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EIA reported a build in crude oil of +4277kbbl, draws of -518kbbl at Cushing,  gasoline -2309kbbl and distillate draw of -5355 kbbl. US production was unchanged at 10500kbpd as storm production returned, still off record high of 13.10 mbpd. We remain wary of the reports due to hurricane affects.

Cushing Storage Tanks

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

DOE Weekly Petroleum Status Report: 11/4/20

  • via TradersCommunity.com
  • Release Time: Thursday November 12 2020 - 11:00 ET (Moved For Veterans Day)
EIA Expected Prior EIA API
Crude +4277 +2020k -7998k -5147k
Cushing -518k  -678k +936k
-1170k
Gasoline

-2309k

-1200k +1541k -3297k
Distillate -5355k

-2000k

-1586k -5619k

Note in bbls *exp = Reuters poll est except Cushing

  • Refinery Utilization -.8% to 74.5% Exp +0.4%
  • Production  UNCH kbpd  10.500 mbpd (13.10 ATH)

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

Weather Watch

Gulf of Mexico

API Crude Inventories

United States API Crude Oil Stock Change

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 D 10 30 2020


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.

WTI W 10 30 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 commodities in wk to Oct 13 saw funds lift bullish bets to a 30-mth high at 2.1m lots. Top five buys were #Brent #natgas #copper #corn & #sugar while #WTI #gold #soybeans and #cocoa were sold. The ag sector has gone from net short to 50% of total long since mid-July #OOTT

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COT on #oil and #natgas in wk to Oct 13 saw mixed reaction to #HurricaneDelta . Long liquidation in #WTI (-9k) being more than offset by a 37.5k lots jump in the #Brent long on short covering. A 13% rally in gas lifted the long to 342k lots, highest since May 2017

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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

Input to Refineries

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US consumers bought 368.0 million gallons of gasoline per day last week. That is -23.50 mil YoY

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US consumers spent $771.30 million dollars per day for gasoline last week. That is -$252.40 mil YoY.

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 US avg retail price for gasoline was $2.096 last week. That is -51.90 cents YoY 

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US Crude Oil Production

 US Oil Field Production UNCH at 10.50 mbpd 0ff ATH 13.10mpd  

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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

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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:

EIA Products:

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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