The expected startup of Plains All American’s expanded Sunrise Pipeline in early November will ease constraints on the oil bottleneck in the Permian Basin adding near 500,000 bpd capacity, seeing WTI Midland’s discount collapse to just $2.50 per barrel,
Oil Production Surges To Another Record, Builds in Crude, Gasoline and Distillates
Following last week’s record crude oil production and rising rig counts which futures markets have shrugged off we saw production and builds explode higher this week Support from the wilting US dollar has been supportive despite record length and the crash of equity markets.
WTI Crude Oil Trades Over $63 on EIA Inventory Report
Crude oil futures continued to rally in 2018. WTI crude oil futures traded at the highest levels since 2014 over $63. The TCoil Preview highlights what traders are looking for in the DOE Petroleum Status and Private API Reports.
EIA Oil Inventories – 7419k Crude Draw Offset By Huge Gasoline and Distillate Builds
Crude oil futures joined the risk on rally for stocks and other commodities in 2018. WTI crude oil futures have traded at the highest levels since 2015 into the first storage report for the year.
EIA Oil Inventories – 5731k Crude Draw +908k Gasoline Build
Our TCOIL preview for this week’s EIA DOE Weekly Petroleum Status Report highlights the key variables to watch out for. Crude oil markets are watching for products and production after the hurricanes with the all important import export trade.
EIA Oil Inventories – 6023k Crude Draw +1644k Gasoline Build
Our post Harvey TCOIL preview for this week’s EIA DOE Weekly Petroleum Status Report highlights the key variables to watch out for. Crude oil markets are watching for products and production after the hurricanes with the all important import export trade.