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Sunday, May 08, 2016 9:24:17 AM
Peek Into Crude Oil Future Through Futures
* May 7, 2016
The following are futures positions of non-commercials as of May 3, 2016. Change is week-over-week.
Crude oil: Wildfire in Canada’s oil-sands district helped crude-oil prices. So did tensions between rival factions in Libya. Although not enough to stop spot West Texas Intermediate crude from dropping 2.9 percent – its first negative week in five.
The long-legged doji last Friday proved prescient.
That said, bulls should take heart from the fact that broken-resistance-turned support at $43.50 is intact. With weekly conditions as overbought as they are, one wonders how long that support holds.
Fundamentally, for the week ended April 29th, U.S. crude inventory continued to rise, up another 2.8 million barrels to 543.4 million barrels. In the past 17 weeks, stocks have gone up by 61.1 million barrels, and are inching ever closer to the all-time high 545.2 million barrels in October 1929.
Gasoline stocks, too, rose – for the second week running – by 536,000 barrels to 241.8 million barrels. And last but not the least, crud imports rose 110,000 barrels per day to 7.7 million b/d.
On the positive side, crude production continued to slide, this time dropping 113,000 b/d to 8.8 mb/d. This was the fourth consecutive sub-nine mb/d. Production peaked at 9.61 mb/d in the June 5th week last year.
As well, distillate stocks fell by another 1.3 million barrels to 157 million barrels. In the past three weeks, stocks have declined by 6.5 million barrels. And, refinery utilization rose 1.6 percentage points to 89.7.
Currently net long 318.9k, down 10.9k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-42/
• DiscoverGold.
Click on "In reply to", for Authors past commentaries.
* May 7, 2016
The following are futures positions of non-commercials as of May 3, 2016. Change is week-over-week.
Crude oil: Wildfire in Canada’s oil-sands district helped crude-oil prices. So did tensions between rival factions in Libya. Although not enough to stop spot West Texas Intermediate crude from dropping 2.9 percent – its first negative week in five.
The long-legged doji last Friday proved prescient.
That said, bulls should take heart from the fact that broken-resistance-turned support at $43.50 is intact. With weekly conditions as overbought as they are, one wonders how long that support holds.
Fundamentally, for the week ended April 29th, U.S. crude inventory continued to rise, up another 2.8 million barrels to 543.4 million barrels. In the past 17 weeks, stocks have gone up by 61.1 million barrels, and are inching ever closer to the all-time high 545.2 million barrels in October 1929.
Gasoline stocks, too, rose – for the second week running – by 536,000 barrels to 241.8 million barrels. And last but not the least, crud imports rose 110,000 barrels per day to 7.7 million b/d.
On the positive side, crude production continued to slide, this time dropping 113,000 b/d to 8.8 mb/d. This was the fourth consecutive sub-nine mb/d. Production peaked at 9.61 mb/d in the June 5th week last year.
As well, distillate stocks fell by another 1.3 million barrels to 157 million barrels. In the past three weeks, stocks have declined by 6.5 million barrels. And, refinery utilization rose 1.6 percentage points to 89.7.
Currently net long 318.9k, down 10.9k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-42/
• DiscoverGold.
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!
• DiscoverGold
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