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Saturday, May 14, 2016 10:25:31 AM
Peek Into Crude Oil Future Through Futures
* May 14, 2016
The following are futures positions of non-commercials as of May 10, 2016. Change is week-over-week.
Crude oil: Global oil markets are heading towards an equilibrium, says the International Energy Agency.
OPEC is not seeing a decline in production, non-OPEC is.
OPEC member Iran’s crude oil production apparently jumped to 3.6 million barrels per day, back to pre-2012 sanction levels. And it is seeking to win back market share. On Tuesday, it cut crude prices versus Saudi Arabia and Iraq, setting the June official selling price for Iranian heavy crude at $1.60 a barrel below the Oman/Dubai average.
At least in the U.S., production is declining. For the week ended May 6th, production fell 23,000 b/d to 8.8 mb/d. This was the fifth consecutive sub-nine mb/d. Production peaked at 9.61 mb/d in the June 5th week last year.
Help also came from crude imports, which dropped 5,000 b/d to 7.7 mb/d.
Stocks were down as well. For the first time in five weeks, crude inventory fell – by 3.4 million barrels to 540 million barrels. The preceding week’s total was a mere 1.8 million barrels from the all-time high 545.2 million barrels in October 1929.
Gasoline and distillate stocks fell as well – the former by 1.2 million barrels to 240.6 million barrels, and the latter by 1.6 million barrels to 155.3 million barrels.
The only downer was refinery utilization which fell six-tenths of a percentage point to 89.1 percent.
Spot West Texas Intermediate crude continued to rally – up 5.3 percent for the week. Kudos to oil bulls who for the third week running defended $43.50 support.
Currently net long 295k, down 24k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-43/
• DiscoverGold.
Click on "In reply to", for Authors past commentaries.
* May 14, 2016
The following are futures positions of non-commercials as of May 10, 2016. Change is week-over-week.
Crude oil: Global oil markets are heading towards an equilibrium, says the International Energy Agency.
OPEC is not seeing a decline in production, non-OPEC is.
OPEC member Iran’s crude oil production apparently jumped to 3.6 million barrels per day, back to pre-2012 sanction levels. And it is seeking to win back market share. On Tuesday, it cut crude prices versus Saudi Arabia and Iraq, setting the June official selling price for Iranian heavy crude at $1.60 a barrel below the Oman/Dubai average.
At least in the U.S., production is declining. For the week ended May 6th, production fell 23,000 b/d to 8.8 mb/d. This was the fifth consecutive sub-nine mb/d. Production peaked at 9.61 mb/d in the June 5th week last year.
Help also came from crude imports, which dropped 5,000 b/d to 7.7 mb/d.
Stocks were down as well. For the first time in five weeks, crude inventory fell – by 3.4 million barrels to 540 million barrels. The preceding week’s total was a mere 1.8 million barrels from the all-time high 545.2 million barrels in October 1929.
Gasoline and distillate stocks fell as well – the former by 1.2 million barrels to 240.6 million barrels, and the latter by 1.6 million barrels to 155.3 million barrels.
The only downer was refinery utilization which fell six-tenths of a percentage point to 89.1 percent.
Spot West Texas Intermediate crude continued to rally – up 5.3 percent for the week. Kudos to oil bulls who for the third week running defended $43.50 support.
Currently net long 295k, down 24k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-43/
• 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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