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EIA reported huge crude oil storage Build of  +7069k bbls balancing out last week's -8647k bbls witht another build at Cushing of +873k bbls last week. Gasoline drew a larger than expected -4227k bbls .The shale revolution continues with production maintaining the new record high at 12.10 mbpd ATH..

Cushing Storage Tanks

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

DOE Weekly Petroleum Status Report: 2/27/19

  • via TradersCommunity.com
  • Release Time: Wednesday 6 March 2018 -  10.30 ET 
EIA Expected Prior EIA API
Crude +7069k  +400k -8647k  +7285k
 Cushing +873k +1240k  +1628k +1128k
Gasoline

-4227k

-2000k -1906k -391k
Distillate -2393k

-1000k

-304k -3100k

Note in bbls *exp = Reuters poll est except Cushing  

  • Refinery Utilization +0.4% to 87.5% Exp +0.3%
  • Production UNCH at 12.10k bd NEW ATH (+24% y/y)

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

 Global Oil Prices

Weekly Global Oil Prices: Fairly uneventful price action this week despite Trump tweet and London's IP week. All benchmarks showing small declines except Canadian Crude. Alberta will now increase production by 100KBD from April since the limit imposed in January.via OILytics @OilyticsData Feb 10

WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave

MW WTI D 3 1 19

MW WTI W 3 1 19

Crude Oil Futures Committment of Traders

Latest ICE Open Interest Data: 8th Weekly consecutive increase for Brent and Gasoil. Brent spec length up +155K contracts since the lows seen in December. While Gasoil shorts almost vanish and hit a 4 month low. Via OILytics ‏ @OilyticsData

 

With the Government Shutdown these reports have not been available from the CFTC however ICE does have it's weekly reports.

 

COT on commodities in wk to Feb 19 (Another one week before the CFTC will be up to date).

Delayed COT on commodities data covering the wk to Feb 19 showed another week of strong selling with WTI and natgas and not least grains being sold. The gold long reached a 10-mth ahead of its failed attempt to break $1350/oz while platinum short-covering had only just begun Via Ole S Hansen ‏ @Ole_S_Hansen 

 

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 

Brent WTI Option Vol  February 21, 2019 NYMEX LO = CRUDE OIL OPTIONS ICE_North Sea BRN

via CommodityVol.com ‏ @CommodityImpVol 

The Fundamental Angle with Brynne Kelly ‏@BrynneKKelly

   

DigStic Data @DigStic



 

 

RonH Data ‏@Ronh999

US Oil stocks are currently higher than anytime in 2018.

 

US Oil Exports Hit Back Off ATH.

US Oil Imports Week Over Week 

U.S. crude oil imports averaged 7.0 million barrels per day last week, up by 1,084,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 11.7% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 555,000 barrels per day, and distillate fuel imports averaged 246,000 barrels per day.

U.S. Gulf I, (PADD3) Imports of Canadian Crude 

 

US Oil Input Into Refineries Per Day 

US consumers spent $921.8 million dollars per day for gasoline last week. That is -$75.6 mil YoY.  

 US avg retail price for gasoline was $2.422 last week. That is -13.8 cents YoY.  

 US consumers bought 380.6 million gallons of gasoline per day last week. That is -8.99 mil YoY.

 US Oil Field Production ATH of 12.10 mbpd

US Crude Oil Production by State and API at November 2018 via OILytics‏ @OilyticsData   

 

 Cushing Oil Stocks

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

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

OILytics @OilyticsData

EIA Crude Imports by Country:

Crude imports increased by over 1MMBD after last week's record low imports. Flows from Venezuela at only 83KBD while flows from Saudi and Canada have picked up after recent lows. Mexican volumes have picked up from ytd lows on sour barrels tightness.

EIA Product Stats:

Products: Bullish products as gasoline draws -4.2MM. Gasoline stocks now below last year's levels despite weak demand print. Gasoline yield is finally coming in low after months of weak gasoline market. Gasoline and disty exports are very strong.

 

EIA Crude Stats:

Big 7.1MM build almost offsetting last week's surprise -8.6MM draw. Imports pick up from last week's record low levels while refinery runs increase by 100KBD as ref maintenance eases. Exports at 2.8MM, 4wk avg above 3MMBD. Production flat..

 

US Crude Oil Prices and Recessions

 

Via John Kemp @JKempEnergy 

Key EIA and CME Dates For WTI Crude Oil

CME Crude Oil Futures Calendar

CME Crude Oil Options Calendar

REGULAR & HOLIDAY RELEASE SCHEDULE

From TradersCommunity Research

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