Register

Peak Oil is You


Donate Bitcoins ;-) or Paypal :-)


Page added on September 3, 2020

Bookmark and Share

EIA Reports Massive Draw On Supplies

Production

The impact of Hurricane Laura’s production shutdown is now being felt. Earlier this morning, the U.S. Energy Information Agency (EIA) reported a massive -9.362 million barrel decline in oil stocks on hand. Much of the downturn may be attributed to last week’s Category 4 storm that ceased production in the Gulf Coast region.

 

However, despite the drop in supplies, October WTI crude oil is trading much lower. Prices are off by more than $1.00 per barrel amid lackluster volumes. As the Labor Day weekend quickly approaches, it looks like we may have already seen the summertime peak for crude oil.

EIA Reports Extraordinary Week-Over-Week Change

This week’s oil inventories cycle is in the books. Both the API and EIA figures fell dramatically in the wake of Hurricane Laura. Let’s dig into the figures:

Event                                      Actual               Projected           Previous

API Crude Oil Stocks            -6.360M                 NA                    -4.524M

EIA Crude Oil Stocks            -9.362M              -1.887M               -4.689M

It’s difficult to overstate how weak WTI pricing has been over the past seven sessions. In the midst of a hurricane and slumping EIA and API supply figures, October WTI is trending toward the bear. While we will learn more in the coming weeks, it may be that WTI is already headed into fall/winter seasonality.

October WTI Plunges Toward $41.00

As you can see below, October WTI crude oil has traded sideways for the majority of the summer. Sentiment has been moderately bullish as prices have stagnated within March’s GAP area.

EIA
October WTI Crude Oil Futures (CL), Weekly Chart

For the rest of the week, there is one support level to watch:

  • Support(1): Bollinger MP, $40.64

Bottom Line: If we see October WTI continue to slide, a long trade will come into play. Until Friday’s closing bell, I’ll have buy orders in the queue from $40.67. With an initial stop loss at $40.42, this trade produces 25 ticks on a standard 1:1 risk vs reward ratio.

fxleaders



33 Comments on "EIA Reports Massive Draw On Supplies"

  1. Lord Voldemort of Chaz on Thu, 3rd Sep 2020 11:12 am 

    Aghhh me gads! The covid sharts have got me. Thanks the jeebus I got xtra toilet roll !

  2. this is how whitey supertards will be taken out with a brick in baltimore while darkies laugh enjoying life on Thu, 3rd Sep 2020 12:47 pm 

    china told EU harvesting muzz is good for economy

  3. Cloggie on Thu, 3rd Sep 2020 12:53 pm 

    “CO2-Shaming in a Single Graph”

    https://deepresource.wordpress.com/2020/09/03/co2-shaming-in-a-single-graph/

  4. IHaveNothingPostitiveToSay on Thu, 3rd Sep 2020 12:54 pm 

    This has caught my attention today. You can really start to see the extinction of the Whites race in this clip. THere are a big demographical changes that are now taking places now among the Whites race, South Korean and Japanese.

    https://www.youtube.com/watch?v=5-g18LxUQb8

    It is a COVID press release from ewfoundland and Labrador. You can see the demographic changes taking place in Whites Western Nations. Baby boomers and generation X are now starting to die in masses because of old ages. Millenia are now pushed into position of leadership. They seem ill equip
    to deal with the challenges ahead. THey have been raised into a shelter and protected environment all the lives.

    They are not equipment to deal with unknown situations. Yes the Whites race is dying off, same as the South Korean.

    You can look at the video with the sound off and on. You can see some kind of emotional despair in their face and eyes.

    Jump at min 17:50, 17:05 to 17:15 and then 19:14.
    Some people are now being taught a life lesson: life is not easy and life is a constant struggle.

  5. IFuckGlobalistInTheAss on Thu, 3rd Sep 2020 1:21 pm 

    This is what I am talking about when I say Whites race is dying off.

    How many Whites kids do you see there. Stupid useless brown diversity are incapable of building a civilization, yet globalist worship them a solution to the continuation of modern civilization. What a fucking joke globalist like Klauss Schwab of the world garbage forum are. Them money now benefit the brown shitty diversity not the Whites race.

    https://www.youtube.com/watch?v=LOA05jXACdA

  6. HaveANiceDaySir on Thu, 3rd Sep 2020 1:27 pm 

    Nice comments todya starvinglion. I have to go now. I wish you a nice day sir.

  7. FuckBrownDiversity on Thu, 3rd Sep 2020 1:36 pm 

    I forgot to say, look at the video. Look at how happy the shitty brown diversity is, while th3e White race is in emotional despair. We Whites people are being ass fuckeb by globalists like Klauss Schwab. brown diversity = parasites living off Whites people backs

    Fuck Trudeau and his diversity Agenda.

  8. zero juan on Thu, 3rd Sep 2020 4:09 pm 

    Fuck PPee Juan the lunatic

    HaveANiceDaySir said Nice comments todya starvinglion. I have to go now…

    IFuckGlobalistInTheAss said This is what I am talking about when I say Whites…

    IHaveNothingPostitiveToSay said This has caught my attention today. You can reall…

    Cloggie said “CO2-Shaming in a Single Graph” https:…
    this is how whitey supertards will be taken out with a brick in baltimore while darkies laugh enjoying life said china told EU harvesting muzz is good for economy

  9. That’s how we talk about the way Muslims act. When you see what Donald Trump is doing, is that any different from what we describe as radicalizing people?” on Thu, 3rd Sep 2020 4:49 pm 

    muzz FGM NASTY is a vicim. this is why the muzz amputation machine behind the victim gate is most busy. muzz goes from terrorizing for the sake of allah the pedilfiler to victim ….this is also a muzz schoedinger cat behavior

    “Honestly, this kinda of [sic] casual Islamophobia is hurtful and dangerous,” wrote Omar. “We deserve better and an apology for the painful moment for so many Muslims around our country should be forthcoming.”

  10. Duncan Idaho on Thu, 3rd Sep 2020 5:03 pm 

    COVID-19 has killed more police officers this year than all other causes combined

    https://www.seattletimes.com/nation-world/covid-19-has-killed-more-police-officers-this-year-than-all-other-causes-combined-statistics-show/

    It is not a dangerous job, but still—–

  11. top muz says burn kora is terroris on Thu, 3rd Sep 2020 5:08 pm 

    Al-Tayeb’s words here are carefully chosen. If ever challenged as to whether he condemns terrorism

  12. On This Day... Sep 03, 2010: Quetta, Pakistan A Sunni suicide bomber wanders into a procession of Shiites: 73 Killed on Thu, 3rd Sep 2020 5:12 pm 

    muzznews

  13. most decisive battles—that of Manzikert, which initiated the creation of the modern state of Turkey atop formerly Christian Asia Minor on Thu, 3rd Sep 2020 5:16 pm 

    In 1019, “the first appearance of the bloodthirsty beasts … the savage nation of infidels called Turks entered Armenia,”

    Who is able to relate the happenings and ruinous events which befell the Armenians, for everything was covered with blood. . . . Because of the great number of corpses, the land stank, and all of Persia was filled with innumerable captives; thus this whole nation of beasts became drunk with blood. All human beings of Christian faith were in tears and in sorrowful affliction…

  14. Duncan Idaho on Thu, 3rd Sep 2020 5:17 pm 

    An arrogant, deluded, extremely powerful, white man blathering on about something he clearly doesn’t understand?
    https://twitter.com/CNN/status/1301281899122274304?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1301303353733869568%7Ctwgr%5Eshare_3&ref_url=https%3A%2F%2Fdigbysblog.net%2F

    I just think he is a corrupt repug.
    The norm

  15. Theedrich on Thu, 3rd Sep 2020 6:10 pm 

    U.S. elites and academe are strongly socialist. That is to say, they are infested with Marxism.  In sadistic savagery, Marxism far, far surpasses even the unspeakable barbarity of Mohammedanism.  According to the best estimates, the Communists killed 148 million humans in the last century, and pretended it either didn’t happen at all or that it was necessary to establish their workers’ paradise.  Socialism is the gateway to Communism and megadeath.  In the view of the materialists, humans and other life forms are nothing more than mechanistic devices accidentally produced by a meaningless cosmos.  To kill one, or a million, is no different from destroying one or more computers, which are soulless.

    The IT and media oligarchs do not care where they are going.  In their view, Gott ist tot and there is no reason for anything;  only their own primal drives matter, drives which are the evolutionary memories of bloodthirst laid down in our deep brains by our killer ape ancestors millions of years ago.  A recent such oligarch was Jeffrey Epstein, a billionaire child molester who committed suicide after being imprisoned.  After all, when the game of sex and money is lost, there is no reason to continue living.  That is the attitude of the nihilist.  And the current pretense that 𝕮𝖔𝖔𝖓 𝕷𝖎𝖛𝖊𝖘 𝕸𝖆𝖙𝖙𝖊𝖗 will lead to a civilization with ape-like intelligence.

    Currently, the Marxist-materialist view of man as a tinker-toy to be twisted into a robot serving the Communist state is in the ascendant, due to robotic materialist bureaucrats who dispense immense sums to scientific organizations.  And the result?  In 1900, no one in Russia expected to see a Stalin and his mass murderers arise from chaos.  Today, no one in America expects to see a reincarnation of such a leader of the proletarit.  Impossible, it is said.

    We shall see.

  16. Remember how the International media condemned Donald Trump when he noted that mass Muslim immigration is destroying Sweden? on Thu, 3rd Sep 2020 6:43 pm 

    muzz destroying swden today

  17. zero juan on Thu, 3rd Sep 2020 6:50 pm 

    PPee juan, you are a dick!

    Remember how the International media condemned Donald Trump when he noted that mass Muslim immigration is destroying Sweden? said muzz destroying swden today

    most decisive battles—that of Manzikert, which initiated the creation of the modern state of Turkey atop formerly Christian Asia Minor said In 1019, “the first appearance of the bloodthirsty…

    On This Day… Sep 03, 2010: Quetta, Pakistan A Sunni suicide bomber wanders into a procession of Shiites: 73 Killed said muzznews

    top muz says burn kora is terroris said Al-Tayeb’s words here are carefully chosen. If eve…

    That’s how we talk about the way Muslims act. When you see what Donald Trump is doing, is that any different from what we describe as radicalizing people?” said muzz FGM NASTY is a vicim. this is why the muzz…

  18. makati1 on Thu, 3rd Sep 2020 7:36 pm 

    The 10 most dangerous jobs in Amerika:

    1. Logging workers
    2. Fishers and related fishing workers
    3. Aircraft pilots and flight engineers
    4. Roofers
    5. Refuse and recyclable materials collectors
    6. Driver/sales workers and truck drivers
    7. Farmers, ranchers, and other agricultural workers
    8. Structural Iron and Steel workers
    9. First-line supervisors of construction trades and extraction workers
    10. First-line supervisors of landscaping, lawn service, and groundskeeping workers

    https://www.cnbc.com/2019/12/27/the-10-most-dangerous-jobs-in-america-according-to-bls-data.html

    Cops are not even mentioned in that list. They are 16th on this list:

    https://www.usatoday.com/picture-gallery/money/2020/01/24/25-most-dangerous-jobs-in-america/41041127/

    Perspective. Always perspective.

  19. Duncan Idaho on Thu, 3rd Sep 2020 7:44 pm 

    I’ve had 3 in the top ten.
    Pigs have it easy.

  20. whitey supertard atheistic scientific supremacist thunderfoot says youtube deleted his video on Thu, 3rd Sep 2020 7:45 pm 

    ask urself if someone speaks high british english exclusively does he love supremacist muzzies? Of course he does

    when this whitey supertard went on self imposed quarantine i said it smellz. this happens during first week of convict-19

    amputation now, amputation then, amputation forever

    CDC said 6% of convicts out of 150k convicts are real convicts

  21. REAL Green on Thu, 3rd Sep 2020 9:51 pm 

    Are Pink Poodle Sock makes us feel REAL strong and tuff and such. It’s like a widdle safety blanket. Sometimes we even masterbate with it when we suck are widdle thumb.

  22. Davy on Thu, 3rd Sep 2020 11:01 pm 

    Shut up Green, I told you not to talk to these fuck waks. That is MY job. Dont make me neuter you again. When we need to talk about the impending bifurcation of the multipolar hyper-discombobulation synthesis of the post-permaculture convergence singularity implosion of the neo-conservative-liberal-moderate covalent structural pyramidal structures, THEN you can talk.

    For now, shut your stupid piehole and dont give these fuckwaks any ideas, stupid.

  23. below not supertard obv on Thu, 3rd Sep 2020 11:09 pm 

    please love supremacist muzz more

  24. REAL Green on Thu, 3rd Sep 2020 11:09 pm 

    Your not the boss of me Davy.

    cuntface

  25. below not supreme goat obv on Thu, 3rd Sep 2020 11:10 pm 

    please love supremacist muzz more

  26. Davy on Thu, 3rd Sep 2020 11:20 pm 

    Your not real Green. Your one of my sock puppets. I made you up.

    penisface

  27. below is not supertard obv its some muzz lovah on Thu, 3rd Sep 2020 11:30 pm 

    lover gona love
    trigger

  28. On This Day... Sep 03, 2010: Quetta, Pakistan A Sunni suicide bomber wanders into a procession of Shiites: 73 Killed on Thu, 3rd Sep 2020 11:45 pm 

    lover gona love

  29. whitey supertard atheistic scientific supremacist thunderfoot says youtube deleted his video on Fri, 4th Sep 2020 12:01 am 

    the high british english speakers are allowed to destroy teh world, Y?

    club science 19 admitted dropout 19, Y?

    convict 19 employed a stupid darkie why?

    amputation now, amputation then, amputation forever

  30. zero juan on Fri, 4th Sep 2020 4:34 am 

    Nightly lunatic by juanPPee:

    whitey supertard atheistic scientific supremacist thunderfoot says youtube deleted his video said the high british english speakers are allowed to d…

    On This Day… Sep 03, 2010: Quetta, Pakistan A Sunni suicide bomber wanders into a procession of Shiites: 73 Killed said lover gona love

    below is not supertard obv its some muzz lovah said lover gona love trigger

    Davy said Your not real Green. Your one of my sock puppets….

    below not supreme goat obv said please love supremacist muzz more

    REAL Green said Your not the boss of me Davy. cuntface

    below not supertard obv said please love supremacist muzz more

    Davy said Shut up Green, I told you not to talk to these fuc…

    REAL Green said Are Pink Poodle Sock makes us feel REAL strong and…

    whitey supertard atheistic scientific supremacist thunderfoot says youtube deleted his video said ask urself if someone speaks high british english…

  31. bochen777 on Sun, 6th Sep 2020 3:08 am 

    Defence agency predicts America population will be reduced by 200 million, with a 90% drop in GDP by 2025…

    US dollar will collapse and lose its global reserve status by end of 2020.

    https://metallicman.com/laoban4site/deagel-forecast-for-usa-population-drops-70-by-2025/

    https://modernsurvivalblog.com/current-events/deagel-forecast-for-usa/

    USA will attack China on or before October 15th 2020…

    https://forum.ascendchina.ch/t/americas-evil-plan-to-nuke-china-as-the-final-solution-to-genocide-all-1-4-billion-chinese-people-on-earth/85

  32. Rik on Mon, 7th Sep 2020 4:20 pm 

    Multiculturalism failed. Wall up the neighborhoods, install CCTV cameras and set up patrols in hotspots.

  33. free forex signals on Fri, 6th Nov 2020 6:23 am 

    You can join With Our paid signal channel on Telegram we have been the most consistent reliable Forex Signals service in world. Join us and change your life. If you want daily profit then you can join with us and get 90% profitable trade always.
    https://www.pipsmake.com/

Leave a Reply

Your email address will not be published. Required fields are marked *