Oil & Energy

Google Ad

The chemical fire in Deer Park, Texas dominates news. EIA reported a build in crude oil storage of 2800k bbls. Gasoline drew -2883k bbls with a draw of -2075k bbls in distillates last week. The shale revolution continues, with production unchnaged at the record high of 12.10 mbpd. 

Cushing Storage Tanks

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

DOE Weekly Petroleum Status Report: 3/20/19

  • via TradersCommunity.com
  • Release Time: Wednesday 27 March 2018 -  10.30 ET 
EIA Expected Prior EIA API
Crude +2800k  -1200k -9589k  +1926k
 Cushing +541k +783k   -468k +688k
Gasoline

-2883k

-2800k -4587k -3469k
Distillate -2075k

-900k

-4127k -4278k

Note in bbls *exp = Reuters poll est except Cushing  

  • Refinery Utilization Prior -2.3% to 86.6% Exp +0.6%
  • Production  UNCH at 12.10k bd (12.10 ATH)

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

 API Crude Inventories

 

WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave

The daily WTI structure shows the Chikou (blue) and tenkan (orange) the initial range, impulse is needed to get through support. The question is the C complete or a short 5 needed?

MW WTI D 3 22 19

 WTI on the weekly spat the previous break retest from a year ago and back through the 50wma (green) and Kijun Sen (pink) to bring chikou back in balance (blue) tenkan remians support - watch Murrey confluence.

MW WTI W 3 22 19

Crude Oil Futures Committment of Traders

For week ending Mar 19. CL_f DCOT futures only managed money traders 86% net long. - via @Ronh999

 

Hedge funds increased bullish commodity bets for the first time in three weeks during the week to March 19. The 51% jump in the net-long to 463k lots came in response to broad-based price gains across all of the major sectors. Via Ole S Hansen ‏ @Ole_S_Hansen 

In wk to Mar 19 speculators increased the combined crude #oil net-long by 66k lots to 523k lots the highest since October. This after the Opec+ meeting in Baku led the market to believe that Saudi Arabia and others would seek an even higher price. Via Ole S Hansen ‏ @Ole_S_Hansen

 Understanding DCOT Reports

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 

Crude Oil Option Volatilty Watch via commodityvol.com

Brent/WTI Vol March 21, 2019 NYMEX LO = CRUDE OIL OPTIONS ICE_North Sea BRN

via CommodityVol.com ‏ @CommodityImpVol 

 Update of Brebt & WTI Option Vol (Live Link) 

The Fundamental Angle with Brynne Kelly ‏@BrynneKKelly

   

DigStic Data @DigStic



 

 

RonH Data ‏@Ronh999

US Oil stocks WERE 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 $1,005.2 million dollars per day for gasoline last week. That is -$18.9 mil YoY.

 US avg retail price for gasoline was $2.623 last week. That is -2.5 cents YoY.  

 US consumers bought 383.21 million gallons of gasoline per day last week. That is -3.53 mil YoY

 US Oil Field Production ATH of 12.10 mbpd ATH

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 crude imports remain low as Venezuela imports drop to 0 and Saudi imports to US drop 540KBD wk on wk. Only imports from Brazil have risen in the last few weeks but overall base is very low. 

EIA Product Stats:

Bullish product draws from gasoline and distillates as they both draw -4MMBBLs. Strong demand print especially for distillate while low gasoline yield keeps gasoline drawing despite increase in imports.

 EIA Crude Stats:

Big crude draw of -9.6MMBBLs as imports come out low yet again while exports jump to near record of 3.4MMBD. Production back at 12.1MMBD. Another large negative adjustment factor of -812KBD. Record low going back to 10 years, hard to take stats seriously.

 

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

Log in to comment
Discuss this article in the forums (3 replies).