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Saturday, July 09, 2016 8:15:48 AM
Peek Into Crude Oil Future Through Futures
* July 9, 2016
The following are futures positions of non-commercials as of July 5, 2016. Change is week-over-week.
Crude oil: The seven weeks of sideways action after a nearly doubling of the price in four months was resolved this week – by breaking to the downside. Spot West Texas Intermediate crude lost 8.4 percent for the week, losing $46/barrel a support as well as the 50-day moving average.
Continuation of good news on the stocks front did not help. Technicals prevailed.
In the week ended July 1st, crude stocks fell by 2.2 million barrels to 524.4 million barrels. They are now down 19 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.
Gasoline stocks declined 122,000 barrels to 238.9 million barrels. And distillate stocks contracted 1.6 million barrels to 148.9 million barrels – the lowest in seven months.
U.S. production continues to drop, down another 194,000 barrels per day to 8.4 million b/d. Production peaked at 9.61 mb/d in the June 5th week last year.
Crude imports, however, rose 808,000 barrels to 8.4 mb/d. Plus, refinery utilization fell five-tenths a point to 92.5 percent; the prior week was a 29-week high.
On the weekly chart, there is plenty of downside risk still, with support at $42.50-$43, followed by the 200-day moving average ($41.11).
Currently net long 318.5k, down 752.
http://www.hedgopia.com/cot-peek-into-future-through-futures-51/
• DiscoverGold.
Click on "In reply to", for Authors past commentaries.
* July 9, 2016
The following are futures positions of non-commercials as of July 5, 2016. Change is week-over-week.
Crude oil: The seven weeks of sideways action after a nearly doubling of the price in four months was resolved this week – by breaking to the downside. Spot West Texas Intermediate crude lost 8.4 percent for the week, losing $46/barrel a support as well as the 50-day moving average.
Continuation of good news on the stocks front did not help. Technicals prevailed.
In the week ended July 1st, crude stocks fell by 2.2 million barrels to 524.4 million barrels. They are now down 19 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.
Gasoline stocks declined 122,000 barrels to 238.9 million barrels. And distillate stocks contracted 1.6 million barrels to 148.9 million barrels – the lowest in seven months.
U.S. production continues to drop, down another 194,000 barrels per day to 8.4 million b/d. Production peaked at 9.61 mb/d in the June 5th week last year.
Crude imports, however, rose 808,000 barrels to 8.4 mb/d. Plus, refinery utilization fell five-tenths a point to 92.5 percent; the prior week was a 29-week high.
On the weekly chart, there is plenty of downside risk still, with support at $42.50-$43, followed by the 200-day moving average ($41.11).
Currently net long 318.5k, down 752.
http://www.hedgopia.com/cot-peek-into-future-through-futures-51/
• 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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