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EIA reported crude oil storage Draw -3862k bbls when a +2900k bbls build was expected last week. Gasoline drew -4624k bbls with a build of 383k bbls in distillates.The shale revolution continues, but production dropping 100k off record high to 12.00 mbpd.

Cushing Storage Tanks

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

DOE Weekly Petroleum Status Report: 3/6/19

  • via TradersCommunity.com
  • Release Time: Wednesday 13 March 2018 -  10.30 ET 
EIA Expected Prior EIA API
Crude -3862k  +2900k +7069k  -2580k
 Cushing -672k -648k  +1628k -1100k
Gasoline

-4624k

-2700k -4227k -5850k
Distillate +383k

-1700k

-2393k +195k

Note in bbls *exp = Reuters poll est except Cushing  

  • Refinery Utilization +0.1% to 87.6% Exp +0.3%
  • Production -100k at 12..00k bd (12.10 ATH)

 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 8 19

MW WTI W 3 8 19

 

Crude Oil Futures Committment of Traders

ICE and CFTC Product spec length: Very bullish positioning in gasoil as shorts retreat. Gasoil spec length now up 9 weeks in a row gaining almost 100K contracts in that time period. While, RBOB spec length close to last yr's levels. Via OILytics ‏ @OilyticsData

Latest ICE and CFTC Open interest data: CFTC data is now finally up to date after the govt shutdown. Brent net spec length finally drops (-3.5K ) after 8 consecutive increases. WTI net spec length increased by 20K contracts but still remains near the 5 year seasonal lows

COT on commodities in wk to March 5.

Hedge funds cut bullish bets on commodities by almost one quarter in wk to Mch 5. The total net-long slumped to a three-year low of just 494k lots. Looking at the table we find it’s currently energy (+819k lots) and metals (+112k lots) versus agriculture (-437k lots)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 

 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 $2.471 last week. That is -8.8 cents YoY.  

 US consumers bought 383.88 million gallons of #gasoline per day last week. That is -21.08 mil YoY.

 US Oil Field Production ATH of 12.00 mbpd

US Crude Oil Production by State and API at December 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:

Overall imports remain low with 4 wk avg at 6.8MMBD. However, Saudi volumes have rebounded but Venezuelan volumes remain low due to sanctions. While Nigerian volumes have almost reached zero as US swims in light sweet crude.

EIA Product Stats:

Bullish gasoline stats as its draws for the 4th week in a row. Low gasoline yield and high exports helping to draw 14MM in the last 4 weeks. Refiners finally switching more toward diesel vs gasoline as diesel demand remains very stron

 

EIA Crude Stats:

Surprise crude draw of -3.8MM as crude production drops 100KBD and crude imports remain low below 7MMBD. Crude exports drop to 2.5MMBD, however a large negative adjustment factor of -732KBD. This is a record low going back at least 10 yrs

 

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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