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Crude Oil WTI Sep '15 (CLU15)

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Crude Oil WTI Futures Market News and Commentary

Oil Prices Fall Back on Concern about Progress in U.S./China Trade Talks

Oct WTI crude oil (CLV19) on Friday closed down by -0.04 (-0.07%), Nov Brent crude oil (CBX19) closed down by -0.12 (-0.19%), and Oct RBOB gasoline (RBV19) closed down -0.0223 (-1.31%). The energy complex moved lower Friday on a stronger dollar and uncertainty about progress in U.S./China trade talks. A stronger dollar weighed on the energy complex Friday, but losses accelerated Friday afternoon after a Chinese trade delegation canceled a planned trip to farms in the U.S. and headed back to China, raising concern about any progress in trade talks. Middle East tensions remain high, which may limit the downside in energy prices over the near-term. President Trump on Friday declined to say if he's planning for military action against Iran in retaliation for last Saturday's attacks on Saudi oil facilities, although he did say the U.S. Treasury will impose sanctions on the Central Bank of Iran. Iran's foreign minister on Thursday warned that any U.S. or Saudi strike on his country in response to Saturday's attack on Saudi oil installations would lead to "all-out war." Concerns remain about how soon Saudi Arabia can resume production at its damaged oil facilities. Saudi Arabia's Abqaiq oil processing facility on Wednesday said it had recovered to 41% of capacity or to 2 million bpd and Aramco said crude processing at Abqaiq will return to the pre-attack level of about 4.9 million bpd by the end of the month. A supportive factor for crude prices was weekly data from Baker Hughes Friday afternoon that showed active U.S. oil rigs fell by -14 the week ended Sep 20 to 719, the fewest in 2-1/4 years. Crude prices on Monday surged to 3-3/4 month highs after Saudi Arabia lost about half of its oil production output (i.e., 5 mln bpd of total 9.8 mln bpd production), representing about 5% of total world output, due to a drone/missile attack and fire at its key Abqaiq oil processing facility on Saturday. Wednesday’s weekly EIA data showed that U.S. crude oil inventories as of Sep 13 were -0.8% below the seasonal 5-year average, gasoline inventories were +3.8% above the 5-year average, and distillate inventories were -5.6% below the 5-year average. U.S. crude production in the week ended Sep 13 was unchanged at 12.4 million bpd, just below the record high of 12.5 million bpd in the week of Aug 23. Big Picture Crude Oil Market Factors: Bullish factors include (1) attacks on Saudi Arabia's key Abqaiq oil processing facility that cut Saudi Arabia's oil production by half (i.e., 5 mln bpd of total 9.8 mln bpd production), representing about 5% of total world output, (2) the agreement by OPEC+ to extend its production cut agreement by 9 months until March 2020, (3) the -130,000 bpd decline in OPEC July crude production to a 5-1/2 year low of 29.87 million bpd, (4) heightened Persian Gulf tensions, and (5) the sharp drop in Iranian oil production from U.S. sanctions and in Venezuela oil production from U.S. sanctions and the economic crisis. Bearish factors include (1) the recent rally in the dollar index to a 2-year high, (2) global trade tensions that may drag global growth and energy demand lower, (3) the recent surge in U.S. oil production to a record high of 12.5 million bpd, and (4) near-average current supplies with U.S. crude oil inventories -0.8% below the 5-year average.

Contract Specifications

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Contract
Crude Oil West Texas Intermediate
Contract Size
1,000 U.S. barrels (42,000 gallons)
Tick Size
1 cent per barrel ($10.00 per contract)
Trading Hours
5:00p.m. - 4:00p.m. (Sun-Fri) (RTH 8:00a.m. - 1:30p.m.) (Settles 1:30p.m.) CST
Exchange
NYMEX
Point Value
$1,000
Margin/Maintenance
$4,950/4,500
First Notice Date
08/22/15
Expiration Date
08/20/15 (expired)

Seasonal Chart

Crude Oil WTI Sep '15
Average Price Chart for 5 Prior Sep Contracts

Commitment of Traders Positions as of Sep 17, 2019

View Chart Details
Commercials - Long / Short
726,980 (+10,770)
1,167,263 (+26,865)
Non-Commercials - Long / Short
530,357 (+2,778)
103,252 (+3,878)
Producers - Long / Short
429,278 (+1,467)
402,579 (-14,782)
Swap Dealers - Long / Short
135,475 (+2,073)
602,457 (+34,417)
Managed Money - Long / Short
266,138 (+3,993)
39,324 (-2,333)
Other Reportables - Long / Short
264,219 (-1,215)
63,928 (+6,211)
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Price Performance

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Period Period Low Period High Performance
1-Month
40.21 +2.31%
on 08/20/15
51.41 -19.98%
on 07/21/15
-9.30 (-18.44%)
since 07/20/15
3-Month
40.21 +2.31%
on 08/20/15
62.51 -34.19%
on 06/10/15
-18.61 (-31.15%)
since 05/20/15
52-Week
40.21 +2.31%
on 08/20/15
92.31 -55.43%
on 08/29/14
-49.85 (-54.79%)
since 08/20/14

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Oil Prices Fall Back on Concern about Progress in U.S./China Trade Talks

Oct WTI crude oil (CLV19) on Friday closed down by -0.04 (-0.07%), Nov Brent crude oil (CBX19) closed down by -0.12 (-0.19%), and Oct RBOB gasoline (RBV19) closed down -0.0223 (-1.31%). The energy complex...

Natural Gas Prices Close Lower on Carry-Over from Thursday's Bearish EIA Nat-Gas Inventories

Oct Nymex natural gas (NGV19) on Friday closed down by -0.004 (-0.16%). Nat-gas prices moved lower for a third day Friday and posted a 1-week low. Negative carry-over from Thursday's bearish EIA inventory...

Oil Prices Remain Firm on Geopolitical Risks and Doubts About Saudi Production Recovery

Oct WTI crude oil (CLV19) this morning is up by +0.53 (+0.91%), Nov Brent crude oil (CBX19) is up by +0.37 (+0.57%), and Oct RBOB gasoline (RBV19) is down -0.0069 (-0.41%). The energy complex is mixed...

Natural Gas Prices Remain Weak on Carry-Over from Thursday's Bearish EIA Nat-Gas Inventories

Oct Nymex natural gas (NGV19) this morning is down by -0.010 (-0.39%). Nat-gas prices are moving lower for a third day today and posted a 1-week low. Negative carry-over from Thursday's bearish EIA inventory...

Silver & Gold Remain Best Performers Other Commodities Getting Real Cheap

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 96% Sell with a Strengthening short term outlook on maintaining the current direction.

Longer term, the trend strength is Strong. Long term indicators fully support a continuation of the trend.

The market is approaching oversold territory. Be watchful of a trend reversal.

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Key Turning Points

2nd Resistance Point 42.21
1st Resistance Point 41.68
Last Price 41.14s
1st Support Level 40.41
2nd Support Level 39.67

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52-Week High 92.31
Fibonacci 61.8% 72.41
Fibonacci 50% 66.26
Fibonacci 38.2% 60.11
Last Price 41.14s
52-Week Low 40.21

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