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

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:) Peek Into Crude oil Future Through Futures

* March 4, 2017

Following futures positions of non-commercials are as of February 28, 2017.

Crude oil: One more unsuccessful attempt at convincingly taking out resistance at $54-plus on spot West Texas Intermediate crude – now sideways for 12 weeks. Thursday, the crude sliced through the 50-day moving average – flat to slightly dropping – which was then recaptured Friday.

Will the bulls be able to continue to save support at $52-plus? Probably not. Weekly momentum indicators have turned lower. The rising trend line from the lows of February last year gets tested around $50.

In the meantime, U.S. crude inventory last week rose to yet another record – up 1.5 million barrels to 520.2 million barrels.

Crude imports rose, too – up 303,000 barrels per day to 7.6 million b/d. As did production, which increased 31,000 b/d to 9.03 mb/d.

Refinery utilization, however, increased 1.7 percentage points to three-week high 86 percent. The prior week was the lowest since April 26, 2013.

And there was improvement in stocks of both gasoline and distillates. The former dropped 546,000 barrels to 255.9 million barrels and the latter fell 925,000 barrels to 164.2 million barrels, although both remain elevated. In the week ended February 10, gasoline stocks were the highest ever at 259.1 million barrels, and in the week ended February 3 distillate stocks at 170.7 million barrels were the highest ever.

Currently net long 554k, down 15.7k.



http://www.hedgopia.com/cot-peek-into-future-through-futures-85/

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