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EIA reported Crude oil inventories drew -10272k bbls with Gasoline and Distillates showing draws also last week. Cushing showed another large draw of -1980k bbls. US production hit a new record high of 12.50 mbpd.

Cushing Storage Tanks

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

DOE Weekly Petroleum Status Report: 8/21/19

  • via TradersCommunity.com
  • Release Time: Wednesday Aug 28 2019 -10.30 ET
EIA Expected Prior EIA API
Crude -10027k -2100k -2732k -11084k
Cushing -1980k -2070k -2485k
-2371k
Gasoline

-2090k

-1000k +312k -349k
Distillate -2063k

+800k

+2610k -2500k

Note in bbls *exp = Reuters poll est except Cushing

  • Refinery Utilization -.7% at 95.2% Exp +0.5%
  • Production +200k 12.50 mbpd (12.50 ATH)

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

Global Crude Prices

 

API Crude Inventories

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WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave

WTI spat the channel and 50dma hard after testing the cloud then flew through the kijun and daily tenkan in a sharp 1-2. It did hold the median line at the low and 2/8, Signalling stairstepping ahead.  Finished inside the outer daily downtrend channel well under the cloud base under Kijun and 50 dma adding pressure. Watch for spits now with fear in the pricing.

 MW WTI D 8 23 19

WTI again finished the week under the weekly Kijun, 50wma (green) and Tenkan under the cloud after rejecting the weekly channlel and the kijun and 50 dma crossing over fueling strong impulse higher. Last week we said  Key From Last Week " Expect more work and volatility. Watch Murrey confluence with the cloud acting as support, failure."

 MW WTI W 8 23 19

Crude Oil Futures Committment of Traders

Latest ICE and CFTC Open Interest Data:

CTFC and ICE open interest:

via Ole S Hansen ‏ @Ole_S_Hansen

Before China’s 5% tariff on US crude oil imports was announced speculators in WTI had cut their gross-short by 25%, the biggest retreat in year.

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Being just one tariffs headline away from renewed weakness the recent recovery in crude #oil failed to trigger much excitement with long and short positions being reduced in both #WTI and #Brent. #OOTT

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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

NYMEX LO = Crude Oil Options First 3 Months (Live Link)

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NYMEX LO & ICE North Sea Brent BRN Crude Oil Options (Live Link)

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NYMEX LO NYMEX OH NYMEX OB Options (Live Link)

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NYMEX LO NYMEX OB Options (Live Link)

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The Fundamental Angle with Brynne Kelly ‏@BrynneKKelly

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DigStic Data @DigStic



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RonH Data ‏@Ronh999

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Cushing Oil Stocks

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

US Oil Exports Coming Back After NEW ATH.

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US Oil Imports Week Over Week

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US Oil Input Into Refineries Per Day

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US consumers spent $1,070.3 million dollars per day for gasoline last week. That is -105 mil YoY.

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US avg retail price for gasoline was $2.574 last week. That is - 25.3 cents YoY.

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US consumers bought 415.80 million gallons of gasoline per day last week. That is +0.04 mil YoY

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US Oil Field Production NEW ATH 12.50 

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

Crude Production by state and API: Data updated until  April-19. L48 monthly production growth y/y at 1708KBD

Y-o-Y production growth (KBD):

  • API 25 and lower: +22
  • 25-30: +98
  • 30-35: +105
  • 35-40: +479
  • 40-45: +522
  • 45-50: +428
  • 50+: +60

** 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:

Crude imports drop below 6mmbd and reach the 2nd lowest levels seen this year. Sharp drops in imports from Canada and Nigeria w-o-w.

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EIA Products:

: Overall product draw -1.1MM as -2MM gasoline and distillate draws are offset by propane builds. Very strong US gasoline and overall demand. which is helping gasoline draw despite refinery runs at 17.4MMBD.

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EIA Crude Stats::

Big -10MM crude draw as EIA follows API. Huge crude draw despite a drop in refinery runs and production up 200kbd after being flat for the last 3 weeks. The bulk of the draw due to a big drop in imports. Imports below 6MMBD and the 2nd lowest seen this year

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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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