EIA weekly Petroleum summary below:
http://ir.eia.gov/wpsr/wpsrsummary.pdf
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum
Reserve) decreased by 4.3 million barrels from the previous week. At 401.5 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Total
motor gasoline inventories increased by 1.8 million barrels last week and are about 7% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories increased by 3.1 million barrels last week and are about 6% below the five
year average for this time of year.
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Crude getting hammered today.
Crude prices below. Triple top?? Longer term uptrend still in place!
Crude 3 month chart
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Crude1year chart below
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Crude 5 year chart below
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Crude10 year chart below
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Crude prices historically.
We are now into the time frame of a seasonal top!
Unleaded Gasoline Price Charts(not as strong as crude or heating oil): Uptrend on longer term price chart still ......but maybe short term top(failed at resistence)
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5 year........are we headed back to the highs?
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Here are the gas prices at the pump. Should be lower than this!!!!
The National Gas Price Heat Map from GasBuddy:
https://www.gasbuddy.com/GasPriceMap?z=4
Weekly US ending stocks of crude oil. Peaked in March 2017 and have been falling sharply since then. Now still close to the lowest in 3.5 years:
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRSTUS1&f=W
Weekly ending stocks for unleaded gasoline. Barely peaked in Feb 2017 but have not dropped much...........similar this month to July 2017...still fairly high:
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WGTSTUS1&f=W
Weekly US ending stocks for distillate fuel oil(heating oil-especially used in the Northeast). Peaked in Feb 2017 and had PLUNGED to the lowest in 4 years and almost the lowest in 10 years.
However, distillate stocks have increased a great deal recently(the last 2 months)!
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WDISTUS1&f=W
Previous comments:
By tjc - Sept. 4, 2018, 11:31 a.m.
Opposite view point here.
Huge reversal taking place.
Short at 7044. Risk is new high
Probably good for 200-300 point drop this week
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By cutworm - Sept. 4, 2018, 5:09 p.m.
Nice open tjc. a reversal at a resistance point. Hope mike and silver have stops in positive territory.
By metmike - Sept. 4, 2018, 5:33 p.m.
The seasonal top for the liquid energies is in this current time frame into October. We could have triple top in the crude market.
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By silverspiker - Sept. 4, 2018, 8:43 p.m.
good trade tjc.... it is weak this evening too... just prayin' plumber dude got paid.... all I know is underlying futures
market NOT the "ETF"... good trades to all....
Covered---200 points!
Congrats tjc. Great trade!
Thanks for sharing the trade with us.
i was wondering what your exit strategy would be.
paid 2.95 today...not happy about that
If $2.95 makes you unhappy, just wait for $12.95. You'll be dreaming about that $2.95 Price!! Heck, take a picture of that price and save it. In Future years nobody will believe that Gas was this cheap!
Long. Stop at today's low