With Sunrise on the Horizon WTI In Contango as Midland Discount Collapses

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.

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.