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EIA reported a draw in crude oil storage of -282k bbls last week. Gasoline had another build this week of 2204k bbls following prior week's +3716k with a draw of -1615k bbls in distillates. The shale revolution continues as production rose 100k to 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: 5/22/19

  • via TradersCommunity.com
  • Release Time: Thursday 30 May 2018 -11.00 ET
EIA Expected Prior EIA API
Crude - 282k -800k +4740k -5265k
Cushing -16k -83k +1266k
-176k
Gasoline

+2204 k

-1000k +3716k +2711k
Distillate -1615k

+900k

+768k -2144k

Note in bbls *exp = Reuters poll est except Cushing

  • Refinery Utilization +1.3% to 91.2% Exp +0.9%
  • Production +100k to 12.30k bd (12.30 ATH)

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

API Crude Inventories

United States Crude Oil Stocks Change

Weekly Global Oil Prices

WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave

Crude oil broke down hard and fast out of its tight range. The Daily ABC  B or ii)  broke with impulse testing the highlighted 38% but managed to bounce back into the cloud at week's end. Note the acceleration after the kiss of death from  Tenkan touching Kijun.  Note the Adams theory in the last two spits. Energy came from coiling between the 50dma and the Tenkan and channel.

MW WTI d 5 24 19

WTI on the weekly cloud came off after touching the cloud twist, signifying all in - finished the week under the 50wma (green) and Tekan with Kijun Sen (pink) to bring chikou back in balance (blue) attracted to the cloud twist.- watch Murrey confluence with the cloud acting as resistance.

MW WTI W 5 24 19.1

Crude Oil Futures Committment of Traders

Latest ICE and CFTC Open Interest Data:

OILytics ‏ @OilyticsData

ICE and CTFC Oil Net Spec Length: 2nd weekly drop for Brent and WTI down for 4 weeks in a row. Only European Gasoil showing positive momentum as European refineries cut runs on strong physical prompt crude and Urals quality issues

Ole S Hansen ‏ @Ole_S_Hansen

COT on #crude oil in wk to May 21: #WTI selling (-23k lots) extended into a fourth week ahead of the weekly inventory jump which added further downside pressure to the price. #Brent's 4k reduction highlighted the limited selling appetite amid current tightness

From the recent peak WTI longs have now been cut by 77k lots while #Brent has only witnessed a 12k lots reduction.

COT on commodities in wk to May 21: Hedge funds sold energy and metals after weak economic data, a stronger dollar and the US-China tradewar forced a change in the focus from supply constraints to worries about demand. Record buying of corn on improved tech & fund developments

 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 May 2, 2019 NYMEX LO = CRUDE OIL OPTIONS ICE_North Sea BRN

via CommodityVol.com ‏ @CommodityImpVol 

Update of Brent & WTI Option Vol (Live Link)

WTI crude first, second third month atm vol May 2, 2019 NYMEX LO = CRUDE OIL OPTIONS

Atm vol: May 2, 2019 

NYMEX LO = CRUDE OIL OPTIONS NYMEX OH = NY HARBOR ULSD OPTION NYMEX OB = RBOB OPTIONS


 

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 Back Off ATH.

US Oil Imports Week Over Week

US Oil Input Into Refineries Per Day

US consumers spent $1,113.40 million dollars per day for gasoline last week. That is -92.0 mil YoY.

US avg retail price for gasoline was $2.822 last week. That is -.140 cents YoY.

 US consumers bought 394.55 million gallons of gasoline per day last week. That is -10.92 mil YoY

US Oil Field Production of  ATH 12.30

US Crude Oil Production by State and API at February 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: -116
  • 25-30: -90
  • 30-35: +83
  • 35-40: +603
  • 40-45: +583
  • 45-50: +320
  • 50+: +82

** 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 down 669KBD w-o-w to go back below 7MMBD. Some Venezuela imports after no imports for 2 weeks. Strong stable flows from Canada continue.

EIA Product Stats:

Nothing bullish in these numbers as products build +12MM of which gasoline was +3.7MM. And this is despite lower refinery runs. Gasoline imports surged to record highs and demand is weak in the run up to Memorial Day weekend.

EIA Crude Stats:

Very bearish numbers across the board, every product except Fuel Oil build. Crude +4.7MM of which SPR contributed +1.1MM. Adjustment factor remains very high, suggesting possible upward revisions to production. Refinery runs continue to underperform

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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