Crude is getting CRUSHED!
Thanks Jim!
Previous oil discussions:
https://www.marketforum.com/forum/topic/29720/
https://www.marketforum.com/forum/topic/27668/
https://www.marketforum.com/forum/topic/28808/
https://www.marketforum.com/forum/topic/28857/
https://www.marketforum.com/forum/topic/28629/
https://www.marketforum.com/forum/topic/28552/
https://www.marketforum.com/forum/topic/28308/
Crude 3 months below
Crude 1 year below
metmike: Crude supplies have been going way up. In 4 of the last EIA reports, the increases were 4.7 M or more. In fact this has resulted in an increase of more then 20 M during the period.
https://www.investing.com/economic-calendar/eia-crude-oil-inventories-75
| Release Date | Time | Actual | Forecast | Previous | |
|---|---|---|---|---|---|
| May 30, 2019 | 11:00 | ||||
| May 22, 2019 | 10:30 | 4.740M | -0.599M | 5.431M | |
| May 15, 2019 | 10:30 | 5.431M | -0.800M | -3.963M | |
| May 08, 2019 | 10:30 | -3.963M | 1.215M | 9.934M | |
| May 01, 2019 | 10:30 | 9.900M | 1.485M | 5.479M | |
| Apr 24, 2019 | 10:30 | 5.479M | 1.255M | -1.396M |
Weekly US ending stocks of crude oil.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRSTUS1&f=W
Weekly ending stocks for unleaded gasoline.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WGTSTUS1&f=W
Weekly US ending stocks for distillate fuel oil(heating oil-especially used in the Northeast).
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WDISTUS1&f=W
Current gas prices:
https://www.gasbuddy.com/GasPriceMap?z=4&lng=-96.591588&lat=38.822395
https://finance.yahoo.com/news/oil-prices-stabilise-sharp-falls-005226596.html
By Henning Gloystein
SINGAPORE (Reuters) - Oil prices recouped more than 1% on Friday but were on track for their biggest weekly loss this year after swelling inventories and jitters over an economic slowdown led to big falls earlier in the week.
Brent crude futures were at $68.65 per barrel at 0534 GMT, up 89 cents, or 1.3%, from their last close, with prices underpinned by OPEC supply cuts and Middle East tensions.
U.S. West Texas Intermediate (WTI) crude futures were up 74 cents, or 1.3%, at $58.65 per barrel.
"Multiple supply risks remain, as tension continues between Iran and the U.S., which could turn disruptive," ANZ bank said on Friday.
https://oilprice.com/Energy/Crude-Oil/Is-The-Oil-Glut-Coming-Back.html
But there are cracks specific to the oil market that are becoming increasingly visible. On Wednesday, the EIA reported a surprise jump in crude oil and gasoline inventories, while production also increased. “The latest Energy Information Administration (EIA) data is extremely bearish,” Standard Chartered wrote in a note to clients.
The investment bank has its own propriety “bull-bear index,” which offers a gauge on oil market sentiment and direction. The index read -100 this week, which indicates “the weakest data in the past six years.” The main reason why the EIA data was so negative was because inventories rose in all categories except residual fuel oil, resulting in a combined increase of 16.33 million barrels, Standard Chartered explained.
Why such a negative result? “[The latest release does raise the question as to whether (as in 2008-09) the extreme reading reflects an economy close to or past a tipping point, or if it reflects an oversupplied global market, or if it is simply down to data quality,” Standard Chartered wrote. “It is too early to be conclusive, but we think the latest data is so extreme as to raise issues in all three categories.”
