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WTI Oil futures volatility continued as Europe influence impacts and EIA reported crude build +2346kbbl (incl +1548kbbl build at Cushing)  Crude storage near lows seen in 2018). Gasoline stocks grew +3256kbbl,  Utilization rose  1.5% to 89.6%. Production +200k to 11,300 kbpd.

Cushing Storage Tanks

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

DOE Weekly Petroleum Status Report: 9/29/21

  • via TradersCommunity.com
  • Release Time: Thursday, October 6, 2021 at 10:30 A.M. (ET)
EIA Expected Prior EIA API
Crude

+2346k

+4127k +4758k +951k
Cushing +1548k +1886k +131k +1999
Gasoline

+3256k

+1790k +193k +3682k
Distillate -369k

+2500k

+385k +345k

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

  • Refinery Utilization +1.5% to 89.6% Exp +0.5%
  • Production  +200k to 11,300 kbpd (13.10 ATH)

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

The recovery in US GoM oil output is painfully slow. As today, ~1.39m b/d remains off-line (only 7,321 b/d improvement from Wednesday). The cumulative output loss since Aug 27 stands at 22 million barrels. Shell has declared force majeure on "numerous" contracts

Rig Watch:

  • US oil rigs +7 to 428

US Oil Rigs  w/w changes by key shale basins

  • Permian +3 to 262
  • Eagle Ford unchanged at 35
  • Williston unchanged at 23
  • Cana Woodford unchanged at 20
  • DJ Niobrara unchanged at 12

US oil rigs and frac spread (Baker Hughes/Primary Vision)

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International oil rigs ex North America

+12 m/m to 599 in September

  • Saudi Arabia +4
  • Turkey, Brazil +3
  • Iraq, Algeria +2
  • Kuwait, Indonesia -2

 

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Baker Hughes

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

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

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API Crude Inventories

United States API Crude Oil Stock Change

API Cushing Stocks

United States API Cushing Number

WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave

US Crude Oil (WTI)

4 Hour:: WTI stayed above the cloud and in the channel all week in a continuation pattern since regaining the 240 cloud to rebalance the Chikou to close the week. Continue to watch Kijun reactions and Murrey Math confluence.

WTI 240 9 24 2021
 

Daily: WTI Price action continued from last week's WTI completing its correction of the May breakup in 3 waves (or X) Rebounded from daily cloud twist to close back at Chikou. Support Tenkan, 50dma and Kijun, fractals continue with oil.

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 - hence the fractal energies reverberations. Support is previous lows, Murrey Math levels and Fib cluster. Support is the 50dma, kijun, tenkan and prev high confluence. ;

WTI D 9 25 2021
 

Weekly: They key for #oil was the rebalanced Chikou indicative of crowd behavior and 50% fib failure at 70.29 over 7/8. The weekly Tenkan gives us a clearer view of the rally off the clear ABC off 50wma and the acceleration and recapture of Tenkan and Kijun. We watched 3 and 5 waves develop. Support below at Kijun and 50 wma. It must retain this energy to take out new high

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 9 24 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 Brent crude oil futures and options by 9,303 contracts to 328,954 in the week ending September 28 Long-only positions rose by 19,458 Short-only positions rose by 10,155 other reportables net-length fell by 3,723 - ICE

Money managers raised their net-length in WTI crude oil futures and options by 12,079 contracts to 298,042 in the week ending September 28 Long-only positions rose by 12,580 Short-only positions rose by 501 other reportables net-length rose by 11,176 - CFTC

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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) #OOTT latest value is September 28

via Ole S Hansen @Ole_S_Hansen

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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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US crude imports by origin in kbpd (incl w/w change)

  • Canada +1005 to 4039
  • Mexico -112 to 652
  • Saudi Arabia +61 to 622
  • Colombia -255 to 0
  • Iraq +31 to 31
  • Ecuador -176 to 59
  • Brazil +160 to 271
  • Russia -157 to 108
  • Nigeria +69 to 133 EIA

Exports

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US Gasoline Consumers

Input to Refineries

 

US consumers bought 395.50 million gallons of gasoline per day last week. That is +37.70 mil YoY

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US consumers spent $1,263.00 million dollars per day for gasoline last week. That is +486.00 mil YoY.


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US avg retail price for gasoline was $3.1905 last week. That is +1.018 cents YoY


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US Crude Oil Production

 US Oil Field Production  +200k to 11.40 mbpd Off ATH 13.10mpd 

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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

REGULAR & HOLIDAY RELEASE SCHEDULE

From TradersCommunity Research

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