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Oil rallied into the report as money flowed back into risk assets with hope on China and the UK.  EIA reported Crude oil inventories drew -4771k bbls with Gasoline and Distillates draws last week. Cushing a small draw of -230k bbls. US production just off thenew record high with 12.40 mbpd.

Cushing Storage Tanks

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

DOE Weekly Petroleum Status Report: 9/6/19

  • via TradersCommunity.com
  • Release Time: Wednesday Sep 11 2019 -10.30 ET
EIA Expected Prior EIA API
Crude -6912k -3480k -4771k -7227k
Cushing -798k -912k -230k
-1359k
Gasoline

-682k

-2250k -2396k -4460k
Distillate +2704k

-375k

-2538k -+618k

Note in bbls *exp = Reuters poll est except Cushing

  • Refinery Utilization +.3% at 95.1% Exp +0.5%
  • Production UNCH to 12.40 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 back and forth the channel channel and cloud and through the 50dma, kijun and daily tenkan, Clear battle between specs and hedges. Signalling stairstepping ahead.  Finished inside the outer daily downtrend channel at the cloud. Watch for spits now with fear in the pricing.

 MW WTI D 9 6 19

WTI again finished the week under the weekly Kijun, 50wma (green) but over a very flat Tenkan under the cloud after rejecting the weekly channel.  Key From Last Week " Expect more work and volatility. Watch Murrey confluence with the cloud acting as support, failure."

 MW WTI W 9 6 19

Crude Oil Futures Committment of Traders

Latest ICE and CFTC Open Interest Data:

Crude Spec Length: via Oilytics @OilyticsData

Net Spec Length in Brent up +18K contracts while WTI down -14K contracts. Spec length community still sceptical and unsure despite improving US crude inventories.

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CTFC and ICE open interest: via Ole S Hansen @Ole_S_Hansen

The speculative net-long in #WTI (-14k) and #Brent (+18k) crude #oil rose by 4k lots to 410k in the wk to Sept 3. The combine net long has hardly moved during the past three months with Brent struggling to break away from $60/b and WTI away from $55/b.

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COT on #commodities in the wk to Sept 3 when markets hit peak pessimism in response to the Sept 1 tariff hikes, HK and Brexit jitters. Developments which led to several false breakouts and subsequent reversals across several key markets from #oil and #copper to precious metals

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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 $1,050.3 million dollars per day for gasoline last week. That is -97.8 mil YoY.

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US avg retail price for gasoline was $2.550 last week. That is - 28.3 cents YoY.

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US consumers bought 411.89 million gallons of gasoline per day last week. That is +6.63 mil YoY

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US Oil Field Production 12.40 Off 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:

Imports jump +976KBD after last week's low number to reach 6.9MMBD. Bulk of the weekly jump came from Canada and Nigeria. Nigeria 4 wk average is higher by 350KBD y-o-y.

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EIA Products:

: Overall products show a tiny -0.17MMBBL draw as the -2.4MM gasoline and -2.5MM disty draw continues to be offset by propane and other oil. Very strong US product and gasoline demand.

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EIA Crude Stats::

Much larger than expected crude draw of -4.7MM, overall crude stocks very close to the 5 yr avg. Large draw despite imports up almost 1MMBD, while production drops 100KBD after last week's peak.

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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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