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Sunday, July 31, 2016 10:44:06 AM
Peek Into Crude Oil Future Through Futures
* July 30, 2016
The following are futures positions of non-commercials as of July 26, 2016. Change is week-over-week.
Crude oil: The $42.50-$43/barrel support zone on spot West Texas Intermediate crude was lost. It collapsed 21.5 percent from the high seven weeks ago before finding support at its 200-day moving average. The spot remains oversold on a daily chart. That said, there is a ton of resistance overhead.
From the fundamental perspective, this week was not much help.
In the July 22nd week, crude stocks rose by 1.7 million barrels to 521.1 million barrels. This was the first week-over-week increase in 10 weeks. Stocks are now down 22.3 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 increased 452,000 barrels to 241.5 million barrels, to a 12-week high.
Distillate stocks fell 780,000 barrels to 152 million barrels, to a three-week low.
Crude stocks jumped 303,000 barrels per day to 8.4 million b/d, matching the high five weeks ago. This was the highest since December 2012.
Crude production rose 21,000 b/d to 8.5 mb/d. This was the third straight weekly increase since production bottomed at 8.43 mb/d. Production is still down big since peaking at 9.61 mb/d in the June 5th week last year.
Refinery utilization fell eight-tenths of a point to 92.4 percent.
Currently net long 274.6k, down 24.7k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-54/
• DiscoverGold.
Click on "In reply to", for Authors past commentaries.
* July 30, 2016
The following are futures positions of non-commercials as of July 26, 2016. Change is week-over-week.
Crude oil: The $42.50-$43/barrel support zone on spot West Texas Intermediate crude was lost. It collapsed 21.5 percent from the high seven weeks ago before finding support at its 200-day moving average. The spot remains oversold on a daily chart. That said, there is a ton of resistance overhead.
From the fundamental perspective, this week was not much help.
In the July 22nd week, crude stocks rose by 1.7 million barrels to 521.1 million barrels. This was the first week-over-week increase in 10 weeks. Stocks are now down 22.3 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 increased 452,000 barrels to 241.5 million barrels, to a 12-week high.
Distillate stocks fell 780,000 barrels to 152 million barrels, to a three-week low.
Crude stocks jumped 303,000 barrels per day to 8.4 million b/d, matching the high five weeks ago. This was the highest since December 2012.
Crude production rose 21,000 b/d to 8.5 mb/d. This was the third straight weekly increase since production bottomed at 8.43 mb/d. Production is still down big since peaking at 9.61 mb/d in the June 5th week last year.
Refinery utilization fell eight-tenths of a point to 92.4 percent.
Currently net long 274.6k, down 24.7k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-54/
• 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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