,400 kbpd (13.10 ATH)

Summary of Weekly Petroleum Data for the Week (Live Link)

Rig Watch:

  • Total 556 (est 556; prev 550)
  • Rotary Oil Rigs: +6 to 467 (est 466; prev 461) vs 241 year ago
  • Rotary Gas Rigs: UNCH 102 (est 102; prev 102) vs 77 year ago

US Oil Rigs  w/w changes by key shale basins

  • Permian +2 to 280
  • Eagle Ford unchanged at 37
  • Williston +3 to 27
  • Cana Woodford unchanged at 24
  • DJ Niobrara unchanged at 11

Horizontal oil rigs in the Permian +4 to 267

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Permian Basin Rigs

International oil rigs ex North America

+12 m/m to 599 in September

  • Saudi Arabia +4
  • Turkey, Brazil +3
  • Iraq, Algeria +2
  • Kuwait, Indonesia -2
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Baker Hughes

US Crude Oil Quick Look

via Giovanni Staunovo? @staunovo

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Weekly DOE Petroleum Report in Charts

via Ole S Hansen @Ole_S_Hansen

Weather Watch

Gulf of Mexico

API Crude Inventories

WTI Crude Oil Futures Technical Analysis via KnovaWave

US Crude Oil (WTI)

The backwardation structure of all crude prices steepened in October and the calendar spread between the nearest futures contracts moved into deeper backwardation. This reflected the market perception of stronger market fundamentals in the near-term and lower global crude oil inventory levels. The prospect of higher oil demand during the winter season due to gas to oil switching, amid soaring gas prices in the main trading hubs, and the forecast of slower non-OPEC oil supply growth, have pushed the near-month contract spreads higher compared to later month contracts.

4 Hour:: WTI oil stayed above the 240 cloud after testing the old channel break to new highs. This is a market that is reflective of fear and greed, note the reaction when Kijun and Tenkan cross or touch and support of the 50ma around Murrey Math confluence.

Daily: Potent WTI price action indicative of 3rd wave energy highlighted by spits of the Tenkan to new highs. Continued from daily cloud twist retest to close back at Chikou & ATH. Support Tenkan, 50dma and Kijun, fractals continue with #oil Important to grasp the move continued from last week’s WTI completing its correction of the May breakup in 3 waves (or X) Rebounded from daily cloud twist to close back at Chikou. Support Tenkan, 50dma and Kijun, fractals continue with oil.

The key is crowd behavior to help tell the story which in energy is often around geopolitics. A great example of why we watch ABC corrections and from here we get the energy from the break being balanced. This move that was powered by 50 dma Tenkan spit of a spit – hence the fractal energies reverberations. Support is previous lows, Murrey Math levels and Fib cluster. Support is the 50dma, kijun, tenkan and prev high confluence.

Weekly:WTI crude #Oil futures continued with it’s measured move & settled at fresh 7-year high. Long term 61.8% target fueled by ABC bull flag after rebalanced Chikou. Weekly Tenkan Kijun gave support & power to take out new high It must retain this energy to take out new high

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

WTI D 11 5 2021 Perspective

WTI W 11 5 2021 Fibs


Crude Oil Futures Commitment of Traders

Latest ICE and CFTC Open Interest Data:

CTFC and ICE open interest:

Money managers reduced their net-length in Brent crude oil futures and options by 9,803 contracts to 240,033 in the week ending November 9 Long-only positions fell by 3,091 Short-only positions rose by 6,712 other reportables net-length rose by 17,821 – ICE

Money managers reduced their net-length in WTI crude oil futures and options by 17,141 contracts to 323,703 in the week ending November 2 Long-only positions fell by 14,678 Short-only positions rose by 2,463 other reportables net-length rose by 9,998- CFTC

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Chart: Crude net-positioning of non-commercial accounts (=managed money and other reportables) in barrels and in US dollars (Brent and WTI futures and options combined)latest value is November 2

COT on energy saw selling of #WTI and #Brent extend to to a 4th week. The comb length dropped by 27k lots to 573k, a two month low. With length in all fuel products also reduced, the total 50k lots reduction 819k was the biggest to hit the sector since August.

via Ole S Hansen @Ole_S_Hansen

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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 Volatility Watch via commodityvol.com

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NYMEX LO = Crude Oil Options First 3 Months (Live Link)

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NYMEX LO & ICE North Sea Brent BRN Crude Oil Options (Live Link)

 

NYMEX LO NYMEX OH NYMEX OB Options (Live Link)

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NYMEX LO NYMEX OB Options (Live Link)

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The Fundamental Angle with Brynne Kelly ‏@BrynneKKelly

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Cushing Oil Stocks

Cushing, OK is the hub for the most heavily traded US oil Futures contract – West Intermediate Crude – WTI so for that reason we pay special attention to the storage there.

Weekly Update via RonH Data ‏@Ronh999

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Cushing OK Crude Oil Storage Stocks

Closer Look at Cushing with DigStic Data @DigStic

Weekly DoE US Petroleum Storage Report Breakdown

Weekly Storage via DOE with RonH Data ‏@Ronh999

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 NB: Check out Ron’s great work at Ron H Public Tableau Link

US Oil Import Export

Imports

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US crude imports by origin in kbpd (incl w/w change)

  • Canada +143 to 3572
  • Mexico +38 to 537
  • Saudi Arabia -29 to 424
  • Colombia -231 to 71
  • Iraq +203 to 245
  • Ecuador +181 to 284
  • Brazil +111 to 244
  • Russia -371 to 37
  • Nigeria +140 to 141
  • Trinidad and Tobago -72 to 0

Exports

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US Gasoline Consumers

Input to Refineries

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 US consumers bought 392.0 million gallons of gasoline per day last week. That is +45.2 mil YoY

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US consumers spent $1,330.9 million dollars per day for gasoline last week. That is +$598.7 mil YoY.

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 US average retail price for gasoline was $3.395 last week. That is +$1.293 YoY.

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US Crude Oil Production

 US Oil Field Production  +100k to 11.500 mbpd Off ATH 13.10mpd

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Key EIA and CME Dates For WTI Crude Oil

From The TradersCommunity US Research Desk