EIA Crude Oil and Gasoline Storage Outlook

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  • #19474
    TradersCom
    Keymaster

    EIA reported a small build in…

    [article]1282[/article]

    #19482
    MoneyNeverSleeps
    Participant

    [size=5][color=green][b]Goldman = Gartman on Steroids as WTI trades up 3,5% on $GS Bearish Call
    [/b][/color][/size]

    [b]Goldman Sachs slashes 2019 oil price forecast amid oversupply concerns
    [/b]

    – expects international benchmark Brent crude to average $62.50 a barrel this year, down from a previous forecast of $70.

    – U.S. West Texas Intermediate (WTI) is expected to average $55.50 in 2019, down from a prior estimate of $64.50, the investment bank said in a research note published Sunday.

    “We expect that the oil market will balance at a lower marginal cost in 2019 given: higher inventory levels to start the year, the persistent beat in 2018 shale production growth amidst little observed cost inflation, weaker than previously expected demand growth expectations (even at our above consensus forecasts) and increased low-cost production capacity,” analysts including Damien Courvalin and Jeffrey Currie said.

    #19483
    MoneyNeverSleeps
    Participant

    Saudis export plan oil exports cuts of 800,000 bpd from Nov levels hoping for $80 oil – Dow Jones
    Saudis planning to reduce exports to 7.1 million barrels per day.

    WTI trades up +3.7%

    * DJ SAUDIS TO TRIM EXPORTS IN EFFORT TO LIFT CRUDE PRICES -OPEC OFFICIALS – Dow Jones News
    * DJ SAUDIS PLAN TO CUT CRUDE EXPORTS TO 7.1 MILLION DAILY BARRELS -OPEC OFFICIALS – Dow Jones Newswires
    * DJ SAUDIS PLAN EXPORT CUT OF 800,000 BARRELS A DAY FROM NOV LEVELS -OPEC OFFICIALS – Dow Jones Newswires
    * DJ SAUDIS TO MAKE NEW EXPORT CUTS, HOPING FOR $80 OIL -OPEC OFFICIALS – Dow Jones Newswires
    * DJ SAUDIS PLAN AGGRESSIVE EXPORT CUTS IN EFFORT TO LIFT OIL PRICES -OPEC OFFICIALS

    #19507
    Helmholtz Watson
    Participant

    Imports interesting –

    US crude imports by country of origin in bpd

    Canada +507k to 3.760m
    Saudi Arabia +335k to 1.007m
    Venezuela +195k to 704k
    Mexico -448k to 270k
    Iraq +175k to 380k
    Colombia +204k to 393k
    Nigeria -170k to 93k
    Ecuador -51k to 150k
    Brazil +37k to 37k
    Kuwait -71k to 0

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