EIA Oil Inventories – 6023k Crude Draw +1644k Gasoline Build

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  • #12232
    TradersCom
    Keymaster

    [article]238[/article]

    #12235
    Super Harley
    Participant

    Cushing getting higher and production higher again – not bullish for WTI past the crude draw – the exports are huge again which is solid.

    #12238
    ThePitBoss
    Participant

    [quote=”Super Harley” post=1977]Cushing getting higher and production higher again – not bullish for WTI past the crude draw – the exports are huge again which is solid.[/quote]

    The wide Brent-WTI spread is helping reduce the huge US crude inventories outside Cushing – record crude exports, lower crude imports

    #12241
    ThePitBoss
    Participant

    Crudeoil Inventory Change by Region (as to be expected, Midwest (Cushing) is where we have the build…)
    via @BrynneKKelly

    #12242

    Just filled up at lunch time near the office & was pleased to see $2.29 for regular (20 cents cheaper than peak spike that occurred when Harvey arrived)

    #12243
    Assistanc3
    Participant

    A year ago, prompt supplies suffered a sharp discount to future supplies — encouraging traders to hoard oil. 

    “There’s definitely a decrease in demand for storage,” said Ernie Barsamian, chief executive of The Tank Tiger, a service that connects buyers and sellers of tank capacity. The state of affairs made him “cry in frustration”, he told clients.

    #12261
    Truman
    Participant

    [quote=”Assistanc3″ post=1985]A year ago, prompt supplies suffered a sharp discount to future supplies — encouraging traders to hoard oil. 

    “There’s definitely a decrease in demand for storage,” said Ernie Barsamian, chief executive of The Tank Tiger, a service that connects buyers and sellers of tank capacity. The state of affairs made him “cry in frustration”, he told clients.[/quote]

    This has much to do with the banks and large oil traders already being so long and the cost of storage eating into the spread out the curve also.

    #12306
    ThePitBoss
    Participant

    CL up $1 with the higher US exports in this week’s EIA report getting bulls hoping that the inventory glut will be relieved

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