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Re: DiscoverGold post# 1896

Saturday, 04/09/2016 10:24:47 AM

Saturday, April 09, 2016 10:24:47 AM

Post# of 1958
Peek Into Crude Oil Future Through Futures

* April 9, 2016

The following are futures positions of non-commercials as of April 5, 2016. Change is week-over-week.

Crude oil: Fortunes flipped, so to speak.

For the week ended last Friday, crude stocks fell in the U.S., while gasoline and distillate stocks rose.

For the first time in eight weeks, crude inventory declined – by 4.9 million barrels to 529.9 million barrels. The prior week was the highest since the all-time high in 1929. In the past 13 weeks, stocks have gone up by 47.6 million barrels.

In the meantime, gasoline stocks rose by 1.4 million barrels to 244 million barrels. Prior to this, stocks declined by 16.1 million barrels in six weeks. Similarly, distillate stocks increased by 1.8 million barrels to 163 million barrels.

Crude production, too, fell by 14,000 barrels per day to nine million barrels per day. Production reached a record 9.61 mb/d in the June 5th (2015) week.

Crude imports continued to fall, this time by 494 kb/d to 7.3 mb/d. In the past couple of weeks, imports have fallen by 1.1 mbpd, but from a high level.

Lastly, refinery utilization rose by a point to 91.4. Utilization has increased 5.3 points in the past eight weeks.

As stated last week, support at $34.50-$35 was a line in the sand. It held this week, with an increase in volume. There is room to rally on a daily chart.

The only potential problem is the U.S. dollar. The U.S. dollar index is itching to rally – at least near term.

Currently net long 293.3k, down 8.7k.



http://www.hedgopia.com/cot-peek-into-future-through-futures-38/

• George.

Click on "In reply to", for Authors past commentaries.

Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• gtsourdinis

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