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Re: DiscoverGold post# 1902

Saturday, 04/23/2016 10:22:17 AM

Saturday, April 23, 2016 10:22:17 AM

Post# of 1958
Peek Into Crude Oil Future Through Futures

* April 23, 2016

The following are futures positions of non-commercials as of April 19, 2016. Change is week-over-week.

Crude oil: At least in the U.S., the divergence between crude and gasoline stocks continues.

For the week ended April 15th, crude inventory rose by another 2.1 million barrels to 538.6 million barrels. In the past 15 weeks, stocks have gone up by 56.3 million barrels. Stocks are inching ever closer to the all-time high 545 million barrels in 1929.

Gasoline stocks, on the other hand, fell by another 110,000 barrels to 239.7 million barrels. Stocks have gone down by 19 million barrels in the past nine weeks.

Other positives included distillate inventory, which fell 3.6 million barrels to 159.9 million barrels, and crude production, which stayed below nine million barrels per day for a second week, dropping 24,000 b/d to 8.95 mb/d. Production peaked at 9.61 mb/d in the June 5th week last year, so has declined by more than 600,000 b/d. Further, refinery utilization inched up two-tenths of a percent to 89.4 percent.

On the negative column were crude imports, which increased 247,000 b/d to 8.2 mb/d.

Markets continue to be in a mood of clinging on to the positives and giving the cold shoulder to the negatives.

Spot West Texas Intermediate crude added another 4.8 percent this week – its third consecutive up week. Since April 5th when it successfully defended breakout support at $34.50-$35 through the Thursday intra-day high, it rallied 26 percent.

With this, the WTI sits right at resistance at $43.50 that goes back to January last year, and, in fact, can be extended to even July 2004. Needlessly to say, a breakout here would be a massive technical win for the bulls.

In the event of a breakout, given the run it has had since February 11th and the overbought conditions it is in, whether or not it will stick is a different matter altogether.

Currently net long 326.3k, up 32.7k.



http://www.hedgopia.com/cot-peek-into-future-through-futures-40/

• DiscoverGold.

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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!
• DiscoverGold

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