DOE CRUDE STATS | October 27, 2010

A wild Wednesday

DOE CRUDE STATS A wild Wednesday Total product supplied (apparent demand) increased 1.08 mb/d to 19.5 mb/d, the highest estimate in a month. Apparent principle product demand increased 750 kb/d (the third-highest weekly increase in the past three years) with gasoline demand up 470 kb/d and distillate demand up 110 kb/d. Yields reached their highest point in two years, pushing gasoline production back to a record level for this time of year even though runs remain quite low. Meanwhile, P.....

CFTC COT | October 22, 2010

October 22, 2010

Please find attached data and charts detailing the latest CFTC Commitments of Traders Report for the week ending October 19. We focus on net length of non-commercial traders as well as net length of money managers and swap dealers as indicated in the disaggregated data for WTI , natural gas, gasoline, and heating oil. Non-commercial net length registered mild decreases in WTI and RBOB and a sharper decline in heating oil during the week. In WTI , net longs fell by 20.7k to 141.0k in fu.....

DOE CRUDE STATS | October 20, 2010

Is PADD 2 legit?

DOE CRUDE STATS Is PADD 2 legit? Already benefiting from a weaker dollar and rallying equities today, WTI gained an instant boost from the big -1m bbl decline of Cushing inventories as part of a broader -3.5m bbl draw in PADD II. The region’s draw is a bit curious as PADD II imports increased 60 kb/d while runs fell 13 kb/d, implying that the pull on crude inventories should be ~0.5m bbl less than last week, when storage grew by 1.3m bbl. That means that crude supply had to other.....

CFTC COT | October 15, 2010

October 15, 2010

Please find attached data and charts detailing the latest CFTC Commitments of Traders Report for the week ending October 12. We focus on net length of non-commercial traders as well as net length of money managers and swap dealers as indicated in the disaggregated data for WTI , natural gas, gasoline, and heating oil. Non-commercial net length increased slightly in WTI and RBOB and declined more sharply in heating oil during the week. In WTI , net longs rose by 14.8k to 161.8k in futur.....

DOE CRUDE STATS | October 14, 2010

No big surprises

DOE CRUDE STATS No big surprises Apparent principal product demand (product supplied) fell 280 kb/d on the week to 14.3 mb/d, primarily due to a -180 kb/d drop in apparent gasoline demand. 4wk average apparent gasoline demand is running 100 kb/d below year-ago levels, though for the remainder of the year we expect gasoline consumption to run slightly ahead of last year’s depressed levels. Despite generally weak gasoline demand, lower runs have curtailed product output, dragging gasoline .....

CFTC COT | October 08, 2010

October 08, 2010

Please find attached data and charts detailing the latest CFTC Commitments of Traders Report for the week ending October 5. We focus on net length of non-commercial traders as well as net length of money managers and swap dealers as indicated in the disaggregated data for WTI , natural gas, gasoline, and heating oil. Non-commercial net length increased sharply across the petroleum complex during the week as WTI rallied 8.7% to its highest point in five months. In WTI , net longs rose by .....

DOE CRUDE STATS | October 06, 2010

Maintenance season in full swing

DOE CRUDE STATS Maintenance season in full swing Total US apparent demand (product supplied) fell -1.26 mb/d w-o-w, including a -0.39 mb/d drop in apparent principal product demand and a -0.64 mb/d drop in other oils. As we mentioned last week, the sudden jump in apparent gasoline demand was likely little more than a head fake; apparent demand indeed fell -0.39 mb/d this week to 8.99 mb/d (-0.28 mb/d yoy and flat on a 4wk average basis). The transient late-September jump this year (and.....

CFTC COT | October 01, 2010

October 01, 2010

Please find attached data and charts detailing the latest CFTC Commitments of Traders Report for the week ending September 28. We focus on net length of non-commercial traders as well as net length of money managers and swap dealers as indicated in the disaggregated data for WTI , natural gas, gasoline, and heating oil. In our discussion of trader positions, we aggregate data on swap contracts along with futures and options, which can present a different picture than detailing the headline N.....

DOE CRUDE STATS | September 29, 2010

Suspicious Minds

DOE CRUDE STATS Suspicious minds Taken at face value, this week’s stats are the most supportive that we’ve seen in some time, but the veracity of some of the key numbers seems quite dubious. US apparent demand (product supplied) jumped 530 kb/d w-o-w, on the back of a suspicious 540 kb/d increase of apparent mogas demand and a 210 kb/d increase in apparent distillate demand. Meanwhile, the reported 3.5m bbl gasoline inventory withdrawal slashed a chunk out of the yoy surplus, but likely .....

CFTC COT | September 24, 2010

September 24, 2010

Please find attached data and charts detailing the latest CFTC Commitments of Traders Report for the week ending September 21. We focus on net length of non-commercial traders as well as net length of money managers and swap dealers as indicated in the disaggregated data for WTI , natural gas, gasoline, and heating oil. The resumption of operations in Enbridge’s Line 6A on September 17 prompted a fall in non-commercial net length in WTI during the week ending September 21. Non-commercial .....