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Crude oil futures accelerated lower on Coronavirus fears ahead of EIA reporting a build in crude storage and gasoline with a draw in distillate. The EIA said Crude oil inventories had a build of 3548k bbls. Cushing rose +758k bbls. US production record high of 13.00

Cushing Storage Tanks

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

DOE Weekly Petroleum Status Report: 1/29/20

  • via TradersCommunity.com
  • Release Time: Wednesday Feb 5 2020 -10.30 ET
EIA Expected Prior EIA API
Crude +3355k +500k +3548k +4182
Cushing +1068k +898k +758k
+957k
Gasoline

-91k

+1200k +1203k +1963k
Distillate -1512k

-1300k

-1289k -1783k

Note in bbls *exp = Reuters poll est except Cushing

  • Refinery Utilization +.2% 87.4% Exp +0.5%
  • Production -100k bpd to 12.90 mbpd (13.00 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 has retraced the Iran move up and more.  Math and crowd behavior tell the story right to the +2/8 and collapsed back to the break up aand now through the channel, accelrating when Tenkan and 50 dma crosseed. . From here question is was the higher C complete? Resistane tenkan, Kijun and 50 dma zone over the cloud. Rebalancing Chikou and MM 8/8 gave us overbought caution but we had the manic thrust.   The impulse meant a C or (Y) complete. Support is MM, Previous Lows and extensions.
WTI D 1 31 2020


WTI rally has given it all up to close right on the weekly uptrend the sharp impulse higher and reversal through 50 WMA and the cloud top key resistance is Kijun and 50wma confluence (green) which all failed aftet the violent spike up. Support channel and fib conflageration with MM 1.8
 WTI W 1 31 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

Brent crudeoil longs were left exposed once it broke key support on Wednesday. Two weeks of selling had failed to trigger a reduction in the net-long. In wk to Jan 21 it even rose by 2.8k lots to reach a 15-mth high at 429k lots. The WTI long rose by 6.4k lots to 232k

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COT on commodities to Jan 21 shows the changes made by funds just before the coronavirus outbreak became the main market driver. The worrying news from China raised concerns about its potential impact on demand for key commodities from crudeoil to copper and soybeans

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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 375.19 million gallons of gasoline per day last week. That is -5.38 mil YoY

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US consumers spent $921.1 million dollars per day for gasoline last week. That is +$62.20 mil YoY.

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US avg retail price for gasoline was $2.455 last week. That is +20.01 cents YoY

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US Crude Oil Production

 US Oil Field Production Back `at  12.90 mbpd off ATH 13.00mpd

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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 Crude:

Bearish numbers as crude stocks build +3.5MM. Refinery runs continue to disappoint dropping 0.9MMBD w-o-w and should remain low as we enter refinery TAR season. Crude production flat at 13MMBD for 3rd wk while exports stable at 3.5MMBD

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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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