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

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WTI Crude Oil CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | March 16, 2024

• Following futures positions of non-commercials are as of March 12, 2024.

WTI crude oil: Currently net long 282.5k, down 10.4k.



Oil bulls maintained their onslaught at the upper end of an 18-month range between $71-$72 and $81-$82. Intraday Thursday, West Texas Intermediate crude tagged $81.62 before retreating to end the week up 3.3 percent to $80.58/barrel.

From the bulls’ perspective, the good thing is that the crude has trended higher since bottoming at $67.71 last December. Thursday’s high was the highest since early November last year. WTI remains above both the 50- and 200-day, with the former rising and the latter flattish. At this rate, a golden cross between the averages is just a matter of time.

With that said, the range resistance mentioned previously is standing firm. Plus, conditions – the weekly in particular – are in overbought territory.

In the meantime, as per the EIA, US crude production in the week to March 8th fell 100,000 barrels per day week-over-week to 13.1 million b/d; until two weeks ago, output was at a record 13.3 mb/d. Crude imports decreased 1.7 mb/d to 5.5 mb/d. As did stocks of crude and gasoline, which respectively dropped 1.5 million barrels and 5.7 million barrels to 447 million barrels and 234.1 million barrels. Inventory of distillates, however, increased 888,000 barrels to 117.9 million barrels. Refinery utilization increased 1.9 percentage points to 86.8 percent.

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