Around The Barrel – Crude Oil Market Recap and Outlook for The Week Ahead

Oil prices have fallen back after initially rising and continued uncertainty from the death of the Iranian President. The market has refocused on the delay of possible rate cuts by the federal Reserve this year as inflation lingers. The last FOMC communications struck a balance between ruling out nearer term easing, sticking to the line that the most likely next move is down, while pouring cool water on the risk of rate hikes. The higher interest rates depress consumer and … Continue reading “Around The Barrel – Crude Oil Market Recap and Outlook for The Week Ahead”

Around The Barrel – Crude Oil Market Recap and Outlook for The Week Ahead

EIA reported a US crude draw of -2.508Mbbls. Gasoline stocks fell -0.235Mbbls. Distillates fell -0.045Mbbls in inventories. The WTI Futures Hub at Cushing stocks fell with -0.341Mbbls draw. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery demand rose with refinery utilization rising +1.90% to 90.4%. There was +0.600Mbbls added to SPR inventory WoW. West Texas Intermediate futures are around last Friday’s settle of $78.26 heading into the latest EIA report suggesting the market is pricing … Continue reading “Around The Barrel – Crude Oil Market Recap and Outlook for The Week Ahead”

Around The Barrel – Crude Oil Market Recap and Outlook for The Week Ahead

EIA reported a US crude draw of -1.362M after last week’s large build of +7.265MMbbls. Gasoline stocks rose +0.915Mbbls. Driven by a 1.3mb/d drop in exports and refinery demand falling by 0.23mb/d. Implied gasoline demand rose for the first time in five weeks but the 4-wk avg stays close to its lowest seasonal level since 2020. Distillates rose +0.560Mbbls in inventories. The WTI Futures Hub at Cushing stocks rose with a +1.880Mbbls build. Domestic US oil production was unchanged at 13.1mbpd just off … Continue reading “Around The Barrel – Crude Oil Market Recap and Outlook for The Week Ahead”

Around The Barrel – Crude Oil and Gasoline Outlook for The Week Ahead

EIA reported a US crude build of +7.265MMbbls. Gasoline stocks rose +0.347Mbbls. Driven by a 1.3mb/d drop in exports and refinery demand falling by 0.23mb/d. Gasoline demand (4-wk avg.) dropped for a fourth week to its lowest seasonal level since 2020. Distillates fell -0.732Mbbls in inventories. The WTI Futures Hub at Cushing stocks rose with a +1.089Mbbls build. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery demand rose marginally. Refinery utilization fell -1.00% to 87.5%. … Continue reading “Around The Barrel – Crude Oil and Gasoline Outlook for The Week Ahead”

Around The Barrel – Crude Oil Traders Outlook with War and Rising rates

EIA reported US crude and refined product exports were at record 12.094mbpd last week. The DoE reported a crude draw of -6.368Mbbls. Gasoline stocks fell -0.634Mbbls. Distillate rose +1.614Mbbls in inventories. The WTI Futures Hub at Cushing stocks fell with a -659Mbbls draw. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery demand rose marginally. Refinery utilization rose +0.4% to 88.5%. There was +0.793Mbbls added to SPR inventory WoW. The US government has flipped to buying … Continue reading “Around The Barrel – Crude Oil Traders Outlook with War and Rising rates”

Around The Barrel – Crude Oil Outlook with Iran and Israel at War

EIA reported a crude build of +2.735Mbbls offset with draws in gasoline and diesel. Gasoline stocks fell -1.154Mbbls. Distillate fell -2.760Mbbls in inventories. The WTI Futures Hub at Cushing stocks rose with a +0.33Mbbls build. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery demand unexpectedly slowed. Refinery utilization fell -0.2% to 88.1%. There was +0.648Mbbls added to SPR inventory WoW. Markets will focus more acutely over the coming weeks on the effects of the Iran … Continue reading “Around The Barrel – Crude Oil Outlook with Iran and Israel at War”

Around The Barrel – Crude Oil and Gasoline Outlook in Geopolitical Mist

EIA reported a crude build of +5.841Mbbls. with small builds in gasoline and diesel. Gasoline stocks rose +0.715Mbbls. Distillate rose +1.659Mbbls in inventories. The WTI Futures Hub at Cushing stocks fell with a -0.170Mbbls draw. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery demand unexpectedly slowed. Refinery utilization fell -0.3% to 88.3%. There was +600Mbbls added to SPR inventory WoW. Prices have been boosted by the unsettling geopolitical background and a continuing asset rally with … Continue reading “Around The Barrel – Crude Oil and Gasoline Outlook in Geopolitical Mist”

Around The Barrel – Oil Traders Quarterly Recap and Outlook.

EIA reported a crude build of +3.210Mbbls. offset by draws in gasoline and diesel. Gasoline stocks fell -4.256M. Distillate drew -1.268Mbbls in inventories. The WTI Futures Hub at Cushing stocks rose with a +2.107Mbbls build. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery demand unexpectedly slowed. Refinery utilization fell -0.1% to 88.6%. Implied gasoline demand (4-wk avg.) rose for as seventh week to near 9m b/d. There was +600Mbbls added to SPR inventory … Continue reading “Around The Barrel – Oil Traders Quarterly Recap and Outlook.”

Around The Barrel – Crude Oil and Gasoline Traders Outlook

EIA reported a crude build of +3.165Mbbls. Gasoline stocks rose +1.299M, the most since January 19. Distillate drew -1.185Mbbls in inventories. The WTI Futures Hub at Cushing stocks rose with a 2.107Mbbls build. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery utilization rose +0.9% to 82.4%. There was +700Mbbls added to SPR inventory WoW. Coming into the end of the quarter the slow rise of oil price volatility continues in a tight range … Continue reading “Around The Barrel – Crude Oil and Gasoline Traders Outlook”

Around The Barrel: Volatile Oil Markets Impact on Traders

Oil prices volatility continues in a tight range continue with Chinese woes, currency moves and Mid East threats dictating. Oil futures settled higher for the fifth straight session Friday after escalating Middle East tensions contributed to a significant rise in crude-oil benchmark prices over the past week. NYMEX West Texas Intermediate crude for March delivery settled at $76.84 a barrel advancing 6.3% for the week. It was the largest five-day percentage gain for the U.S. benchmark since Dec. 20. This … Continue reading “Around The Barrel: Volatile Oil Markets Impact on Traders”