2018 - Beyond The Breakers Trading

Oil takes a hit as U.S. supplies rise a third week and global stock markets drop 12 October 2018

EIA Reports a Third Straight Weekly Rise in U.S. Crude Supplies

The Energy Information Administration reported Thursday that domestic crude supplies climbed by 6 million barrels for the week ended Oct. 5.

The data were released a day later than usual because of Monday’s Columbus Day holiday. Analysts surveyed by S&P Global Platts had forecast an increase of 1.61 million barrels, while the American Petroleum Institute on Wednesday reported a climb of 9.7 million barrels.

Gasoline stockpiles also rose by 1 million barrels last week, while distillate stockpiles declined by 2.7 million barrels, according to the EIA.

The S&P Global Platts survey had shown expectations for a supply rise of 422,000 barrels in gasoline and 1.71 million-barrel decline in distillates.

November crude CLX8, +0.30% fell $1.30, or 1.8%, to $71.87 a barrel on the New York Mercantile Exchange. That’s up from $71.63 before the supply data.

Source: MarketWatch

EIA Reports 8 Million Barrel Build in Crude Inventory

U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending September 28, 2018, which was 77,000 barrels per day more than the previous week’s average. Refineries operated at 90.4% of their operable capacity last week.

Gasoline production increased last week, averaging 10.0 million barrels per day. Distillate fuel production increased last week, averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 8.0 million barrels per day last week, up by 163,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.8 million barrels per
day, 10.2% more than the same four-week period last year.

Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 713,000 barrels per day, and distillate fuel imports averaged 162,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 8.0 million barrels from the previous week. At 404.0 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Total motor gasoline inventories decreased by 0.5 million barrels last week and are about 7% above the five year average for this time of year.

Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 1.8 million barrels last week and are about 3% below the five year average for this time of year.

Propane/propylene inventories increased by 2.4 million barrels last week and are about 8% below the five year average for this time of year. Total commercial petroleum inventories increased last week by 8.0 million barrels last week.

Source: EIA

Weekly Petroleum Data for the week ending September 21 2018

Greenback turns to Fed’s dot plot for guidance, Oil hits new highs

The most popular topic across financial market headlines is the relentless appreciation witnessed in global oil prices after OPEC and Russia squarely rejected Donald Trump’s demand to boost output over the past weekend.

Brent Crude has soared to levels not seen since November 2014 when it was above $82.00. Looming US sanctions against Iran coupled with a drop in Venezuela’s output could accelerate the tightening of oil markets at a time where OPEC + have ruled out any immediate increases in oil production. This is overall encouraging investors to price in as much good news as possible over the near-term.

I wouldn’t say the dust is completely clear for potential buyers to send prices back towards $100. The medium-term outlook could still be subject to demand-side fears revolving around what potential impact ongoing trade tensions could have on the global economy down the road. If trade tensions around the globe do weigh on growth, demand for oil is likely to take a hit which inevitably risks translating to lower oil prices.

Today’s main event risk for the US economy and perhaps global markets as a whole will be the outcome to the Federal Reserve policy meeting which is widely expected to conclude with a 0.25% increase to US interest rates. With it already being considered a foregone conclusion that interest rates will be raised today, investors will direct their attention towards the economic projections and dot plot projections for clues on potential rate hike timings for next year.

The Dollar has the potential to appreciate if the Federal Reserve expresses optimism over the US economy, shows little concerns about growing tensions and provides fresh insight into rate hike timings beyond December. This would ultimately lead to a risk of weighing down the Dollar’s global counterparts, and would threaten further selling to emerging markets.

Source: FXTM

Weekly Crude Data Shows 2.1M Barrel Decline in Inventories 14 September 2018

EIA: Weekly Crude Data Shows 2.1M Barrel Decline in Inventories

U.S. crude oil refinery inputs averaged 17.4 million barrels per day during the week ending 14 September 2018, which was 442,000 barrels per day less than previous week’s average. Refineries operated at 95.4% of their operable capacity last week.

Gasoline production decreased last week, averaging 10.3 million barrels per day. Distillate fuel production decreased last week, averaging 5.5 million barrels per day.

U.S. crude oil imports averaged 8.0 million barrels per day last week, up by 433,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.7 million barrels per day, 6.9% more than the same four week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week aver aged 561,000 barrels per day, and distillate fuel imports averaged 141,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.1 million barrels from the previous week. At 394.1 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year. Total motor gasoline inventories decreased by 1.7 million barrels last week and are about 8% above the five year average for this time of year.

Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 0.8 million barrels last week and are about 2% below the five year average for this time of year. Propane/propylene inventories increased by 0.1 million barrels last week and are about 12% below the five year average for this time of year. Total commercial petroleum inventories decreased last week by 0.4 million barrels last week.

Total products supplied over the last four week period averaged 21.4 million barrels per day, up by 4.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.7 million barrels per day, up by 2.0% from the same period last year.

Distillate fuel product supplied averaged 4.0 million barrels per day over the past four weeks, down by 0.8% from the same period last year. Jet fuel product supplied was up 5.0% compared with the same four week period last year.

Source: EIA

Commercial Crude Oil Inventories Decreased by 4.3 Million Barrels

Below are the key takeaways from the weekly report published by the U.S. Energy Information Administration.

U.S. crude oil refinery inputs averaged 17.6 million barrels per day during the week ending August 31, 2018.
Gasoline production decreased last week, averaging 10.2 million barrels per day.
Distillate fuel production increased last week, averaging 5.4 million barrels per day.
U.S. crude oil imports averaged 7.7 million barrels per day last week, up by 229,000 barrels per day from the previous week.
Commercial crude oil inventories decreased by 4.3 million barrels from the previous week.
Total products supplied over the last four-week period averaged 21.4 million barrels per day, up by 3.0% from the same period last year.

WTI Oil Futures Hold Solid Gains After Crude Inventory Data 21 August 2018

WTI Oil Futures Extend Gains After Crude Inventory Data

West Texas Intermediate oil extended gains in North American trade on Wednesday, after weekly data showed that oil supplies in the U.S. registered a larger-than-expected draw.

Crude oil for October delivery on the New York Mercantile Exchange rose 91 cents, or 1.33%, to trade at $69.44 a barrel by 10:33 AM ET (14:33 GMT) compared to $69.06 ahead of the report.

The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 2.566 million barrels in the week ended August 24.

Market analysts‘ had expected a crude-stock draw of 0.686 million barrels, while the American Petroleum Institute late Tuesday reported a supply increase of 0.038 million barrels.

Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 0.058 million barrels last week, the EIA said.

Total U.S. crude oil inventories stood at 405.8 million barrels as of last week, according to a press release, which the EIA indicated was “at the five year average for this time of year”.

The report also showed that gasoline inventories decreased by 1.554 million barrels, compared to expectations for a build of 0.370 million barrels, while distillate stockpiles dropped 0.837 million barrels, compared to forecasts for a gain of 1.592 million.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for November delivery traded up 61 cents, or 0.80%, to $76.90 by 10:36 AM ET (15:36 GMT), compared to $76.56 before the release.

Meanwhile, Brent’s premium to the WTI crude contract stood at $7.72 a barrel by 10:38 AM ET (15:38 GMT), compared to a gap of $7.76 by close of trade on Tuesday..

Source: investing.com

WTI Oil Futures Hold Solid Gains After Crude Inventory Data

West Texas Intermediate oil pared gains in North American trade on Wednesday, after data showed that while oil supplies in the U.S. registered a much larger than expected draw, gasoline stockpiles unexpectedly increased and distillate inventories rose more than expected.

Crude oil for October delivery on the New York Mercantile Exchange rose $1.13, or 1.72%, to trade at $66.97 a barrel by 10:33 AM ET (15:33 GMT) compared to $67.27 ahead of the report.

The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 5.836 million barrels in the week ended August 17. Market analysts’ had expected a crude-stock draw of 1.497 million barrels, while the American Petroleum Institute late Tuesday reported a supply decrease of 5.170 million barrels.

Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 0.772 million barrels last week, the EIA said. Total U.S. crude oil inventories stood at 408.4 million barrels as of last week, according to press release, which the EIA indicated was “at the five year average for this time of year”.

The report also showed that gasoline inventories increased by 1.2 million barrels, compared to expectations for a decline of 0.488 million barrels, while distillate stockpiles rose 1.849 million barrels, compared to forecasts for a gain of 1.463 million.

Source: investing

U.S. crude stockpiles soar unexpectedly despite record refinery runs- EIA 15 August 2018

EIA: U.S. Crude Oil Stockpiles Rise Unexpectedly in Week

U.S. crude stocks rose unexpectedly last week, while gasoline stocks decreased and distillate inventories grew, the Energy Information Administration said on Wednesday.

Crude inventories rose by 6.8 million barrels in the last week, compared with analysts’ expectations for an decrease of 2.5 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.64 million barrels, EIA said. Refinery crude runs rose by 383,000 barrels per day, EIA data showed.

Refinery utilization rates rose by 1.5 percentage points to 98.1 percent, the highest since 1999. The build in crude stockpiles added to downward pressure on crude futures, which had dropped $1 a barrel prior to the report. U.S. crude futures extended losses to more than $2 after the data and was last trading at $64.85.

Gasoline stocks fell by 740,000 barrels, compared with analysts’ expectations in a Reuters poll for a 583,000-barrel drop.

Distillate stockpiles, which include diesel and heating oil, rose by 3.6 million barrels, versus expectations for a 1 million-barrel increase, the EIA data showed.

Source: Reuters

US Crude Oil Inventories Shows Decline of 1.35M Barrels

Weekly Crude Inventory Data Shows Decline of 1.35M Barrels

U.S. crude oil refinery inputs averaged 17.6 million barrels per day during the week ending August 3, 2018, which was 118,000 barrels per day more than the previous week’s average.

Refineries operated at 96.6% of their operable capacity last week. Gasoline production decreased last week, averaging 9.9 million barrels per day.

Distillate fuel production increased last week, averaging 5.2 million barrels per day.

U.S. crude oil imports averaged 7.9 million barrels per day last week, up by 182,000 barrels per day from the previous week.

Over the past four weeks, crude oil imports averaged about 8.1 million barrels per day, 1.4% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 935,000 barrels per day, and distillate fuel imports averaged 169,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.4 million barrels from the previous week. At 407.4 million barrels, U.S. crude oil inventories are about 1% below the five year average for this time of year. Total motor gasoline inventories increased by 2.9 million barrels last week and are about 4% above the five year average for this time of year.

Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories increased by 1.2 million barrels last week and are about 10% below the five year average for this time of year.

Propane/propylene inventories increased by 0.1 million barrels last week and are about 13% below the five year average for this time of year. Total commercial petroleum inventories increased last week by 3.3 million barrels last week.

Total products supplied over the last four-week period averaged 21.1 million barrels per day, down by 0.6% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.7 million barrels per day, down by 0.7% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the past four weeks, down by 8.3% from the same period last year. Jet fuel product supplied was up 2.3% compared with the same four-week period last year..

Source: EIA Reports

Oil prices hold on to losses after EIA reports a nearly 4 million-barrel weekly rise U.S. crude supplies 2018-08-01

EIA: Oil Prices Slip as U.S. Crude Supplies Unexpectedly Climb

Oil prices continued to trade lower Wednesday after the Energy Information Administration reported that domestic crude supplies rose by 3.8 million barrels for the week ended July 27.

Analysts surveyed by S&P Global Platts had forecast a fall of 2.4 million barrels, while the American Petroleum Institute on Tuesday reported a rise of 5.6 million barrels, according to sources. Gasoline stockpiles declined by 2.5 million barrels for the week, while distillate stockpiles rose 3 million barrels, according to the EIA.

The S&P Global Platts survey forecast a supply decrease of 1.5 million barrels for gasoline, along with a climb of 560,000 barrels for distillate stocks. September crude CLU8, +2.20% fell by 99 cents, or 1.4%, to $67.75 a barrel on the New York Mercantile Exchange, little changed from $67.80 before the supply data.

Yearly Archives: 2018