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Another week of record crude production and rising rig counts has left WTI sitting above $60. With thinning volume and cracks this week's EIA Petroleum Inventory Report is instructive.

Cushing Storage Tanks

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

DOE Weekly Petroleum Status Report: 2/14/18

  • via TradersCommunity.com
  • Release Time: Wedneday 22 February 2018 - 11:00 ET 
  Actual Expected Prior EIA API
Crude -1616k +1300k +1895k -907k
Cushing -2664k -2830k -3642k -2644k
Gasoline +261k
+1400k +3599k +1468k
Distillate -2422k

-1600k

-459k -3563k

Note in bbls *exp = Reuters poll est except Cushing  

  • Refinery Utilization  -1.7% 
  • Production -1kbd 10.27mbd just shy of ( ATH) +11.6% y/y

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

Criterion U.S. Crude Oil Production Forecast ‏@Criterionrsch

EIA Inventory Forecast via @tankertrackers.com

"Cushing crude oil storage is currently down 45% year-on-year. Just look at all that red."

The Fundamental Edge with Brynne Kelly ‏@BrynneKKelly

 

  

Chad Stickforth Data @DigStic

 

 

RonH Data ‏@Ronh999

US consumers spent $152.4 million more dollars per day for #gasoline last week compared to same week last year

US consumers bought 27.63 million more gallons of #gasoline per day last week compared to same week last year #OOTT

 

NB: Check out Ron's great work at Ron H Public Tableau Link

WTI Oil Futures (CL) via‏ @Lee_Saks

Ahead of API Feb WTI crude oil futures settled at U.S. crude at $

API via Marketwatch

The American Petroleum Institute showed a fall in U.S. oil inventories by around 900,000 barrels last week, news reports said Wednesday. Official data from the Energy Information Administration are due Thursday morning. A survey of analysts by The Wall Street Journal produced an average estimate for a 1.9 million barrel rise in crude supplies. April oil futures on the New York Mercantile Exchange CLJ8, -1.12% trimmed a decline in electronic trading, changing hands at $61.34 a barrel, a loss of 34 cents.

 ** Note with the unreliability of the API numbers highlighted by its constant debacles we offer you the bare bones of that report.

REGULAR & HOLIDAY RELEASE SCHEDULE

Further Crude Oil Analysis Criterion Research

From TradersCommunity Research

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