CFTC COT | July 31, 2009

July 31, 2009

Please find attached a summary of the latest CFTC Commitment of Traders Report. The net non-commercial long position in WTI grew by 2.4k to 4.6k in futures and by 4.8k to 77.4k in futures and options combined as both long and short positions increased. The net non-commercial short position in natural gas grew by 2.5k to 161k in futures and by 2k to 74.6k in futures and options combined. Meanwhile, the net long position in RBOB futures gained 12.2k to 54.2k and in HO 7.1k to reach 29......

DOE CRUDE STATS | July 29, 2009

Correction

DOE CRUDE STATS July 29, 2009 The Song Remains the Same US crude oil inventories were erroneously referred to as having drawn rather than built in the second paragraph. It has been corrected. The story within this week’s DOE stats is largely a continuation of last week’s, only more bearish for crude. The data indicated a whopping 5.15m bbl build in crude inventories, keeping alive the API’s recent streak of directionally accurate (and bearish) data. Just as last week’s 3.8m bbl cru.....

DOE CRUDE STATS | July 29, 2009

The Song Remains the Same

DOE CRUDE STATS July 29, 2009 The Song Remains the Same The story within this week’s DOE stats is largely a continuation of last week’s, only more bearish for crude. The data indicated a whopping 5.15m bbl build in crude inventories, keeping alive the API’s recent streak of directionally accurate (and bearish) data. Just as last week’s 3.8m bbl crude draw in PADD V distorted the numbers, this week’s 2.3m bbl build in PADD V biased the headline number upward. But even discounting .....

CFTC COT | July 24, 2009

July 24, 2009

Please find attached a summary of today’s CFTC Commitment of Traders Report. The non-commercial net long WTI position is now negligible for futures, dropping to 2.2k from 16.2k last week as short positions increased by 11.6k. The net long position in futures and options, however, is more substantial at 72.6k contracts, down from 82.3k last week. Not too much change in the net short non-commercial position in natural gas, dropping from 165k contracts to 158.4 in futures and from 74k to 72.....

DOE CRUDE STATS | July 22, 2009

The California Head Fake

DOE CRUDE STATS The California Head Fake This week’s DOE stats are almost as bearish as yesterday’s data from the API . Headline API data showed a huge crude oil and product build of 3.1m bbls for crude oil and over 1.3m bbls for gasoline. Eliminate the huge 3.8m bbl crude oil stock draw in PADD V from the DOE data and the rest of the US built 1.8m bbls. The other import-sensitive districts built significantly – 924k bbls in PADD I and 1.633m bbls in PADD III . That’s in li.....

CFTC COT | July 17, 2009

July 17, 2009

Today’s CFTC Commitment of Traders Report indicated little change in net non-commercial positions in WTI . Net length in futures only grew by just 800 lots to 16k while net length in futures and options combined increased by just 412 to 82k with both short and long positions growing by roughly the same amount. Non-commercial players reduced their long and short positions in natural gasincreased their net short position in natural gas by 4k to 164k contracts in futures and by nearly 5k to 74.....

DOE CRUDE STATS | July 15, 2009

July 15, 2009

DOE CRUDE STATS July 15, 2009 Summer Sideways Shuffle While there may be hidden signals in today’s “Weekly Petroleum Status Report” from the US EIA / DOE , the main conclusion is that not much has changed from the prior week. There is no discernible improvement in product demand trends, no sign either that motorists are driving more or that industrial demand is growing. A slight increase in weekly deliveries of/apparent demand for distillates has no impact on four-week averages, and, .....

CFTC COT | July 10, 2009

July 10, 2009

Today’s CFTC Commitment of Traders Report for the week ending July 7th, shows that WTI Crude Oil non-commercial net length declined by 20k contracts (19%) in futures and options combined to 82k contracts of net length, the lowest level since reaching 75k contracts for the week ending May 12th. Total open interest remained mostly unchanged in futures only at 1.16m contracts, but increased by 56k contracts (2%) to 2.59m contracts in futures and options combined. In petroleum products, net l.....

DOE CRUDE STATS | July 08, 2009

July 08, 2009

DOE CRUDE STATS Finished, Products Total commercial stocks of crude oil and petroleum products grew by 5.14 mbbls to a colossal 1,114,191 kbbls over the past week, in a march toward new records that doesn’t want to stop. That’s a rate of 734k b/d and includes a crude oil inventory draw of 2.9 mbbls, right at the consensus mid-point. Even so, inventories at Cushing, OK, rose by 1.583 mbbls, and total PADD II inventories rose 893 kbbls. While PADD I (East Coast) inventories built, PA.....

DOE CRUDE STATS | July 01, 2009

July 01, 2009

DOE CRUDE STATS Sky’s The Limit? At the current rate of growth of total commercial stocks in the US, which rose by 4.4 million barrels over the past week, they could well grow to 1,109,075,000 barrels before stabilizing or drawing down. That would be 20 mbbl – or more than one full day of total demand coverage – than was held in US inventories in September 1998, when oil prices were heading toward $10 a barrel. See attached pdf for detailed charts. The headline inventory numbers show.....