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Saturday, July 23, 2016 9:57:20 AM
Peek Into Crude Oil Future Through Futures
* July 23, 2016
The following are futures positions of non-commercials as of July 19, 2016. Change is week-over-week.
Crude oil: U.S. crude stocks continued to decline – down 2.3 million barrels to 519.5 million barrels in the July 15th week. They are now down 23.9 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.
Distillate inventory fell as well – by 214,000 barrels to 152.8 million barrels.
Refinery utilization rose nine-tenths of a point to 93.2 percent – the highest since November 27th last year.
Gasoline stocks, however, increased 911,000 barrels to 241 million barrels – an 11-week high.
Production rose as well – by 9,000 barrels per day to 8.49 million b/d. This was the second straight week-over-week increase after production dropped to 8.43 mb/d two weeks ago. Production peaked at 9.61 mb/d in the June 5th week last year.
Crude imports rose by 293,000 b/d to 8.13 mb/d.
During the five sessions prior to Friday, spot West Texas Intermediate crude traded around the declining 10-day moving average before pulling away yesterday. Daily conditions are oversold, but the weekly chart has downside risk still, with support at $42.50-$43. The spot just had a bearish MACD cross-under.
Currently net long 299.3k, down 10.5k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-53/
• DiscoverGold.
Click on "In reply to", for Authors past commentaries.
* July 23, 2016
The following are futures positions of non-commercials as of July 19, 2016. Change is week-over-week.
Crude oil: U.S. crude stocks continued to decline – down 2.3 million barrels to 519.5 million barrels in the July 15th week. They are now down 23.9 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.
Distillate inventory fell as well – by 214,000 barrels to 152.8 million barrels.
Refinery utilization rose nine-tenths of a point to 93.2 percent – the highest since November 27th last year.
Gasoline stocks, however, increased 911,000 barrels to 241 million barrels – an 11-week high.
Production rose as well – by 9,000 barrels per day to 8.49 million b/d. This was the second straight week-over-week increase after production dropped to 8.43 mb/d two weeks ago. Production peaked at 9.61 mb/d in the June 5th week last year.
Crude imports rose by 293,000 b/d to 8.13 mb/d.
During the five sessions prior to Friday, spot West Texas Intermediate crude traded around the declining 10-day moving average before pulling away yesterday. Daily conditions are oversold, but the weekly chart has downside risk still, with support at $42.50-$43. The spot just had a bearish MACD cross-under.
Currently net long 299.3k, down 10.5k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-53/
• 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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