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Crude Oil WTI Sep '16 (CLU16)

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Crude Oil WTI Futures Market News and Commentary

Energy Complex Plummets on Trade-War Concerns

July WTI crude oil (CLN19) on Thursday closed down by -3.51 (-5.71%) and July Brent crude oil (CBN19) closed down by -3.23 (-4.55%). July RBOB gasoline (RBN19) closed down by -0.0765 (-3.89%). The energy complex sold off sharply Thursday with Jul WTI crude at a 2-1/4 month low and July Brent crude and Jul RBOB gasoline at 1-3/4 month lows. Demand concerns spurred fund selling in the energy complex as a worsening of the trade conflict between the U.S. and China, the world's two-biggest crude consumers, raised concern the global economy and energy demand will suffer. Trade talks between the U.S. and China appear to be stalled after China's Ministry of Commerce said, "if the U.S. wants to resume talks, they should show sincerity and correct their wrong practices." The energy complex was already on the defensive from Wednesday's bearish EIA report that showed U.S. crude inventories jumped +4.75 million bbl in the week of May 17 to a 1-3/4 year high of 476.775 million bbl and U.S. crude production rose +0.8% in the week of May 17 to 12.2 million bpd, just below the April 26 record high of 12.3 million bpd. Crude prices on Monday rallied to a 3-week high on the outlook for OPEC+ to extend its crude production cuts past June after Saudi Energy Minister Khalid Al-Falih urged OPEC+ members at a meeting in Jeddah over the weekend to "stay the course" on crude oil output cuts. Crude oil prices are also seeing underlying support from increased US/Iran tensions in the Middle East. Wednesday's EIA data showed that U.S. crude oil inventories as of May 17 were +4.9% above the 5-year average, gasoline inventories were -0.5% below the 5-year average, and distillate inventories were -3.7% 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
$3,465/3,150
First Notice Date
08/24/16
Expiration Date
08/22/16 (expired)

Seasonal Chart

Crude Oil WTI Sep '16
Average Price Chart for 5 Prior Sep Contracts

Commitment of Traders Positions as of May 14, 2019

View Chart Details
Commercials - Long / Short
735,104 (+41,720)
1,243,983 (+29,020)
Non-Commercials - Long / Short
607,979 (-8,810)
120,171 (-2,282)
Producers - Long / Short
453,781 (+28,557)
485,744 (+29,530)
Swap Dealers - Long / Short
146,990 (-3,477)
623,906 (-17,150)
Managed Money - Long / Short
304,707 (-14,613)
40,168 (+1,976)
Other Reportables - Long / Short
303,272 (+5,803)
80,003 (-4,258)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
39.19 +20.06%
on 08/03/16
48.75 -3.49%
on 08/19/16
+2.86 (+6.47%)
since 07/22/16
3-Month
39.19 +20.06%
on 08/03/16
52.73 -10.77%
on 06/09/16
-2.17 (-4.41%)
since 05/20/16
52-Week
32.85 +43.23%
on 01/20/16
54.91 -14.31%
on 08/31/15
+0.37 (+0.79%)
since 08/21/15

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 32% Buy with a Weakest short term outlook on maintaining the current direction.

Longer term, the trend strength is Weak.

The market is in highly overbought territory. Beware of a trend reversal.

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Key Turning Points

2nd Resistance Point 49.05
1st Resistance Point 48.05
Last Price 47.05s
1st Support Level 46.40
2nd Support Level 45.75

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52-Week High 54.91
Last Price 47.05s
Fibonacci 61.8% 46.48
Fibonacci 50% 43.88
Fibonacci 38.2% 41.28
52-Week Low 32.85

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