Category: Oil

Oil futures continued to bounce off support ahead of the Juneteenth holiday Wednesday to settle at their highest level in seven weeks. Traders appear to be catching the stock market bug with bullish prospects for global crude demand. West Texas Intermediate crude for July delivery rose $1.24, or 1.5%, to settle at $81.57 a barrel on the NYMEX with futures expiration at the end of Thursday’s trading session after the latest storage report from the EIA. Last week the EIA … Continue reading “Around The Barrel – Crude Oil Market Outlook for The Week”

EIA reported a US crude build of +3.730Mbbls fueled by a 2.6mbd increase in imports to 8.3mbd, the highest since 2018, while exports slumped to a two-month low at 3.2mbd. Gasoline stocks rose +2.566Mbbls. Distillates rose +0.881Mbbls in inventories. The WTI Futures Hub at Cushing stocks fell with a -1.593Mbbls draw. Domestic US oil production rose 100k to 13.2mbpd just off the all-time high 13.3mbpd. Refinery demand rose with refinery utilization fell 0.40% to 95%. There was +0.339Mbbls added to SPR inventory … Continue reading “Around The Barrel – Crude Oil Market Recap and Outlook for The Week with OPEC and STEO”

EIA reported a US crude build of +1.233Mbbls. Gasoline stocks rose +2.102Mbbls. Distillates rose +3.197Mbbls in inventories. The WTI Futures Hub at Cushing stocks rose with a +0.854M build. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery demand rose with refinery utilization rising +1.10% to 94.1%. There was +0.900Mbbls added to SPR inventory WoW. The market has refocused on the delay of possible rate cuts by the federal Reserve this year as inflation lingers. The … Continue reading “Around The Barrel – Crude Oil Market Recap and Outlook for The Week Ahead”

EIA reported a US crude draw of -4.156Mbbls. Gasoline stocks rose +2.022Mbbls. Distillates rose +2.544Mbbls in inventories. The WTI Futures Hub at Cushing stocks fell with -1.766Mbbls draw. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery demand rose with refinery utilization rising +2.50% to 93%. There was +0.900Mbbls added to SPR inventory WoW. The market has refocused on the delay of possible rate cuts by the federal Reserve this year as inflation lingers. The last … Continue reading “Around The Barrel – Crude Oil Market Recap and Outlook for The Week Ahead”

Oil prices have fallen back after initially rising and continued uncertainty from the death of the Iranian President. The market has refocused on the delay of possible rate cuts by the federal Reserve this year as inflation lingers. The last FOMC communications struck a balance between ruling out nearer term easing, sticking to the line that the most likely next move is down, while pouring cool water on the risk of rate hikes. The higher interest rates depress consumer and … Continue reading “Around The Barrel – Crude Oil Market Recap and Outlook for The Week Ahead”

EIA reported a US crude draw of -2.508Mbbls. Gasoline stocks fell -0.235Mbbls. Distillates fell -0.045Mbbls in inventories. The WTI Futures Hub at Cushing stocks fell with -0.341Mbbls draw. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery demand rose with refinery utilization rising +1.90% to 90.4%. There was +0.600Mbbls added to SPR inventory WoW. West Texas Intermediate futures are around last Friday’s settle of $78.26 heading into the latest EIA report suggesting the market is pricing … Continue reading “Around The Barrel – Crude Oil Market Recap and Outlook for The Week Ahead”

EIA reported a US crude draw of -1.362M after last week’s large build of +7.265MMbbls. Gasoline stocks rose +0.915Mbbls. Driven by a 1.3mb/d drop in exports and refinery demand falling by 0.23mb/d. Implied gasoline demand rose for the first time in five weeks but the 4-wk avg stays close to its lowest seasonal level since 2020. Distillates rose +0.560Mbbls in inventories. The WTI Futures Hub at Cushing stocks rose with a +1.880Mbbls build. Domestic US oil production was unchanged at 13.1mbpd just off … Continue reading “Around The Barrel – Crude Oil Market Recap and Outlook for The Week Ahead”

EIA reported a US crude build of +7.265MMbbls. Gasoline stocks rose +0.347Mbbls. Driven by a 1.3mb/d drop in exports and refinery demand falling by 0.23mb/d. Gasoline demand (4-wk avg.) dropped for a fourth week to its lowest seasonal level since 2020. Distillates fell -0.732Mbbls in inventories. The WTI Futures Hub at Cushing stocks rose with a +1.089Mbbls build. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery demand rose marginally. Refinery utilization fell -1.00% to 87.5%. … Continue reading “Around The Barrel – Crude Oil and Gasoline Outlook for The Week Ahead”

EIA reported US crude and refined product exports were at record 12.094mbpd last week. The DoE reported a crude draw of -6.368Mbbls. Gasoline stocks fell -0.634Mbbls. Distillate rose +1.614Mbbls in inventories. The WTI Futures Hub at Cushing stocks fell with a -659Mbbls draw. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery demand rose marginally. Refinery utilization rose +0.4% to 88.5%. There was +0.793Mbbls added to SPR inventory WoW. The US government has flipped to buying … Continue reading “Around The Barrel – Crude Oil Traders Outlook with War and Rising rates”