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WTI Oil futures ended under $68 after EIA reported crude build of 3626 kbbl (incl -543kbbl draw at Cushing, now at lowest since Jan 2020, Midwest crude stocks lowest since Oct 2018). Gasoline stocks fell -5292kbbl,  Utilization rose 0.3% to 91.1%. Production UNCH 11,200 kbpd.

Cushing Storage Tanks

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

DOE Weekly Petroleum Status Report: 7/28/21

  • via TradersCommunity.com
  • Release Time: Wednesday, August 4, 2021 at 9:30 A.M. (ET)
EIA Expected Prior EIA API
Crude +3626k -3100k -4089k -879k
Cushing -543k +452k -1268k +659k


-1800k -2253k -5751k
Distillate +833k


-3088k -717k

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

  • Refinery Utilization +.2% to 91.3% Exp +0.5%
  • Production -200 to 11,200 kbpd (13.10 ATH)

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

Rig Watch:

US Oil Rigs  w/w changes by key shale basins

  • Permian +1 to 243
  • Eagle Ford unchanged at 29
  • Williston +1 to 19
  • Cana Woodford unchanged at 16
  • DJ Niobrara unchanged at 11

Baker Hughes

Drilling Ramps Up in Oil Patch With Natural Gas Rig Count Unchanged

US Crude Oil Quick Look

via Giovanni Staunovo🛢 @staunovo


via Ole S Hansen @Ole_S_Hansen

Weather Watch

Gulf of Mexico

API Crude Inventories

United States API Crude Oil Stock Change

API Cushing Stocks

WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave

US Crude Oil (WTI)

4 Hour:: After WTI Oil spat the -4/8 in 3 waves and breaking up thru the Tenkan impulsively to the cloud in a full 8/8 measured move, from there the Tenkan has been support with Kijun and 50ma below. Targets 8/8 +2/8 MM.

WTI 240 7 30 2021 

Daily: WTI continued it's rebound after it sharply corrected in 3 waves the May breakup at -1/8 and the daily cloud (where broke the double top successfully to close above +2/8 multiple resistance). We have rallied sharply back thru tenkan and kijun as the market rebalanced at the Kikou and neckline.  The key is crowd behavior to help tell the story which in energy is often around geopolitics. A great example of why 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 7 30 2021 

Weekly: WTI rebounded  from the weekly Tenkan after corrected off previous highs in clinical ABC negating the OPEC inspired collapse to close back above tenkan and at a rebalanced chikou indicative of  crowd behavior around $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 failed to test Kijun (close!) but regaining of Tenkan highlights overall strength Support below at Kijun and 50 wma It must retain this energy to take out new highs.

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 7 30 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:

Money managers increased their net-length in WTI crude oil futures and options by 4,446 contracts to 321,235 in the week ending July 27 Long-only positions rose by 16,152 Short-only positions rose by 11,706 other reportables net-length rose by 2,103

Money managers increased their net-length in Brent crude oil futures and options by 49,818 contracts to 311,659 in the week ending July 27 Long-only positions rose by 34,239 Short-only positions fell by 15,579 other reportables net-length rose by 22,283

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) #OOTT latest value is July 27


Money managers reduced their net-length in Brent crude oil futures and options by 50,786 contracts to 261,841 in the week ending July 20 Long-only positions fell by 58,374 Short-only positions fell by 7,588 other reportables net-length rose by 29,848 ICE

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 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





US Gasoline Consumers

Input to Refineries


US consumers bought 410.60 million gallons of gasoline per day last week. That is +40.60 mil YoY


US consumers spent $1,269.90 million dollars per day for gasoline last week. That is +492.2 mil YoY.


US avg retail price for gasoline was $3.159 last week. That is +0.983 cents YoY



US Crude Oil Production

 US Oil Field Production UNCH 11.20 mbpd Off ATH 13.10mpd 




Forecast Oil Production Matrix


   ** 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


From TradersCommunity Research

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