Around The Barrel – Crude Oil and Gasoline Outlook

WTI Oil futures continued to fall to over 20% since near highs. EIA reporting a crude draw -909Kbbl (incl +1159kbbl build at Cushing). Crude storage near lows seen in 2018. Gasoline stocks grew +4029kbbl,  Utilization rose +0.2% to 88.6%. Production rose +100k to 11,600 kbpd. DOE Weekly Petroleum Status Report via TradersCommunity.com Report Date 12/1/21 Release Time: Wednesday, December 8, 2021 at 10:30 A.M. (ET) Note in bbls *exp = Reuters poll est  adjusted for API shift, except Cushing   … Continue reading “Around The Barrel – Crude Oil and Gasoline Outlook”

Around The Barrel – Crude Oil Builds With Exports Down & Imports Higher

WTI Oil futures bounced following the US Released SPR ahead of EIA reporting a crude build +1017Kbbl (incl +787kbbl build at Cushing). Crude storage near lows seen in 2018. Gasoline stocks drew -603kbbl,  Utilization rose +0.7% to 88.4%. Production fell to +100k to 11,500 kbpd. DOE Weekly Petroleum Status Report via TradersCommunity.com Report Date 11/17/21 Release Time: Wednesday, November 24, 2021 at 10:30 A.M. (ET) Note in bbls *exp = Reuters poll est  adjusted for API shift, except Cushing   EIA … Continue reading “Around The Barrel – Crude Oil Builds With Exports Down & Imports Higher”

Around The Barrel – Crude Oil and Gasoline Drew as Utilization Rose

WTI Oil futures fell after EIA reported crude draw -2101Kbbl (incl +216kbbl build at Cushing)  Crude storage near lows seen in 2018). Gasoline stocks drew -707kbbl,  Utilization rose +1.2% to 87.7%. Production fell to -100k to 11,400 kbpd. DOE Weekly Petroleum Status Report via TradersCommunity.com Report Date 11/10/21 Release Time: Wednesday, November 17, 2021 at 10:30 A.M. (ET) Note in bbls *exp = Reuters poll est  adjusted for API shift, except Cushing   EIA Exp Prior API Crude -2101k +1400k +1001k … Continue reading “Around The Barrel – Crude Oil and Gasoline Drew as Utilization Rose”

President Biden ‘Blame Game’ Targets US Oil Companies for Illegal Conduct

President Biden in his latest shift of finding blame and solutions for high oil prices on Wednesday sent a letter to the FTC to consider whether “illegal conduct” by large oil and gas companies is pushing up gasoline prices for American consumers. The F.T.C., does have the power to break up large industry players but in reality is unlikely to affect gasoline prices materially any time soon. The move was met with derision by almost anyone around the industry, from … Continue reading “President Biden ‘Blame Game’ Targets US Oil Companies for Illegal Conduct”

IEA Raise U.S. Oil Production Outlook as Global Oil Demand Strengthening

The International Energy Agency released it’s November Oil Market Report Tuesday making no adjustments to its 2021 global oil demand outlook. The IEA projected unchanged worldwide oil consumption, to rise by 5.5 million barrels per day (bpd) this year. They project expected demand weakness stemming from COVID-19 spreads across Europe would be offset by rising gasoline and jet fuel consumption from the reopening of international air travel. IEA November Highlights Global supplies “leapt” by 1.4 million barrels per day (mbd) … Continue reading “IEA Raise U.S. Oil Production Outlook as Global Oil Demand Strengthening”

Around The Barrel – Crude Oil Storage Grew 1002k bbl and Gasoline Drew -1555kbbl

WTI Oil futures fell after  EIA reported crude build +1002Kbbl (incl -34kbbl draw at Cushing)  Crude storage near lows seen in 2018). Gasoline stocks drew -1555kbbl,  Utilization rose +.4% to 86.5%. Production unchanged 11,500 kbpd.

Around The Barrel – US Crude Oil Builds With Production Rising To 11,500kbpd

WTI Oil futures pulled back from 7 Year highs as EIA reported crude build +3290Kbbl (incl -916kbbl draw at Cushing)  Crude storage near lows seen in 2018). Gasoline stocks drew -1488kbbl,  Utilization rose +1.2% to 86.1%. Production rose 200kbbl  to 11,500 kbpd.

Around The Barrel – Cushing Crude Oil Stocks Fall To Lowest Since October 2018.

WTI Oil futures new 7 Year highs over $84 as geopolitics and energy shortage impacts. EIA reported crude build +4286Kbbl (incl -3899Kkbbl draw at Cushing)  Crude storage near lows seen in 2018). Gasoline stocks drew -1993kbbl,  Utilization fell +0.4% to 85.0%. Production Unchanged 11,300 kbpd.

Around The Barrel – EIA Reports Huge Product Draws in Gasoline and Distillate

WTI Oil futures has parked over $80 for the first time since 2014 as Natural Gas influence impacts. EIA reported crude deal -431Kbbl (incl -2320Kkbbl draw at Cushing)  Crude storage near lows seen in 2018). Gasoline stocks drew -5368kbbl,  Utilization fell -2.0% to 84.6%. Production -100k to 11,300 kbpd.