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WTI Oil traded to 3 year highs over $72.50 ahead of EIA reporting a draw in crude of -7355kbbl (including a -2150kbbl draw at Cushing) Gasoline stocks grew +1954kbbl and Utilization rose 1.3% to 92.6%  the highest since the Pandemic began. Production rose 200kbbl to 11,200 kbpd.

Cushing Storage Tanks

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

DOE Weekly Petroleum Status Report: 6/9/21

  • via TradersCommunity.com
  • Release Time: Thursday, June 16, 2021 at 10:30 A.M. (ET)
EIA Expected Prior EIA API
Crude -7355k -3300k -5241k -8537k
Cushing -2150k -1752k +165k -1526k
Gasoline

+1954k

-600k +7046k +2852k
Distillate -1023k

+200k

+4412k +1956k

Note in bbls *exp = Reuters poll est  adjusted for API shift, except Cushing

  • Refinery Utilization +1.3% to 92.6% Exp  +.7%
  • Production  +200 kbpd to 11,200 kbpd (13.10 ATH)

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

US Crude Oil Quick Look

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via Giovanni Staunovo🛢 @staunovo

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via Ole S Hansen @Ole_S_Hansen

Weather Watch

Gulf of Mexico

API Crude Inventories

API Cushing Stocks

United States API Cushing Number

WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave

US Crude Oil (WTI)

4 Hour:: Since bottoming at -1/8 240 and breaking the tenkan and then confirming the next wave up over the Kijun and 50ma WTI has extended off each tenkan spit as marked. Targets remain +2/8 and above MM. Support is the kijun and 50ma

WTI 240 6 4 2021

Daily: WTI  retested and broke the double top successfully to close above +2/8 multiple resistance. We have rallied since we tested and spat the daily kijun,  50 dma and tenkan as the market rebalanced at the mid point of the month's range.  We had been effectively consolidating since we broke the topside of the channel it had been in since September. In any break, the key is crowd behavior to help tell the story which in energy is often around geopolitics. We watch ABC corrections and from here we get the energy from the break being balanced. This move that was powered by 50 dma Tenkan spit of a spit. Support  is the 50dma, kijun, tenkan & prev high confluence. Resistance is Murrey Math levels and Fib clusters.  

 WTI D 6 4 2021

Weekly: WTI rebounded after corrected off previous highs in clinical ABC and rebalanced chikou indicative of  crowd behavior ahead of $70 strike and 50% fib at 70.29 over 7/8. Reflect on series of fractals at last Dec wave 1 turn after we had completed 5 waves as marked, from here we watched 3 & 5 waves develop. Oil tested and held support at Tenkan. Support below at Kijun and 50 wma It must retain this energy to take out new highs last seen 2019.

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 Murrey Math time and price 

 WTI W 6 4 2021

 

Oil 2020 2021

Oil 2014 2021

Oil 2020 2021

Crude Oil Futures Committment of Traders

Latest ICE and CFTC Open Interest Data:

CTFC and ICE open interest:

Via Giovanni Staunovo🛢 @staunovo

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Chart: Crude net-positioning of non-commercial accounts (=managed money and other reportables) in barrels and in US dollars (Brent and WTI futures and options combined) latest value is June 8

Money managers increased their net-length in WTI crude oil futures and options by 27,853 contracts to 410,092 in the week ending June 8 Long-only positions rose by 15,632 Short-only positions fell by 12,221 other reportables net-length fell by 10,872 - CFTC

Money managers increased their net-length in Brent crude oil futures and options by 23,463 contracts to 290,745 in the week ending June 8 Long-only positions rose by 19,796 Short-only positions rose by 3,667 other reportables net-length fell by 431 - ICE

via Ole S Hansen @Ole_S_Hansen 

Funds switching exposure from #agriculture to energy with WTI long (+7% to 410k) at near three-year high. Adding Brent (9% to 291k) the total crude oil long reached a not yet elevated five-week high at 701k. Natgas (+31.4k to 251k) reaching a three-month high.

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Week Ended June 8, 2001 via Ole Hansen

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Speculators bought WTI (+8k) while keeping an unch #Brent position in wk to April 27. The comb. Oil long reached a six-week high at 677k lots. Biggest change being a 15% jump in the gas oil long to a two-year high.

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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

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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)

 

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 356.20 million gallons of gasoline per day last week. That is +39.1 mil YoY

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US consumers spent $1,078.1 million dollars per day for gasoline last week. That is +452.20 mil YoY.

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US avg retail price for gasoline was $3.035 last week. That is +0.999 cents YoY

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US Crude Oil Production

 US Oil Field Production +200kbpd to 11.00 mbpd Off 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.

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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