Oil had its largest percentage move since 1991 after the Saudi attack and fell sharply after Aramaco restored 70% production EIA reported Crude oil inventories grew +1058k bbls with Gasoline and Distillate builds last week. Cushing a smaller draw of -647k bbls. US production just off the new record high with 12.40 mbpd.
Crude Oil Tanks at Cushing OK, Basis For the WTI Futures Contract.
DOE Weekly Petroleum Status Report: 9/11/19
- via TradersCommunity.com
- Release Time: Wednesday Sep 18 2019 -10.30 ET
EIA | Expected | Prior EIA | API | |
Crude | +1058k | -2500k | -6912k | +592k |
Cushing | -647k | -812k | -230k | -846k |
Gasoline | +781k | -500k | -2396k | +1599k |
Distillate | +437k | -500k | -2538k | +1998k |
Note in bbls *exp = Reuters poll est except Cushing
- Refinery Utilization -3.9% at 91.2% 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
WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave
WTI spat down again through 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 under the cloud. Watch for spits now with fear in the pricing.
WTI spat the weekly Kijun, 50wma (green) and 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."
Crude Oil Futures Committment of Traders
Latest ICE and CFTC Open Interest Data:
Crude Spec Length: via Oilytics @OilyticsData
Big jump in Brent (+52K) and WTI (+33K) net spec length contracts. We should see a continued increase in net spec length as it will be difficult to be short in this market with the current Saudi outage.
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.
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
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)
NYMEX LO & ICE North Sea Brent BRN Crude Oil Options (Live Link)
NYMEX LO NYMEX OH NYMEX OB Options (Live Link)
NYMEX LO NYMEX OB Options (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 Coming Back After NEW ATH.
US Oil Imports Week Over Week
US consumers spent $958.1 million dollars per day for #gasoline last week. That is -$179.5 mil YoY
US consumers bought 375.44 million gallons of gasoline per day last week. That is -24.99 mil YoY
US avg retail price for gasoline was $2.552 last week. That is -28.9 cents YoY.
US Oil Input Into Refineries Per Day
US Oil Field Production 12.40 Off ATH 12.50
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.
EIA Products:
: Total products slightly down -0.17MM despite builds from gasoline (+0.8MM) and distillate (+0.44MM). Total and gasoline demand coming off its highs. Should see pressure on products in the coming weeks as refinery runs ramp up after maintenance.
EIA Crude Stats::
US Crude stocks +1.06MMBBLs as refinery runs are down -788KBD due to refinery maintenance. Crude production flat for the 3rd week while exports >3MMBD for the 4th week. Exports should pick up in the coming weeks as buyers look for Saudi replacement barrels
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