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”

Gasoline and Distillates Stocks Show Big Draws After Weeks of Builds – Around The Barrel

Oil prices continue to churn on Chinese woes and Mid East Threats after they had their largest weekly decline since October last week, moving higher as Red Sea and Iranian threats grow deeper. EIA reported a crude build of +5.520MMbbls. Gasoline stocks fell -3.146M after reaching a reached a fresh three-year high last week having risen +1.156M, 4.913Mbbls, +3.083Mbbls, +8.028Mbbls and +10.9Mbbls last weeks, that’s a lot of Gasoline building up. Distillate drew -3.221MMbbls in inventories. The WTI Futures Hub … Continue reading “Gasoline and Distillates Stocks Show Big Draws After Weeks of Builds – Around The Barrel”

Around The Barrel – Gasoline Stock Hit Three Year High Rising Over 28Mbbls Last Month

EIA reported a crude build of +1.234MMbbls. Gasoline stocks reached a fresh three-year high rising another +1.156M adding to 4.913Mbbls, +3.083Mbbls, +8.028Mbbls and +10.9Mbbls last weeks, that’s a lot of Gasoline building up. Distillate drew -2.542MMbbls in inventories. The WTI Futures Hub at Cushing stocks fell with a -1.972M draw after last fortnights draws of -2.008M and -2.099Mbbls. Domestic US oil production figures rose 700kbpd to 103Mbpd as winter storm shut ins came back online, just off the all-time high … Continue reading “Around The Barrel – Gasoline Stock Hit Three Year High Rising Over 28Mbbls Last Month”

Around The Barrel – US Production Fell 1Mbpd, Refinery utilization fell -7.1% on Storms Shut Ins

EIA reported a crude draw of -9.233Mbbls. Gasoline stocks rose another +4.913Mbbls adding to +3.083Mbbls, +8.028Mbbls and +10.9Mbbls last weeks, that’s a lot of Gasoline building up. Distillate drew -1.417Mbbls in inventories. The WTI Futures Hub at Cushing stocks fell with a draw of -2.008M after last weeks -2.099Mbbls. Domestic US oil production figures fell 1000kbpd with the winter storm shut ins off the all-time high to 13.3mbpd. Refinery utilization fell -7.1% to 85.5%. There was +0.900Mbbls added to SPR … Continue reading “Around The Barrel – US Production Fell 1Mbpd, Refinery utilization fell -7.1% on Storms Shut Ins”

Around The Barrel – U.S. Gasoline and Distillate Stocks Continue to Build

EIA reported a crude draw -2.492Mbbls. Gasoline stocks rose another +3.083Mbbls after +8.028Mbbls and +10.9Mbbls last weeks, that’s a lot of Gasoline building up. Distillate also had another build, +2.370Mbbls after +6.528MMbbls and +10.090Mbbls in inventories the prior weeks. The WTI Futures Hub at Cushing stocks fell with a draw of -2.099Mbbls. Domestic US oil production figures rose 100kbpd to the all-time high to 13.3mbpd. Refinery utilization fell -0.30% to 92.6%. There was +0.600Mbbls added to SPR inventory WoW. While … Continue reading “Around The Barrel – U.S. Gasoline and Distillate Stocks Continue to Build”

IEA Revises Oil Demand Growth Forecast Higher for Third Month in a Row

Paris-based International Energy Agency IEA in its latest monthly Oil Market Report Thursday revised higher it’s 2024 oil demand growth forecast seeing an improving outlook. This is three months in a row that the IEA has revised higher its oil demand growth forecast for this year. It should be noted that IEA’s projection is more conservative compared to the 2.25 mil bpd forecast made by OPEC this week. The agency said last month record US crude oil supply is squeezing … Continue reading “IEA Revises Oil Demand Growth Forecast Higher for Third Month in a Row”

Around The Barrel – EIA Reports More Large Builds in Gasoline and Distillate Stocks

EIA reported a crude build +1.338Mbbls which followed draws of -5.503Mbbls and -6.911Mbbls to finish off 2023. Gasoline stocks rose another +8.028Mbbls after +10.9Mbbls last week, that’s a lot of Gasoline building up. Distillate also had another large build, +6.528MMbbls after the prior week’s +10.090Mbbls in inventories last week. The WTI Futures Hub at Cushing stocks fell with a draw of -0.506Mbbls. Domestic US oil production figures was unchanged just the all-time high to 13.2mbpd. Refinery utilization fell -0.60% to … Continue reading “Around The Barrel – EIA Reports More Large Builds in Gasoline and Distillate Stocks”