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Saturday, March 09, 2024 9:34:33 AM
By: Hedgopia | March 9, 2024
• Following futures positions of non-commercials are as of March 5, 2024.
WTI crude oil: Currently net long 292.9k, up 18.3k.
The $81-$82 resistance proved too strong for oil bulls to win over. Last week, West Texas Intermediate crude tagged $80.85, closing at $79.97. This week, it ticked $80.67 on Wednesday to end the week down 2.5 percent to $78.01/barrel.
The crude remains bound within an 18-month range between $71-$72 and $81-$82. Last week’s was the first time in over three months the top of the range was tested, and it held firm.
With this, odds have grown of continued unwinding of the overbought conditions on the daily.
In the meantime, as per the EIA, US crude production in the week to March 1st fell 100,000 barrels per day week-over-week from record 13.3 million b/d. Crude imports increased 837,000 b/d to 7.2 mb/d. As did crude inventory, which grew 1.4 million barrels to 448.5 million barrels. Stocks of gasoline and distillates, however, declined 4.5 million barrels and 4.1 million barrels respectively to 239.7 million barrels and 117 million barrels. Refinery utilization increased 3.4 percentage points to 84.9 percent.
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