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EIA reported a larger draw in crude storage with end of year tax concessions cited,. The EIA also again announced a build in gasoline  Crude oil inventories fell  -5474k bbls the government agency said. Cushing fell -2393k bbls. US production rose 100bpd to the record high of 12.90 mbpd.

Cushing Storage Tanks

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

DOE Weekly Petroleum Status Report: 1218/19

  • via TradersCommunity.com
  • Release Time: Friday Dec 27 2019 -11.00 ET
EIA Expected Prior EIA API
Crude -5474k -1900k +882k -7900k
Cushing -2393k -2180k -3393k
-2200k
Gasoline

+1963k

+2100k +5405k +566k
Distillate -152k

+200k

+4118k +1680k

Note in bbls *exp = Reuters poll est except Cushing

  • Refinery Utilization +2.7% 93.3% Exp +0.5%
  • Production +100 12.90 mbpd (12.90 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 formed a right shoulder? A fall through tenkan would suggest yes. The reversal comes after after held onto last week's gains through tenkan, Kijun and 50 dma zone to close over the cloud. Rebalancing Chikou with support the Tenkan Kijun below.  Watch the channel. The impulse meant a C or (Y) complete - bullish case would be a developing X


MW CL D 12 20 19
WTI has shaped as a Head and shoulder from the May left shoulder after the sharp impulse higher through 50 WMA and the cloud top key supports remain Kijun and 50wma confluence (green), doing work at the old 38%.

 MW CL W 12 20 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

COT on crude oil in wk to Dec. 17.

Speculators bought WTI and Brent #crudeoil for a second week to Dec 17. The combined net long rose 68k lots to 671k lots, a seven-month high. In just two weeks since the OPEC+ decision some 162k lots of fresh longs have been established

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OPEC+ cuts and TradeDeal have triggered a speculative rush into commodities ahead of 2020. In the wk to Dec 17 hedge funds added 327k lots to bring their net-long across 24 lots to 1.1m, a 14-month high. All the three main sectors got bought oil gold copper soybeans sugar;

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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

Dec 11 2019 - Two Top Tens this week. One a draw in Cushing, the other a build in Total Products.


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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 consumers bought 390.73 million gallons of gasoline per day last week. That is -1.89 mil YoY

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US consumers spent $989.3 million dollars per day for gasoline last week. That is +$76.0 mil YoY.

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US avg retail price for gasoline was $2.532 last week. That is +21.1 cents YoY

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US Crude Oil Production

 US Oil Field Production 12.800bpd ATH 12.90bpd


 September Field Oil Production Hits a New High 12.463 mpd

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  ** 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 Products: Total Products almost flat as gasoline build of +2.5MM offset a propane draw. Disty build of +1.5MM. Despite lower runs, gasoline stocks is up for the 6th week in a row.

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EIA Crude: A small crude draw of -1.08MM as low refinery runs continues to be a drag on crude stocks. Crude production flat while exports back at 3.6MMBD. Refinery runs are 850KBD lower y-o-y.

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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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