Wed, Feb 01, 2023 @ 09:26 GMT

Oil N' Gold

CFTC Commitments of Traders – Bets for Higher Crude Oil Price Increased as Shorts Trimmed Sharply

According to the CFTC Commitments of Traders report for the week ended March 12,  NET LENGTH for crude oil futures gained +13 464 contracts to 362 265 for the week. Speculative long positions added +2 513 contracts while shorts slumped -10 951. Crude oil prices strengthened last week. Yet,...

CFTC Commitments of Traders – Traders Increased Bet for Rising Crude Oil Price

According to the CFTC Commitments of Traders report for the week ended March 5,  NET LENGTH for crude oil futures soared +21 130 contracts to 348 801 for the week. Speculative long positions rose +11 421 contracts while shorts declined -9 709. For refined oil products, NET LENGTH for...

Crude Oil Inventory Surprisingly Declined in US

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -2.49 mmb to 1263.03 mmb in the week ended February 22. Crude oil inventory plunged -8.65 mmb to 445.87 mmb (consensus: +2.84 mmb). Inventories declined in 4 out...

US Crude Oil Inventory Increased Less than Expected. Refined Stocks Declined

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -2.49 mmb to 1263.03 mmb in the week ended February 15 Crude oil inventory added +3.67 mmb to 454.51 mmb (consensus: +3.08 mmb). Inventories jumped +3.39 mmb in...

Crude Oil Price’s Rally Likely Short-lived. Outlook Dim as Global Growth Slowdown Persists

Crude oil prices rallied, sending the WTI and Brent benchmarks to the highest level since November 2017. Investors shrugged off rising US shale rig counts and higher inventory, but focused on hopes of resolution to US-China trade war. Adding to the optimism was OPEC compliance and ongoing sanctions against...

US Inventory Rose More than Expected. Yet, Crude Oil Price Strengthened on US-China Trade Hopes

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks jumped +6.53 mmb to 1265.51 mmb in the week ended February 8. Crude oil inventory added +3.63 mmb to 450.84 mmb (consensus: +2.67 mmb). Inventories increased in 3 out...

Sanction on Venezuelan Exports Poses Little Impact on Oil Prices

Oil prices have got limited boost after the US imposed sanctions on Venezuela’s oil exports. The direction of oil price movement is ultimately driven by the expectations of demand and supply balance. Oil demand is anticipated to reduce for the years ago amidst global economic slowdown, which is intensified...

Less- than- Expected Increase in US Inventory Fails to Rescue Crude’s Weakness

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks declined -3.36 mmb to 1258.98 mmb in the week ended February 1. Crude oil inventory added +1.26 mmb to 447.21 mmb (consensus: +2.18 mmb). Inventories increased in 3 out...

US Crude Oil Inventory Increased Less than the Market had Expected

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks declined -4.77 mmb to 1262.34 mmb in the week ended January 25. Crude oil inventory added +0.92 mmb to 445.94 mmb (consensus: +3.16 mmb). Inventories increased in 3 out...

US Oil Inventory Increased Across the Board as Fear on Global Slowdown Intensified

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks gained +6.7 mmb to 1267.11 mmb in the week ended January 18. Crude oil inventory soared +7.97 mmb to 445.03 mmb (consensus: -0.04 mmb). Inventories increased in ALL 5...

US Crude Oil Inventory Fell More than Expected, While Production Climbed Higher

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks gained +5 mmb to 1260.4 mmb in the week ended January 11. Crude oil inventory fell -2.68 mmb to 437.06 mmb (consensus: -1.32 mmb). Inventories decreased in 3 out of...

US Crude Oil Inventory Fell Less Than Expected, While Fuel Stocks Increased Markedly

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks gained +13.28 mmb to 1255.44 mmb in the week ended January 4. Crude oil inventory fell -1.68 mmb to 439.74 mmb (consensus: -2.8 mmb). Inventories decreased in 3 out of...

US Crude Oil Inventory Gained Marginally, In Contrast with Hopes of Decline

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks gained +14.62 mmb to 1242.16 mmb in the week ended December 28. Crude oil inventory rose +0.01 mmb to 441.42 mmb (consensus: -3.09 mmb). Inventories increased in 3 out of 5...

Less- than- Expected Decline in US Crude Oil Inventory Failed to Rescue Price

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks dropped -2.05 mmb to 1227.54 mmb in the week ended December 21. Crude oil inventory slipped -0.05 mmb (consensus: -2.87 mmb) to 441.41 mmb. Inventories increased in ALL 5 PADDs. Meanwhile,...

CFTC Commitments of Traders- Bets on Crude Oil Fell Amid Price Slump

According to the CFTC Commitments of Traders report for the week ended December 18,  NET LENGTH for crude oil futures climbed modestly higher as the decline in speculative short positions outweighed that in long positions. NET LENGTH added +102 contracts to 309 608 contracts for the week. Both crude...

Oil Fundamentals Remain Fragile Despite OPEC+ Cut. Saudi’s Over-Optimistic Budget Reinforces Oversupply Worries

The deal made by OPEC+ to cut output had only limited boost the oil prices. The renewed selloff in crude oil prices, indicating another leg of downturn, is driven by concerns over global growth slowdown, decline in stock markets and Saudi Arabia's budget plan. US' weekly report showed less-than-expected...

CFTC Commitments of Traders – NET LENGTH for Crude Oil Futures Dropped to 2-Year Low

According to the CFTC Commitments of Traders report for the week ended December 11,  NET LENGTH for crude oil futures continued to fall. Speculative long positions of crude oil futures slipped -708 contracts, while shorts jumped +19 932 contracts, resulting in a fall in NET LENGTH, by -20 640...

CFTC Commitments of Traders – Bets Trimmed on Oil and Petroleum, Traders Turned Cautious ahead of OPEC

According to the CFTC Commitments of Traders report for the week ended November 27  NET LENGTH for crude oil and gasoline futures continued to fall. Speculative long positions of crude oil futures declined -17 170 contracts, while shorts gained +1 896 contracts, resulting in a fall in NET LENGTH,...

OPEC+: To Cut or Not to Cut?

Crude oil prices have steadied after the sharp correction over the past 7 weeks. Supporting the recovery are hopes of OPEC or OPEC+ production cut next month. OPEC and non-OPEC producer would meet in Vienna on December 6, discussing ways to defend oil prices. While the market generally expects...

CFTC Commitments of Traders – Bets on Commodities Shrank. Oil’s Outlook Dependent on OPEC

According to the CFTC Commitments of Traders report for the week ended November 20  NET LENGTH for crude oil, heating oil and gasoline futures continued to fall. Speculative long positions of crude oil futures declined -32 596 contracts, while shorts slipped -18 585 contracts, resulting in a fall in...