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Sunday, July 17, 2016 10:37:47 AM
Peek Into Crude Oil Future Through Futures
* July 16, 2016
The following are futures positions of non-commercials as of July 12, 2016. Change is week-over-week.
Crude oil: OPEC produced nearly 32.9 million barrels per day in June, up 260,000 b/d from May. Between January and May, production averaged just under 32.6 mb/d. Is OPEC winning the market-share war it initiated in 2014?
In the U.S., for instance, crude production peaked at 9.61 mb/d in the June 5th week last year, and has since dropped by more than a million b/d. In the week ended July 8th, production rose 57,000 b/d to 8.5 million b/d.
In the said week, crude imports dropped 522,000 b/d to 7.8 mb/d.
Crude stocks fell as well, by 2.6 million barrels to 521.8 million barrels. They are now down 21.6 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 and distillate stocks, however, rose – by 1.2 million barrels and 4.1 million barrels to 240.1 million barrels and 153 million barrels, respectively.
Refinery utilization decreased two-tenths of a point to 92.3 percent.
Bulls must be hoping spot West Texas Intermediate crude is able to stabilize around here. On a daily basis, conditions are oversold. That said, on the weekly chart, there is downside risk still, with support at $42.50-$43.
Currently net long 309.7k, down 8.8k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-52/
• DiscoverGold.
Click on "In reply to", for Authors past commentaries.
* July 16, 2016
The following are futures positions of non-commercials as of July 12, 2016. Change is week-over-week.
Crude oil: OPEC produced nearly 32.9 million barrels per day in June, up 260,000 b/d from May. Between January and May, production averaged just under 32.6 mb/d. Is OPEC winning the market-share war it initiated in 2014?
In the U.S., for instance, crude production peaked at 9.61 mb/d in the June 5th week last year, and has since dropped by more than a million b/d. In the week ended July 8th, production rose 57,000 b/d to 8.5 million b/d.
In the said week, crude imports dropped 522,000 b/d to 7.8 mb/d.
Crude stocks fell as well, by 2.6 million barrels to 521.8 million barrels. They are now down 21.6 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 and distillate stocks, however, rose – by 1.2 million barrels and 4.1 million barrels to 240.1 million barrels and 153 million barrels, respectively.
Refinery utilization decreased two-tenths of a point to 92.3 percent.
Bulls must be hoping spot West Texas Intermediate crude is able to stabilize around here. On a daily basis, conditions are oversold. That said, on the weekly chart, there is downside risk still, with support at $42.50-$43.
Currently net long 309.7k, down 8.8k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-52/
• 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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