Oil & Gas - Energy - Commodities - Resources (OILBRENT)

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Peek Into Crude oil Future Through Futures

* December 10, 2016

Following futures positions of non-commercials are as of December 6, 2016.

Crude oil: Last week, spot West Texas Intermediate crude jumped 12.2 percent, ending right at the neckline of a reverse-head-and-shoulders formation, which, if fulfills, can be bullish. This week, crude rallied to $52.42 on Monday to unsuccessfully break out of that resistance at $52-ish.

Daily indicators are itching to move lower. The week produced a doji. Oil bulls expended too much energy last week. There is support at $49. The 50-day moving average lies at $48.37.

The weekly EIA report was not of much help either.

In the week ended last Friday, U.S. gasoline and distillate stocks rose – by 3.4 million barrels to 229.5 million barrels and by 2.5 million barrels to 156.7 million barrels, respectively – to 14- and eight-week highs, in that order.

Crude imports jumped 755,000 barrels per day to 8.3 million b/d.

The good thing is, refinery utilization inched up six-tenths of a point to 90.4 percent. Similarly, crude stocks dropped by 2.4 million barrels to 485.8 million barrels – a four-week low. Last but not the least, crude production inched down 2,000 b/d to 8.7 mb/d.

Currently net long 366.2k, up 65.8k.



http://www.hedgopia.com/cot-peek-into-future-through-futures-73/

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