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Trading: Primarily Energy but also a little Equities, Fixed Income, Metals, U308 and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,059 since Dec 2013
Thanks Given: 4,410
Thanks Received: 10,226
You can sign up for a free version of Andrew Weismann's report at https://user.ebwmarketpro.com/report/oil
In my experience Wesimann's stuff is pretty good although I have not read this report.
DOE Likely to Significantly Increase U.S. Crude Oil Production Estimates Tuesday
On Tuesday June 9th, the Energy Information Administration (EIA) – the branch of DOE responsible for providing energy statistics – is likely to significantly increase its estimate of U.S. crude oil production for 2015 and 2016.
While the magnitude of this increase is not yet known, an increase of 150,000–200,000 barrels/day is possible. The International Energy Agency is likely to announce similar increases later in the week.
These revisions directly contradict EIA’s earlier view that production in major U.S. tight oil plays would decline rapidly in May, with the potential to drop by as much as 400,000 barrels/day by September. Instead, estimated May production could be raised to as much as 9.5–9.6 million barrels/day, surpassing the previous all-time record.
This shift, coming on the heels of OPEC’s decision on Friday not to curb output, could significantly affect oil prices.
To get the entire analysis free, please click here.
Thanks SMCJB. That is an excellent report. I'm afraid to find out how much they want to subscribe.
I didn't know 300,000 b/d were shutdown in Canada due to wildfires.
He makes the point that this fall when gasoline demand decreases and the shutdown oil in Canada comes back online that inventory will greatly increase.
just posting what I see, I could only look at things like I said for a half an hour early, price was still holding under 59.00 so I went short @ 58.70. Practicing my position trading rather than scalping I stay short with a stop @ 59.25 ( my max I could stand to loose, and if price hits up there I know I'm probably wrong and buyers will probably grab it) So I sit short until I see price start holding from going down. For now lows keep being made. I'll check it again tomorrow morning....enjoy
I believe there is no "black and white" in short-term price action. People are currently awaiting fresh draw in Cush (in today's APIs and EIA report tomorrow). And also some fat but weak short stops yet to be harvested
Can anyone recommend websites or other information on oil news? I have really only been looking at the weekly inventory reports but I am a novice in this market (or any other market for that matter).
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals, U308 and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,059 since Dec 2013
Thanks Given: 4,410
Thanks Received: 10,226
Reuters say 2016 is now lower not higher
Reuters: EIA lowers 2016 U.S. oil production forecast
(Reuters) - The U.S. government lowered its 2016 U.S. oil production forecast on Tuesday, as it expects output declines to start in the second half of this year through early 2016 before it resumes.
The forecast saw production falling in 2016 overall, compared with the increase for next year foreseen in the EIA outlook last month, as the oil industry reels from the worst rout in oil prices since the financial crisis.
In its short-term energy outlook, the U.S. Energy Information Administration raised its 2015 U.S. crude oil production growth forecast to 720,000 barrels per day (bpd) from 530,000 bpd, but lowered its 2016 U.S. production by 160,000 bpd vs a 20,000 bpd growth previously.
Meanwhile, it raised its 2015 U.S. oil demand growth forecast to 380,000 bpd vs 340,000 bpd seen last month, and left unchanged its 2016 demand growth forecast to 70,000 bpd.
Can anyone recommend websites or other information on oil news? I have really only been looking at the weekly inventory reports but I am a novice in this market (or any other market for that matter).