EIA reported a build in Crude, with a 2608kbbl draw at at Cushing. Builds in distillate and gasoline. US production fell again to 10,600 mbpd, off record high of 13.10 mbpd. Futures are reacting to OPEC comments and risk off and production cut moves

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

DOE Weekly Petroleum Status Report: 6/10/20

• via TradersCommunity.com
• Release Time: Wednesday June 17 2020 - 10:30 ET

Note in bbls *exp = Reuters poll est except Cushing

• Refinery Utilization +0.7% to 73.80% Exp +1.1%
• Production -600k to 10.50 mbpd (13.10 ATH)

Summary of Weekly Petroleum Data for the Week (Live Link)

Flotilla of Saudi Crude Tankers Where and When?

Saudis Turn Around ....

API and Cushing Crude Inventories

CUSHING STORAGE is now just 68% full, down from a peak of 83% on May 1, which should ease concerns about a storage crisis around the NYMEX WTI delivery point. The area has capacity to store up to another +25 million bbl if necessary:via John Kemp @JKempEnergy

WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave

US Crude Oil (WTI)

WTI completed it's A or 1 this week with impulse after its move higher after the violent wave 5 down had accelerated through the Tenkan 50 dma cross breaking the recent flag - we retested that this week The reversal had been a sustained impulse off the tenkan which also gave away - that is now resistance.   Key is crowd behavior to help tell the story, ignorance into a slew of resistance. We watch ABC corrections from here.



WTI has again exhibited extreme crowd behavior, a series of fractals. expected in algorithm dominated price action.  We have completed 5 waves as marked, from here we watch 3 develop to confrm. These are special times, recall "After we regained the pattern 261.8% from the extreme (-$40) move. The climax of the larger acceleration lower after broke the weekly uptrend, a fractal of the sharp and all the way to all time lows to negative pricing we have seen mirror replications." Support is previous channels, 50 wma,tenkan and Kijun. Above we have Murrey Math time and price.

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

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

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

RonH Data ‏@Ronh999

Cushing Oil Stocks

 NB: Check out Ron's great work at Ron H Public Tableau Link

US Oil Import Export

Imports

Exports

US Gasoline Consumers

Input to Refineries

US consumers bought 330.50 million gallons of gasoline per day last week. That is -86.5 mil YoY

US consumers spent $693.50 million dollars per day for gasoline last week. That is -$419.8 mil YoY.

 US avg retail price for gasoline was $2.098 last week. That is -0.572 cents YoY 

US Crude Oil Production

 US Oil Field Production 10.50 mpd 0ff ATH 13.10mpd

Forecast Oil Production Matrix - HFI Research

Implied US oil production from this EIA report is 11 mb/d and headed for 10 mb/d. via @HFI_Research

   ** 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:

Crude: Another set of record-breaking stats. Crude build of +19.2MM as crude stocks hit above 500MM for the first time since June 2017. Cushing +5.7MM and +15.66 in the last 3 weeks. Refinery runs continue to crater, the lowest level since Sept 2008.

EIA Products:

EIA Products:Products build of +7.99MM as gasoline and disty build +4.9MM and +6.28MM. Demand in complete freefall as gasoline stocks hit record highs.

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</