Oil Prices Jump after Airstrike in Iran. Impacts should be Short-Lived
Re-escalation of geopolitical tensions in Iran lifted oil prices. The front-month WTI crude oil contract, rallying more than +3%, spiked to 63.4 at one point. The corresponding Brent contract, gaining about +3.5%, jumped to a 7- month high of 69.16 earlier today. It was reported that a top Iranian...
CFTC Commitments of Traders – Crude Oil’s Increase in NET LENGTH Moderated as Price Entered Fourth-Week Rally
According to the CFTC Commitments of Traders report for the week ended December 24. NET LENGTH for crude oil futures gained +13 700 contracts to 550 077 for the week. Speculative long positions added +13 189 contracts while shorts dropped -511 contracts. For refined oil products, NET LENGTH for...
CFTC Commitments of Traders – Bets for Higher Oil Price Remained Though Momentum Eased
According to the CFTC Commitments of Traders report for the week ended December 17. NET LENGTH for crude oil futures jumped +40 838 contracts to 536 377 for the week. Speculative long positions gained +34 897 contracts while shorts declined -5 941 contracts. For refined oil products, NET LENGTH...
CFTC Commitments of Traders – Improved Risk Appetite Lifted Bets on Oil Prices
According to the CFTC Commitments of Traders report for the week ended December 10. NET LENGTH for crude oil futures jumped +67 504 contracts to 495 539 for the week. Speculative long positions gained +46 096 contracts while shorts declined -21 408 contracts. For refined oil products, NET LENGTH...
US Crude Oil and Petroleum Gained in Stockpile
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks soared +17.22 mmb to 1281.05 mmb in the week ended December 6. Crude oil inventory increased +0.82 mmb (consensus: -2.76 mmb). Inventory gained in 3 out of 5 PADDs....
CFTC Commitments of Traders – Bets for Higher Crude Oil Price Could Continue as OPEC+ Agreed to Cut Deeper
According to the CFTC Commitments of Traders report for the week ended December 3, NET LENGTH for crude oil futures declined -42 901 contracts to 428 035 for the week. Speculative long positions fell -22 617 contracts while shorts gained +20 284 contracts. On December 5, OPEC+ agreed to...
OPEC+ Agrees to Deepen Output Cut by 500K bpd. Compliance Remains the Key
OPEC+ agreed to cut oil output further, by +500K bpd, effective March 2020. A formal agreement will be released on Friday. The 11 OPEc members would share 350K bpd of the cut while the 10 non-OPEC producers would share the remaining 150K bpd.
While awaiting more details about the production...
US Crude Oil Inventory Dropped by Almost 5M barrel, Sending Price Up by 4%
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks declined -4.93 mmb to 1263.83 mmb in the week ended November 29 . Crude oil inventory declined -4.86 mmb (consensus: -1.73 mmb). Inventory declined in 4 out of 5...
CFTC Commitments of Traders – Traders Bet for Higher Crude Oil Price ahead of OPEC+ Meeting
According to the CFTC Commitments of Traders report for the week ended November 26, NET LENGTH for crude oil futures soared +40 961 contracts to 470 936 for the week. Speculative long positions rose 12 317 contracts while shorts declined -26 844 contracts. Traders were speculating that OPEC and...
US Oil Inventory Increased Across the Board
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks added +0.15 mmb to 1268.76 mmb in the week ended November 22 . Crude oil inventory added +1.57 mmb to 451.95 mmb (consensus: -0.42 mmb). Inventory gained in 3...
CFTC Commitments of Traders – Traders Bet for Higher Oil and Gold Prices
According to the CFTC Commitments of Traders report for the week ended November 19, NET LENGTH for crude oil futures gained +5 378 contracts to 429 975 for the week. Speculative long positions gained +2 338 contracts while shorts dropped -3 040 contracts. For refined oil products, NET LENGTH...
CFTC Commitments of Traders – NET LENGTH on Gold Declined as Traders Trimmed Bets on Both Sides
According to the CFTC Commitments of Traders report for the week ended November 12, NET LENGTH for crude oil futures gained +18 457 contracts to 424 597 for the week. Speculative long positions declined -25 944 contracts while shorts slumped -44 401 contracts. For refined oil products, NET LENGTH...
US Crude Oil Stock-Build Exceeded Consensus
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -5.86 mmb to 1273.57 mmb in the week ended November 8. Crude oil inventory added +2.22 mmb to 446 mmb (consensus: +1.65 mmb). Inventory gained in 3 out...
CFTC Commitments of Traders – Traders Remained Bullish in Crude Oil Although Price is at 6-Week High
According to the CFTC Commitments of Traders report for the week ended November 5, NET LENGTH for crude oil futures soared +22 793 contracts to 406 140 for the week. Speculative long positions rose +12 784 contracts while shorts slumped -10 009 contracts. For refined oil products, NET LENGTH...
US Crude Oil Inventory Extended Gains
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -1.59 mmb to 1286.81 mmb in the week ended November 1. Crude oil inventory jumped +7.93 mmb to 446.78 mmb (consensus: +1.52 mmb). Inventory gained in 4 out...
CFTC Commitments of Traders – Bets for Higher Commodity Prices Increased Across the Board
According to the CFTC Commitments of Traders report for the week ended October 29, NET LENGTH for crude oil futures soared +17 175 contracts to 388 347 for the week. Speculative long positions added +3 291 contracts while shorts slumped -13 884 contracts. For refined oil products, NET LENGTH...
CFTC Commitments of Traders – Bets for Higher Oil Prices Increased as Market Sentiment Improved
According to the CFTC Commitments of Traders report for the week ended October 22, NET LENGTH for crude oil futures soared +9 288 contracts to 366 172 for the week. Speculative long positions jumped +12 545 contracts while shorts added +3 257 contracts. For refined oil products, NET LENGTH...
US Oil Inventory Stabilized after Weeks of Stockbuilds
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -1.59 mmb to 1286.81 mmb in the week ended October 18. Crude oil inventory dropped -1.7 mmb to 433.15 mmb (consensus: +2.23 mmb). Inventory in PADD 3 (Gulf...
CFTC Commitments of Traders – Traders Trimmed on Higher Precious Metal Price Fell as Risk Appetite Improved
According to the CFTC Commitments of Traders report for the week ended October 15, NET LENGTH for crude oil futures gained +1 799 contracts to 356 884 for the week. Speculative long positions jumped +16 123 contracts while shorts rose 14 324 contracts. For refined oil products, NET LENGTH...
Oil Inventory – Market Ignored Huge Jump in US Stockpile
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -1.59 mmb to 1286.81 mmb in the week ended October 11. Crude oil inventory jumped +9.28 mmb to 434.85 mmb (consensus: +2.88 mmb). Inventories increased in ALL PADDs....