CFTC COT | May 21, 2010

May 21, 2010

Please find attached the latest summary of the CFTC’s Commitments of Traders report as well as estimates of index inflows for the week ending May 18. Aggregating futures and swaps, non-commercials decreased their net long WTI position by 24k to 92k in futures only and by 33k to 161k in futures and options combined. The decrease in net length was primarily due to the increase of short positions rather than a decrease in long positions. Money managers decreased their net long position by 47k t.....

DOE CRUDE STATS | May 19, 2010

Swimming in gasoline

DOE CRUDE STATS May 19, 2010 Swimming in gasoline This week’s EIA product supplied data continue to paint a picture of looming gasoline weakness relative to distillate. Total product supplied (apparent demand) increased another 280 kb/d on the week to 19.6 mb/d, with 4wk average demand up 0.9 mb/d yoy. This week’s demand increase was driven by a 200 kb/d increase in distillate demand along with a 270 kb/d increase in propane demand. Distillate demand reached 4.1 mb/d, the highest wee.....

DOE CRUDE STATS | May 19, 2010

May 19, 2010

DOE CRUDE STATS Please find attached detailed data and charts for this week’s EIA petroleum stats. Analysis to follow shortly. Crude oil inventories: Built 162bbl, vs. expectations of a 500k bbl build. With a 750k bbl build in PADD V, inventories east of the Rockies drew -590k bbl. Cushing storage built by 920k bbl to a new record of 37.9m bbl, continuing to weigh on the front of the curve, but still a good 7m bbl below likely operable storage capacity. Gasoline inventories: Dre.....

CFTC COT | May 14, 2010

May 14, 2010

Please find attached a summary of the this week’s CFTC Commitment of Traders report for major energy markets. The week ending May 11 was marked by a large exit from net long positions by money managers in WTI , RBOB , and heating oil markets as the petroleum complex plummeted(see attached PDF file for details). For NYMEX WTI , the non-commercial net long position dropped by 17k to 93k contracts in futures only and by 21k to 170k futures and options. Net long product positions fell eve.....

DOE CRUDE STATS | May 12, 2010

Refiners yield

DOE CRUDE STATS May 12, 2010 Refiners yield The surprise 2.8m bbl draw in gasoline inventories grabbed the attention of gasoline optimists, but the stock draw does not appear to be the work of revitalized demand. In fact, apparent gasoline demand data looked bleaker this week and is providing fodder for skeptics of recovering demand. The stock draw was far more the result of refiners responding to distillate cracks by boosting distillate yields, as well as lower gasoline imports. At 59.....

DOE CRUDE STATS | May 12, 2010

Data and Graphs

DOE CRUDE STATS Please see attached file for detailed stats and charts from this week’s EIA report. Analysis to follow.

DOE CRUDE STATS | May 05, 2010

A flash of demand strength

DOE CRUDE STATS A flash of demand strength This week’s EIA report indicates sudden strength in apparent demand statistics. Total product supplied increased by 1.04 mb/d w-o-w to 19.5 mb/d, the highest weekly reading since early March. But while much of the strength in the March numbers came from the Other Oils category, apparent principal product demand gained 0.45 mb/d on the week to 15.1 mb/d, the highest weekly number since March of 2009. Gains were experienced in distillate (+0.3 m.....

DOE CRUDE STATS | April 28, 2010

Stocks still building

DOE CRUDE STATS Stocks still building The demand numbers don’t look quite as bearish as last week’s but inventories continue to paint a bleak picture. Total commercial inventories grew by another 12.9m bbl, coming within arm’s reach of last year’s very high levels, building at a faster pace than in Apr09. During the past few weeks, we have focused on the potential imbalances in the gasoline market. Although gasoline inventories did fall by 1.24m bbl, the yoy surplus widened to 11.1m bbl......

DOE CRUDE STATS | April 21, 2010

Bearish stats emerge from hibernation for a week

April 21, 2010 Bearish stats emerge from hibernation for a week This week’s EIA report didn’t contain many supportive numbers. Stats looked bearish pretty much across the petroleum complex. On the demand side, total product supplied (apparent demand) fell 0.53 mb/d on the week, including a 0.3 mb/d drop in principal product demand (primarily due to declines in gasoline and distillate). Meanwhile, refiners curbed throughput slightly, but the jump in primary product yields sent gasoline pr.....

DOE CRUDE STATS | April 14, 2010

Runs still rising

DOE CRUDE STATS April 14, 2010 Runs still rising Double-digit gasoline cracks have looked very attractive to refiners, who ramped up runs by another 209 kb/d, including increases across al regions. Runs have increased 800 kb/d (4wk average) since early Feb, even with PADD II refineries yet to exit maintenance season. Along the Gulf Coast, throughput reached its highest level since August 2007. Total product supplied (apparent demand) increased 110 kb/d due to a 250 kb/d jump in gas.....