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EIA reported a build in crude storage and huge builds in gasoline and distillate. The EIA said Crude oil inventories built +1164k bbls the government agency said. Cushing fell -821k bbls. US production unchanged at 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: 1/1/20

  • via TradersCommunity.com
  • Release Time: Wednesday Jan 8 2020 -10.30 ET
EIA Expected Prior EIA API
Crude +1164k -3600k -11463k -5945k
Cushing -821k -1080k -1449k
-1027k
Gasoline

+9137k

+2700k +321k +6708k
Distillate +5330k

+3900k

+8776k +6369k

Note in bbls *exp = Reuters poll est except Cushing

  • Refinery Utilization -1.5% 91.8% Exp +0.5%
  • Production UNCH 12.90 mbpd (12.90 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 continues to roll higher with tenkan at support in the right shouldr/wedge channel with ES_F. A fall through tenkan would suggest failure. Support through tenkan, Kijun and 50 dma zone over the cloud. Rebalancing Chikou and MM 8/8 overbought caution  Watch the channel. The impulse meant a C or (Y) complete.

WTI D 1 3 2020

WTI rally invalidated the correctional 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), Resistance channel and fib conflageration with MM 4.8

 WTI W 1 3 2020

 

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 376.36 million gallons of gasoline per day last week. That is +14.19 mil YoY

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US consumers spent $967.6 million dollars per day for gasoline last week. That is +$146.9 mil YoY.

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US avg retail price for gasoline was $2.571 last week. That is +30.5 cents YoY

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US Crude Oil Production

 US Oil Field Production Back ATH 12.90bpd

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 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: Bearish gasoline and disty numbers. Disty +8.7MM, Gasoline +3.2MM while total products +8.5MM. Ref runs up +300KBD while 4 wk avg demand continues to tick down. End 2019 Gasoline and disty stocks both are higher y-o-y.

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EIA Crude: A huge -11.4mln crude draw but the bullishness offset by a +8.57mm product build. Record-high crude exports of 4.46MMBD helped with the large draw. Prodn unch while crude runs back above 17mmbd for the first time since early Se

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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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