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Crude Inventory

Summary of Weekly Petroleum Data for the week ending July 16, 2021

U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending July 16, 2021 which was 87,000 barrels per day less than the previous week’s average. Refineries operated at 91.4% of their operable capacity last week. Gasoline production decreased last week, averaging 9.1 million barrels per day. Distillate fuel production decreased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 7.1 million barrels per day last week, increased by 0.9 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 2.9% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.4 million barrels per day, and distillate fuel imports averaged 87,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.1 million barrels from the previous week. At 439.7 million barrels, U.S. crude oil inventories are about 7% below the five year average for this time of year. Total motor gasoline inventories decreased by 0.1 million barrels last week and are at the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories decreased by 1.3 million barrels last week and are about 4% below the five year average for this time... (More)

SPDR ETF Performance By Industry

Weston NakamuraVisionary
Real Vision Exchange Manager, Programming and Community Engagement

The Crude Reversal off OPEC: $65 is key

yesterday as crude dropped -7% on OPEC headlines from Sunday, @Max Wiethe posted a market contrarian bull case (which I hope he acted on at least for a near term trade - though I know flipping blinking ticker symbols around as per idiots like me is also not his style), @John Ahearn also presented a pretty solid geopolitical case scenario on Saudis risk - see here ‚Üí Term structure is king...Is it time to buy oil?

Although I was summoned by Max, I have nothing of value to add to that discussion on the geopolitical end. However, I did/do from a markets price action perspective, in which I explain how while crude directionally down is of course OPEC headline triggered, OPEC driven selling isn‚Äôt what‚Äôs behind the -7% single day drop in crude. Maybe -2% was OPEC, and the rest of it was US crude derivatives trading mechanics, which I‚Äôve copy/pasted below this corresponding chart of crude from Asia market open until US close ‚Üď

(from my post reply) Speaking of ‚Äúmax pain‚ÄĚ strictly from a markets price action and technical market mechanics perspective, the size and velocity of the price drop was just that- sloppily executed (re)positioning. This headline came out on Sun. Mon at Asia open (sun night for you guys), saw a literal -1% flash crash instant rebound to flat, then starting Japan cash open to AM close a drift -1%, which was recovered back to flat right at cash close. Then EMEA comes in and sells... (More)

Term structure is king...Is it time to buy oil?

OPEC feeling secure enough to raise production is bullish in my view.