EIA reported a larger than expected draw in crude oil of -4512kbbl, a build of +1336 kbbl at Cushing.with large draws on the Gulf Coast for largest 3 weeks pull ever. Draws in gasoline -722kbbl and distillates -2322kbbl. US production fell 300 to 10,700 mbpd, off record high of 13.10 mbpd.
Crude Oil Tanks at Cushing OK, Basis For the WTI Futures Contract.
DOE Weekly Petroleum Status Report: 8/7/20
- via TradersCommunity.com
- Release Time: Wednesday August 12 2020 - 10:30 ET
| EIA | Expected | Prior EIA | API | |
| Crude | -4512k | -3000k | -7373k | -4401k |
| Cushing | +1336k | +1196k | +532k | +1073k |
| Gasoline | -722k | -200k | +419k | -1310k |
| Distillate | -2322k | +300k | +1519k | -+2949k |
Note in bbls *exp = Reuters poll est except Cushing
- Refinery Utilization +1.7% to 81.0% Exp +0.5%
- Production -300 to 10.70 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
https://d3fy651gv2fhd3.cloudfront.net/charts/This email address is being protected from spambots. You need JavaScript enabled to view it.?s=apicrudeoil&v=202008112043V20200716 2x" src="https://d3fy651gv2fhd3.cloudfront.net/charts/united-states-api-crude-oil-stock-change.png?s=apicrudeoil&v=202008112043V20200716" alt="United States API Crude Oil Stock Change" style="color:White;">
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
In any break key is crowd behavior to help tell the story. We watch ABC corrections from here. he March breakdown, Support Tenkan and Kijun. In any break key is crowd behavior to help tell the story. We watch ABC corrections from here. 
WTI after it's huge run continues to rebalance chikou indicative of extreme crowd behavior in a series of fractals. We have completed 5 waves as marked, from here we watch 3 develop to confirm.
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, tenkan and Kijun. Above we have 50wma and Murrey Math time and price Above we have 50wma and 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
Speculators cut bullish WTI (-15.8k) and Brent (-20.9k) crude oil bets to 538k, a ten-week low, in wk to July 28. A 9% jump in natgas helped increase the net-long to a 16-mth high at 196k lots
In the week to July 28 where the BCOM index rose 2%, speculators cut length across the major contracts of #oil #gold #silver #soybeans and #corn. They increased exposure in #natgas, #copper and #sugar while cutting short positions in SoyMeal, #cocoa and #coffee
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 373.10 million gallons of gasoline per day last week. That is -44.0 mil YoY
US consumers spent $808.10 million dollars per day for gasoline last week. That is -$286.60 mil YoY.
US avg retail price for gasoline was $2.166 last week. That is -0.458 cents YoY
US Crude Oil Production
US Oil Field Production -300 to 10.70 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</
