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Saudi attack saw largest oil percentage move since 1991 then fall sharply after Aramaco restored 70% production  EIA reported Crude oil inventories grew +1058k bbls with Gasoline and Distillate builds last week. Cushing smaller draw of -647k bbls. US production just off new 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: 9/18/19

  • via TradersCommunity.com
  • Release Time: Wednesday Sep 25 2019 -10.30 ET
EIA Expected Prior EIA API
Crude +2412k -800k +1058k +1400k
Cushing -k +2112k -647k
+2300k
Gasoline

+519k

-300k +781k +1949k
Distillate -2978k

-1300k

+437k -2249k

Note in bbls *exp = Reuters poll est except Cushing

  • Refinery Utilization -1.4% at 90.8% 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 gapped up through all resistance through channel, cloud, 50dma, kijun and daily tenkan, Finished at the the outer Gann channel and +8/8  It reversed sharply under tanken to kijun as Chikou relanced.  Best counts are (Y) or still completing 2.

MW WTI D 9 20 19 

WTI spat the weekly 61.8% and trend on the gap up. Reversed back to Kijun and 50wma (green) above the Tenkan under the cloud after rejecting the break retest.  Key From Last Week " Expect more work and volatility. Watch Murrey confluence with the cloud acting."

 MW WTI W 9 20 19

Crude Oil Futures Committment of Traders

Latest ICE and CFTC Open Interest Data:

Crude Spec Length: via Oilytics @OilyticsData

 

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

COT on oil in wk to Sept 17: Brent long liquidation (-9k) and no change in short positions were the surprise reaction by speculators to last week's AramcoAttack. WTI meanwhile was bought (+12k) on the prospect of increased export

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Hedge funds bought commodities for a second week with the combined long across 24 major futures contracts jumping by 85% to 296k lots, a five-week high. All sectors were net bought, including agriculture.

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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 Import Export

Imports

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Exports

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US Gasoline Consumers

US avg retail price for gasoline was $2.654 last week. That is -19.0 cents YoY.

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US consumers spent $1,041.8 million dollars per day for gasoline last week. That is -$31.7 mil YoY.

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US consumers bought 392.53 million gallons of gasoline per day last week. That is +15.08 mil YoY.

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US Oil Input Into Refineries

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US Crude Oil Production

 US Oil Field Production 12.50 Back To 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:

rude imports down 671KBD to 6.4MMBD. Saudi imports surprisingly up +180KBD while Canada and Mexico provide 66% of total imports.

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EIA Products:

: Overall products down -1.7MM as distillate build -3MM but gasoline builds +0.5MM. Falling seasonal demand as we enter Q4, which will keep product stocks at the upper end of the 5 yr range.

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EIA Crude Stats::

Crude builds +2.4MMBBLs as production increases for the 1st time in 4 wks while refinery runs drop on maintenance. However, impossible to predict these numbers as the adjustment factor hits a multi-year high of 963KBD.

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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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