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Saturday, May 21, 2016 9:24:14 AM
Peek Into Crude Oil Future Through Futures
* May 21, 2016
The following are futures positions of non-commercials as of May 17, 2016. Change is week-over-week.
Crude oil: The weekly EIA report was mixed to slightly better.
For the week ended May 13th, crude stocks rose 1.3 million barrels to 541.3 million barrels, less than four million barrels from the all-time high 545.2 million barrels in October 1929. Plus, crude imports increased 22,000 barrels per day to 7.7 million b/d – a four-week high.
On the positive side, refinery utilization rose 1.4 percentage points to 90.5 percent – a six-week high.
Crude production continued to slide, this time by 11,000 b/d to 8.8 mb/d. This was the sixth straight sub-nine mb/d. Production peaked at 9.61 mb/d in the June 5th week last year.
And stocks of both gasoline and distillates fell – the former by 2.5 million barrels to 238.1 million barrels and the latter by 3.2 million barrels to 152.2 million barrels.
Spot West Texas Intermediate crude continued to rally – up another 2.9 percent for the week, and its sixth positive week in the past seven. Momentum, no matter how overbought, is intact, with shorter-term moving averages pointing up. Ditto with the 50-day, with the 200-day flat to slightly rising. That said, some signs of potential weakness are showing up on a daily chart.
Currently net long 371.2k, up 76.2k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-44/
• DiscoverGold.
Click on "In reply to", for Authors past commentaries.
* May 21, 2016
The following are futures positions of non-commercials as of May 17, 2016. Change is week-over-week.
Crude oil: The weekly EIA report was mixed to slightly better.
For the week ended May 13th, crude stocks rose 1.3 million barrels to 541.3 million barrels, less than four million barrels from the all-time high 545.2 million barrels in October 1929. Plus, crude imports increased 22,000 barrels per day to 7.7 million b/d – a four-week high.
On the positive side, refinery utilization rose 1.4 percentage points to 90.5 percent – a six-week high.
Crude production continued to slide, this time by 11,000 b/d to 8.8 mb/d. This was the sixth straight sub-nine mb/d. Production peaked at 9.61 mb/d in the June 5th week last year.
And stocks of both gasoline and distillates fell – the former by 2.5 million barrels to 238.1 million barrels and the latter by 3.2 million barrels to 152.2 million barrels.
Spot West Texas Intermediate crude continued to rally – up another 2.9 percent for the week, and its sixth positive week in the past seven. Momentum, no matter how overbought, is intact, with shorter-term moving averages pointing up. Ditto with the 50-day, with the 200-day flat to slightly rising. That said, some signs of potential weakness are showing up on a daily chart.
Currently net long 371.2k, up 76.2k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-44/
• 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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