Around The Barrel – US Crude Oil Stocks Continue to Build, Adding 31.2Mbbls in just 4 Weeks.

The relentless build in US crude oil inventories continued this week with another +4.140Mbbls, bringing the last 4 weeks build to 31.242Mbbls. Stocks have been building rather stoically in 2023, specifically at the Cushing WTI futures Hub. The EIA reported another +2.315M build there, following +4.267Mbbls, +3.646Mbbls and +2.511Mbbls the prior weeks. Gasoline also had another sizeable build of +2.576M following +1.763Mbbls +3.483Mbbls and +4.114Mbbls the prior weeks. Crude builds have been +533Kbbls, +8.408Mbbls and +18.161Mbbls the weeks prior. Futures … Continue reading “Around The Barrel – US Crude Oil Stocks Continue to Build, Adding 31.2Mbbls in just 4 Weeks.”

Traders Market Weekly: Big Three Central Banks Resolve to be Tested.

January 29 – Feb 4, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… The Week That Was – What Lies Ahead? Contents Click on the links below to navigate to the relevant section. Editorial The rally that started last Friday continued all week until a sharp pullback ahead of this Friday’s close. A rational sign given the data, banker and earnings deluge next week. We have … Continue reading “Traders Market Weekly: Big Three Central Banks Resolve to be Tested.”

EIA Reports WTI Cushing Crude Oil Storage Hub Filling Up Rapidly, +11Mbbls in 3 Weeks.

US crude oil inventories have been building rather stoically in 2023, specifically at the Cushing WTI futures Hub. There was a build +4.267Mbbls this week, following +3.646Mbbls and +2.511Mbbls the prior weeks. Gasoline also had another sizeable build of +1.763Mbbls following +3.483Mbbls and +4.114Mbbls the prior weeks. For crude EIA reported a build of +533Kbbls much lower than the +8.408Mbbls and +18.161Mbbls the weeks prior. Higher futures prices suggest traders appear to be ignoring large US builds and have chosen … Continue reading “EIA Reports WTI Cushing Crude Oil Storage Hub Filling Up Rapidly, +11Mbbls in 3 Weeks.”

Traders Market Weekly: Big Tech Earnings and Global PMI

January 22 – 28 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… The Week That Was – What Lies Ahead? Contents Click on the links below to navigate to the relevant section. Editorial This week came under some heavy selling pressure which dissipated by Friday lunch as the put wall was crushed with VIX imploding. Initially, as with a tamer CPI last week we saw inflationary … Continue reading “Traders Market Weekly: Big Tech Earnings and Global PMI”

Oil Field Services Giant SLB Earnings Beat Expectations, Raises Dividend

The world’s largest oil fields service company SLB (formerly known as Schlumberger) reported better than expected fourth quarter earnings Friday before the market opened. SLB increased its quarterly dividend by 43%, raised it to 25.0 cents a share from 17.5 cents a share. Higher demand for its services and equipment, as producers capitalize on the global energy crisis and higher crude and natural gas production. Growth was driven by its core divisions. The oil service giant’s peers Baker Hughes (BKR) … Continue reading “Oil Field Services Giant SLB Earnings Beat Expectations, Raises Dividend”

Awash with Oil, EIA reports Another Large Crude Build

US crude oil inventories have started 2023 with large builds in Crude and specifically at the Cushing WTI futures Hub. EIA reported a build of +8.408Mbbls which followed +18.161Mbbls the week prior. There was a build of +3.646Mbbls at the Cushing hub following last week’s +2.511Mbbls. Gasoline also had another sizeable build of +3.483Mbbls just under the previous week’s +4.114Mbbls. Traders appear to be ignoring these large builds, despite a risk off movement in equities caught in negative morose from … Continue reading “Awash with Oil, EIA reports Another Large Crude Build”

OPEC Monthly Oil Market Report January 2023

The OPEC Monthly Oil Market Report (MOMR) for January 2023 released Tuesday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. Late last year OPEC+ decreased crude oil production by 2mbpd. OPEC left its key forecasts for 2023 oil supply and demand unchanged for the second month in a row. OPEC reiterated uncertainties around global economic growth and the outlook for Russian oil production. … Continue reading “OPEC Monthly Oil Market Report January 2023”

Traders Market Weekly: Short Squeezes and Bond Markets

January 15 – 22 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… The Week That Was – What Lies Ahead? Contents Click on the links below to navigate to the relevant section. Editorial It has been a confusing two weeks of 2023 for those calling the end of the world. In the first nine trading sessions of the year, the S&P500 gained 4.20%, The small cap … Continue reading “Traders Market Weekly: Short Squeezes and Bond Markets”

Massive +18.161Mbbls Crude Oil Build with Refinery Utilization Down and Year End Tax Impact

EIA reported a build of +18.161Mbbls in crude last week, US crude inventories rose by 18.161Mbbls last week (commercial: +18.961Mbbls; SPR: -0.8Mbbls). The private API reported a massive 14.865Mbbl build prior which the market has largely dismissed as the result of either missed data collection or refinery downtime due to the freezing weather event. Gasoline added 4.114M bbl. Refinery utilization rose just +4.5% still well under the fell 12.4% for the week ending 12/31 due to arctic freeze. US total … Continue reading “Massive +18.161Mbbls Crude Oil Build with Refinery Utilization Down and Year End Tax Impact”

Traders Market Weekly: Inflation and Bank Earnings

January 8 -14 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… The Week That Was – What Lies Ahead? Contents Click on the links below to navigate to the relevant section. Editorial The first week of 2023 closed with a bounce on Friday with the main indices all up at least 2.0%.  The lead came from the Treasury market, highlighted by a 32 basis points decline … Continue reading “Traders Market Weekly: Inflation and Bank Earnings”