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OPEC and Venezuela dominate the news cycle. EIA reported another large build in crude oil storage of 7029k bbls. Gasoline drew a large -7710k bbls with a draw of -116k bbls in distillates last week. The shale revolution continues, production unchanged at record high of 12.20 mbpd.

Cushing Storage Tanks

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

DOE Weekly Petroleum Status Report: 4/3/19

  • via TradersCommunity.com
  • Release Time: Wednesday 10 April 2018 -10.30 ET
EIA Expected Prior EIA API
Crude +7029k +2300k +7238k +4091k
Cushing -1113k -1141k +201k -1279k
Gasoline

-7710k

-2000k -1781k -7080k
Distillate -116k

-1300k

-1998k -2400k

Note in bbls *exp = Reuters poll est except Cushing

  • Refinery Utilization +1.10% to 87.5% Exp +0.6%
  • Production UNCH at 12.20k bd (12.20 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 closed right at the Chikou (blue) and top of the channel after launching off the Tenkan (orange) the initial range, impulse needed to get through support didnt happen. The question is of degree in the 5 of the C.

MW WTI D 4 5 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) but reversed to finish at the cloud base. Tenkan remains support - watch Murrey confluence with cloud above.

MW WTI W 4 5 19

Crude Oil Futures Committment of Traders

Latest ICE and CFTC Open Interest Data: The bullish spec length positioning continues with Brent net spec length up 11 times in the last 12 weeks. via OILytics ‏ @OilyticsData Mar 31

ICE and CFTC Product Spec Length: 

Spec Length has more than doubled since the beginning of this year, as risk appetite increases in the 4 main oil contracts

 

Non-stop buying of crude #oil extended to a sixth week. In the week to April the combined net-long in Brent (+27k contracts) and WTI (+7k) reached 593k lots, the highest since October 19.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 April 4, 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

Cushing Oil Stocks

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

US Oil Exports Hit Back Off ATH.

US Oil Imports Week Over Week

US Oil Input Into Refineries Per Day

US consumers spent $1,131.5 million dollars per day for gasoline last week. That is +$81.30 mil YoY.

 US avg retail price for gasoline was $2.745 last week. That is +0.051 cents YoY.  

 US consumers bought 411.85 million gallons of gasoline per day last week. That is +22.38 mil YoY

 US Oil Field Production ATH of 12.20 mbpd ATH

US Crude Oil Production by State and API at January 2019 via OILytics‏ @OilyticsData   

Crude Production by state and API: Data updated until Jan-19. L48 monthly production drops for the first time in 8 months.

Y-o-Y production growth (KBD):

  • API 25 and lower: -1
  • 25-30: -146
  • 30-35: +311
  • 35-40: +484
  • 40-45: +769
  • 45-50: +349
  • 50+: +122

 ** 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 -163K
  • Canada +212k to 3.424m
  • Saudi Arabia -280k to 484k
  • Venezuela +139k to 129k
  • Mexico +363k to 937k
  • Iraq +28 to 146k
  • Colombia -62k to 389k
  • Nigeria -277k to 0k
  • Ecuador +79k to 184k
  • Brazil -24k to 46k
  • Kuwait -81k to 43k

EIA Product Stats:

Big Gasoline draw of -7.7mln makes it into the top 3 biggest weekly drops on record. Big jump of +675KBD in gasoline product supplied and gasoline yield drops 2% pts. Low refinery runs helping products market as well.

EIA Crude Stats:

Crude build of +7.3MM with PADD 3 being the main force behind it with a build of +8.7MM. Production up +100KBD while refinery runs are only at 15.85MMBD (y-o-y down by 1.1.MMBD) as refineries come out of peak maintenance

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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