Oil & Gas - Energy - Commodities - Resources (OILBRENT)

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Peek Into Crude oil Future Through Futures

* December 24, 2016

Following futures positions of non-commercials are as of December 20, 2016.

Crude oil: Markets interpreted Wednesday’s EIA report as negative. Spot West Texas Intermediate crude lost 1.5 percent in that session.

In the week ended last Friday, crude stocks did indeed rise 2.3 million barrels to 485.4 million barrels. As did crude imports, which increased by 1.1 million barrels per day to 8.5 mb/d – a seven-week high.

On the positive side, both gasoline and distillate stocks fell – by 1.3 million barrels to 228.7 million barrels and by 2.4 million barrels to 153.5 million barrels, respectively.

Crude production fell, too, but just by 10,000 b/d to 8.8 mb/d. And refinery utilization rose one percentage point to 91.5 – a 13-week high.

Coming into the week, spot WTI was beginning to look fatigued, with a long-legged weekly doji last week and a doji before that. This week produced another dojj. Since it bottomed in early February this year, it has more than doubled, and in the process has carved out a potentially bullish inverse head-and-shoulders pattern. Odds favor it does not complete – at least not in the near term.

Currently net long 434.4k, up 8k.



http://www.hedgopia.com/cot-peek-into-future-through-futures-75/

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