Prices having declined for the seventh straight week at settle, the longest since 2021 despite the geopolitical risks in the Middle East. WTI oil futures closed -3.83% for the week Brent crude down-3.66% for the week. Oil prices continue to fall to test the large option barrier at $70 WTI Prompt futures after the week’s storage report. EIA reported a crude draw of -4.633Mbbls. Gasoline stocks rose +5.420Mbbls and distillate rose +1.267M Mbbls in inventories. Refinery utilization rose +0.7% to … Continue reading “Around The Barrel – Crude Oil and Traders Outlook for The Week Ahead”
Around The Barrel – Crude Oil Draws -4.633Mbbls, But Doesn’t Offset Products Storage Builds
Oil prices continue to fall to test the large option barrier at $70 WTI Prompt futures after the week’s storage report. Prices having declined for the sixth straight week at settle, the longest since 2021 despite the geopolitical risks in the Middle East. EIA reported a crude draw of -4.633Mbbls. Gasoline stocks rose +5.420Mbbls and distillate rose +1.267M Mbbls in inventories. Refinery utilization rose +0.7% to 89.6%. The WTI Futures Hub at Cushing stocks bounce off the lowest level since … Continue reading “Around The Barrel – Crude Oil Draws -4.633Mbbls, But Doesn’t Offset Products Storage Builds”
Around The Barrel – Large Gasoline and Distillate Builds as Refineries Come Out of Maintenance.
EIA reported a crude build of $1.854M which followed last week’s +8.701Mbbls to the highest since July with no major reductions in fuel stocks to counter as more refineries come out of maintenance. Crude export and production held steady with gasoline demand (4-wk avg.) declining by 0.1mb/d to 8.8 mb/d.. Gasoline stocks rose +1.764Mbbls and distillate rose +5.217M Mbbls in inventories. Refinery utilization rose +2.80% to 88.9%. The WTI Futures Hub at Cushing stocks bounce off the lowest level since … Continue reading “Around The Barrel – Large Gasoline and Distillate Builds as Refineries Come Out of Maintenance.”
Around The Barrel – Crude Oil Storage Builds Another +8.701Mbbls, Back to July Highs
EIA reported a crude build of +8.701Mbbls to the highest since July with no major reductions in fuel stocks to counter. The WTI Futures Hub at Cushing stocks rose off the lowest level since October 2014 with a build of +0.858Mbbls. Domestic US oil production figures was unchanged at an all-time high 13.2mbpd. Gasoline stocks rose +0.749Mbbls and distillate fell -1.018Mbbls in inventories. Refinery utilization rose 0.90% to 86.1%. A 0.5mb/d drop in mogas demand lowers the 4-wk avg. by … Continue reading “Around The Barrel – Crude Oil Storage Builds Another +8.701Mbbls, Back to July Highs”
Around The Barrel – Crude Oil Futures Pressured by More Builds in US Crude Stocks
Crude oil futures US crude futures slide continues with WTI Crude oil settling at $76.66 just above lows, down $1.60 or 2.04% on the day after today’s EIA storage report. Total commercial stocks while flat last week the prior week confirmed an even larger build than the huge API build. The price action has dented bullish speculators hopes after it settled at $77.17 Friday, up $1.43 or 1.89% on the day rallying with a war premium into the weekend, but … Continue reading “Around The Barrel – Crude Oil Futures Pressured by More Builds in US Crude Stocks”
OPEC Monthly Oil Market Report November 2023
The OPEC Monthly Oil Market Report (MOMR) for November 2023 released Monday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. The report comes after Oil prices have pulled back after initially surging rose after the Hamas/Israel war. The KSA and Russia have extended production cuts until the year end. We also have a sputtering China reopening after COVID Zero and US Crude Oil SPR … Continue reading “OPEC Monthly Oil Market Report November 2023”
Around The Barrel – Crude Oil and Gasoline Traders Outlook for the Week Ahead
Crude oil futures continue to sell off after they closed with their second straight weekly loss, much to the chagrin of the ‘blood speculators’ out there. The risk premium from the Israel-Hamas war has fallen off with a broader conflict with Iran not eventuating as of yet, though that remands a risk. The overhead speculator length in prices well above spot prices is pressuring margins and support. The options (LO) call skew for WTI and Brent has weakened as a … Continue reading “Around The Barrel – Crude Oil and Gasoline Traders Outlook for the Week Ahead”
Around The Barrel – Implied Products Demand Remains Weak Despite Lower Gasoline Prices
The EIA reported WTI Futures Hub at Cushing remains near the lowest level since October 2014 with a small build of +0.272Mbbls. EIA reported a crude build of +0.773Mbbls. Domestic US oil production figures unchanged at an all-time high 13.2mbpd. Gasoline stocks rose +0.65Mbbls and distillate fell -0.792Mbbls in inventories. Refinery utilization fell 0.20% to 82.3%. We are still seeing weak demand, total implied products demand for the week ending October 27/23 continued to move lower and sit ~2.7% below … Continue reading “Around The Barrel – Implied Products Demand Remains Weak Despite Lower Gasoline Prices”
Phillips 66 Midstream Earnings Higher but Chemicals Lower, Announce Additional Buybacks
Houston based oil refiner Phillips 66 on Friday reported weaker than expected third quarter earnings. PSX reported adjusted EPS of $4.63, up 19.6% year-over-year increase but short of the consensus estimate of $4.76. Revenue of $40.23 billion exceeded the consensus of $38.96 billion, however. Midstream income was higher, but the Chemicals segment was lower due to lower margins. Global olefins and polyolefins utilization was at 99% for the quarter. The board approved an additional $5 billion in share repurchase authorization, … Continue reading “Phillips 66 Midstream Earnings Higher but Chemicals Lower, Announce Additional Buybacks”
Around The Barrel – Crude Oil and Gasoline Stocks Rose While Refinery Utilization Fell
The standout from this week’s DOE report remains Cushing near at the lowest level since October 2014, WTI Futures Hub saw a small build of -0. 213M. EIA reported a crude build of +1.372MMbbls. The entire crude draw last week came from net imports hitting the second-lowest level of the year so as we said last week imports were expected to reverse from last week. Domestic US oil production figures unchanged at an all-time high 13.2mbpd. Gasoline stocks rose +0.156Mbbls … Continue reading “Around The Barrel – Crude Oil and Gasoline Stocks Rose While Refinery Utilization Fell”