US Crude Oil Inventory Jumped amidst Price Selloff
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -7.58 mmb to 1271.01 mmb in the week ended March 6. Crude oil inventory soared +7.66 mmb (consensus: +2.27 mmb) to 451.78 mmb. Stockpile rose in 3 out...
Saudi’s Oil War to Lead to Oversupply in 2Q20, Driving Away High-Cost Producers
Oil market roiled by the surprising collapse of OPEC+ talk. For the time since late 2016, OPEC members and a number of non-OPEC oil producers failed to agree on a deal to limit output, as Russia refused to commit. In response, Saudi Arabia, the largest producer in OPEC and...
CFTC Commitments of Traders – Crude Oil Prices Slumped as OPEC+ Failed to Agree on Further Output Cut
According to the CFTC Commitments of Traders report for the week ended March 3, NET LENGTH for crude oil futures plunged -43 097 contracts to 388 369 for the week. Speculative long positions added +5 106 contracts while shorts jumped -48 203 contracts. NET LENGTH for crude oil futures...
CFTC Commitments of Traders – Traders Trimmed Long Bets in Gold Futures as Price Rallied to Highest since 2013
Falling for the first time in 3 weeks, NET LENGTH for gold futures declined -17 784 contracts to 335 865. According to the CFTC Commitments of Traders report for the week ended February 25, speculative long positions plunged -19 010 contracts, while shorts decreased -1 226 contracts. Gold price...
CFTC Commitments of Traders – Traders Bet Crude Oil, Gold and Silver Prices Higher
According to the CFTC Commitments of Traders report for the week ended February 18. NET LENGTH for crude oil futures gained +14 995 contracts to 411 764 for the week. Speculative long positions dropped -5 903 contracts while shorts declined -20 898 contracts. For refined oil products, NET LENGTH...
CFTC Commitments of Traders – Gold Consolidates at High Level as Safe-Haven Demand Increases
According to the CFTC Commitments of Traders report for the week ended February 11. NET LENGTH for crude oil futures slipped -605 contracts to 396 769 for the week. Speculative long positions added +238 contracts while shorts gained +843 contracts. For refined oil products, NET LENGTH for gasoline added...
Major Oil Agencies Downgrade Global Oil Demand Outlook amidst Coronavirus Outbreak
Oil agencies revised lower forecasts for global oil demand, with the outbreak of coronavirus being the key factor. The US Energy Information Administration (EIA) estimated that world oil demand will increase +1.02% to 101.74M bpd this year and then by +1.49% to 103.26M bpd in 2021. These figures were...
US Crude Oil Inventory Gained Much More than Expected
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -1.01 mmb to 1293.49 mmb in the week ended February 13. Crude oil inventory soared +7.46 mmb (consensus: +2.99 mmb) to 442.47 mmb. Stockpile rose in 4 out...
CFTC Commitments of Traders – Traders Took Profit after Recent Gold Price Rally
According to the CFTC Commitments of Traders report for the week ended February 4. NET LENGTH for crude oil futures slumped -64 388 contracts to 397 374 for the week. Speculative long positions fell -11 338 contracts while shorts rose +53 050 contracts. For refined oil products, NET LENGTH...
US Crude Oil Inventory Jumped Last Week
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -0.89 mmb to 1294.91 mmb in the week ended January 31. Crude oil inventory gained +3.36 mmb (consensus: +2.83 mmb) to 435.01 mmb. Stockpile in PADD 3 (Gulf...
CFTC Commitments of Traders – NET LENGTH on Crude oil Futures Fell Sharply as Price Slumped on Coronavirus Concerns
According to the CFTC Commitments of Traders report for the week ended January 28. NET LENGTH for crude oil futures declined -58 806 contracts to 461 762 for the week. Speculative long positions fell -10 973 contracts while shorts rose +47 833 contracts. For refined oil products, NET LENGTH...
US Crude Inventory Gained over 3M bpd, while Distillate Stockpile Continued to Retreat from 2.5-Year High
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks added +1 mmb to 1295.4 mmb in the week ended January 24. Crude oil inventory gained +3.55 mmb (consensus: +0.48 mmb) to 431.65 mmb. Stockpile rose in 4 out...
CFTC Commitments of Traders – Traders Trimmed Bets on Crude Oil Prices
According to the CFTC Commitments of Traders report for the week ended January 21. NET LENGTH for crude oil futures decreased -9 744 contracts to 520 568 for the week. Speculative long positions fell -11 216 contracts while shorts dropped -1 472 contracts. For refined oil products, NET LENGTH...
US Crude Oil Inventory Dropped Modestly. Petroleum Stockpiles Gained
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slipped -1.9 mmb to 1294.4 mmb in the week ended January 17. Crude oil inventory dropped -0.41 mmb (consensus: -1.01 mmb) to 428.11 mmb. Stockpile fell in 3 out...
CFTC Commitments of Traders – NET LENGTH for Crude Oil Declined on Profit Taking
According to the CFTC Commitments of Traders report for the week ended January 14. NET LENGTH for crude oil futures declined -36 960 contracts to 530 312 for the week. Speculative long positions fell -28 565 contracts while shorts gained +8 395 contracts. For refined oil products, NET LENGTH...
CFTC Commitments of Traders – NET LENGTH on Safe Haven Assets Trimmed Last Week
According to the CFTC Commitments of Traders report for the week ended January 7. NET LENGTH for crude oil futures rose + 12 415 contracts to 567 272 for the week. Speculative long positions gained +12 161 contracts while shorts dropped -254 contracts. For refined oil products, NET LENGTH...
US Crude Oil Inventory Gained, While Refined Product Stockpile Rose Sharply Last Week
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks surged +14.77 mmb to 1287.84 mmb in the week ended January 3. Crude oil inventory gained +1.16 mmb (consensus: -3.57 mmb) to 431.06 mmb. Inventory in PADD 3 (Gulf...
Gold Driven Higher by Iran Tensions, Falling Yields and Rising Inflation Expectations
Geopolitical tensions in Iran continue to evolve. The latest development is that Iran has launched over a dozen missiles at Iraqi bases hosting US and coalition troops. The Islamic Revolutionary Guard Corps (IRGC) announced in a statement that the attack was done “in the name of martyr General Qassem...
CFTC Commitments of Traders – NET LENGTH on Crude Oil and Heating Oil Futures Gained Last Week
According to the CFTC Commitments of Traders report for the week ended December 31. NET LENGTH for crude oil futures gained +4 780 contracts to 554 857 for the week. Speculative long positions added +1 546 contracts while shorts dropped -3 234 contracts. For refined oil products, NET LENGTH...
Huge Decline in US Crude Oil Inventory Added Fuel to Price Rally
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -2.89 mmb to 1267 mmb in the week ended December 27. Crude oil inventory slumped -11.46 mmb (consensus: -3.29 mmb). Inventory declined in 4 out of 5 PADDs....