Oil Production Surges To Another Record, Builds in Crude, Gasoline and Distillates

Following last week’s record crude oil production and rising rig counts which futures markets have shrugged off we saw production and builds explode higher this week Support from the wilting US dollar has been supportive despite record length and the crash of equity markets.

Following last week’s record crude oil production and rising rig counts which futures markets have shrugged off we saw production and builds explode higher this week. Support from the wilting US dollar has been supportive despite record length and the crash of equity markets.

Cushing Storage Tanks

Crude Oil Tanks at Cushing OK, Basis For the WTI Futures Contract.

DOE Weekly Petroleum Status Report: 1/31/18

  • via TradersCommunity.com
  • Release Time: Wedneday 7 January 2018 – 10:30 ET 
 ActualExpectedPrior EIAAPI
Crude+1895k+2860k+6776k-1050k
Cushing-711k-690k-2224k-633k
Gasoline+3414K
+615k-1980k-227k
Distillate+3926K

-1419k

-1940k+4552k

Note in bbls *exp = Reuters poll est except Cushing  

  • Refinery Utilization  Prior -2.1% to 90.9%
  • Production +3.3% w/w to 10251 mbpd ( ATH) +11.5% y/y

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

Criterion U.S. Crude Oil Production Forecast ‏@Criterionrsch

EIA Inventory Forecast via @tankertrackers.com

Ahead of the coming report, the United States Department of Energy has published their Strategic Petroleum Reserves (SPR) as holding 664.7 million barrels vs 664.454M last week. Over the span of a week, this is growth of approximately 35,143 barrels a day.

The Fundamental Edge with Brynne Kelly ‏@BrynneKKelly

“This Week” inventory change in prior years:

Chad Stickforth Data @DigStic

 

 

RonH Data ‏@Ronh999

US consumers spent $152.4 million more dollars per day for #gasoline last week compared to same week last year

US consumers bought 27.63 million more gallons of #gasoline per day last week compared to same week last year #OOTT

 

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

WTI Oil Futures (CL) via‏ @Lee_Saks

Ahead of API Feb WTI crude oil futures settled at U.S. crude at $

API via Marketwatch

 ** Note with the unreliability of the API numbers highlighted by its constant debacles we offer you the bare bones of that report.

REGULAR & HOLIDAY RELEASE SCHEDULE

Further Crude Oil Analysis Criterion Research

From TradersCommunity Research

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