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Saturday, June 11, 2016 10:04:15 AM
Peek Into Crude Oil Future Through Futures
* June 11, 2016
The following are futures positions of non-commercials as of June 7, 2016. Change is week-over-week.
Crude oil: Saudi Arabia Sunday cut its oil prices for July deliveries to Europe. The move comes after OPEC last week failed to reach a deal on production ceiling. The price drop must have surprised many as demand tends to grow in the second half.
The Saudis are probably responding to Iran’s resumption this February of crude exports to the EU. It is a market share issue. Markets pretty much ignored this, but liked what they saw in U.S. crude stockpile.
For the week to June 3rd, U.S. crude inventory dropped by another 3.2 million barrels to 532.5 million barrels. Inventory is now down 10.9 million barrels from the April 29th high of 543.4 million barrels, which was the highest since the all-time high 545.2 million barrels in October 1929.
Crude imports dropped, too – by 134,000 barrels per day to 7.7 million b/d.
Plus, refinery utilization rose to a nine-week high of 90.9 percent.
Other details were not as good.
Gasoline and distillate inventory both rose – the former by one million barrels to 239.6 million barrels and the latter by 1.8 million barrels to 151.4 million barrels. Both are down from recent highs – gasoline from the February 12th high of 258.7 million barrels and distillates from the January 8th high of 165.6 million barrels.
Crude production rose by 10,000 b/d to 8.75 mb/d. This was the first weekly increase in 13 weeks. Production peaked at 9.61 mb/d in the June 5th week last year.
By Wednesday, spot West Texas Intermediate crude had rallied another 5.4 percent, and then dropped hard the next couple of sessions, ending the week flat.
Amidst heavy overbought conditions, the weekly chart produced a shooting star. Daily shorter-term moving averages are now flat to slightly down. Crude wants to go lower.
Currently net long 329.9k, down 33.4k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-47/
• DiscoverGold.
Click on "In reply to", for Authors past commentaries.
* June 11, 2016
The following are futures positions of non-commercials as of June 7, 2016. Change is week-over-week.
Crude oil: Saudi Arabia Sunday cut its oil prices for July deliveries to Europe. The move comes after OPEC last week failed to reach a deal on production ceiling. The price drop must have surprised many as demand tends to grow in the second half.
The Saudis are probably responding to Iran’s resumption this February of crude exports to the EU. It is a market share issue. Markets pretty much ignored this, but liked what they saw in U.S. crude stockpile.
For the week to June 3rd, U.S. crude inventory dropped by another 3.2 million barrels to 532.5 million barrels. Inventory is now down 10.9 million barrels from the April 29th high of 543.4 million barrels, which was the highest since the all-time high 545.2 million barrels in October 1929.
Crude imports dropped, too – by 134,000 barrels per day to 7.7 million b/d.
Plus, refinery utilization rose to a nine-week high of 90.9 percent.
Other details were not as good.
Gasoline and distillate inventory both rose – the former by one million barrels to 239.6 million barrels and the latter by 1.8 million barrels to 151.4 million barrels. Both are down from recent highs – gasoline from the February 12th high of 258.7 million barrels and distillates from the January 8th high of 165.6 million barrels.
Crude production rose by 10,000 b/d to 8.75 mb/d. This was the first weekly increase in 13 weeks. Production peaked at 9.61 mb/d in the June 5th week last year.
By Wednesday, spot West Texas Intermediate crude had rallied another 5.4 percent, and then dropped hard the next couple of sessions, ending the week flat.
Amidst heavy overbought conditions, the weekly chart produced a shooting star. Daily shorter-term moving averages are now flat to slightly down. Crude wants to go lower.
Currently net long 329.9k, down 33.4k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-47/
• 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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