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Crude Oil WTI Sep '16 (CLU16)

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Crude Oil WTI Futures Market News and Commentary

Crude Oil Prices Close Lower on Global Demand Concerns

July WTI crude oil (CLN19) on Monday closed down -0.58 (-1.10%), and Aug Brent crude oil (CBQ19) closed down -1.07 (-1.73%). July RBOB gasoline (RBN19) closed down -0.0417 (-2.41%). Global demand concerns undercut crude oil prices on Monday. Concern the U.S./China trade war will persist and drag economic growth and energy demand lower weighed on energy prices Monday after Commerce Secretary Ross said on Sunday that the prospect of a major trade deal is unlikely to emerge from a possible meeting between President Trump and Chinese President Xi Jinping at the G-20 summit is Osaka later his month although there could be an agreement to at least resume talks. Crude prices were already on the defensive on negative carry-over from Friday's report from the International Energy Agency (IEA) that predicts that increased oil production will swamp new demand in 2020. The IEA predicted that new production of 2.3 million bpd in 2020 will substantially outweigh their forecast for a 1.4 million bpd rise in demand, which would put pressure on OPEC+ to implement additional cuts if they want to keep oil prices supported. Monday's weaker-than-expected U.S. economic data points to slower economic growth and energy demand and kept crude prices in the red the rest of the day after the June Empire manufacturing index plunged -25.4 to a 2-1/2 year low of -8.6, weaker than expectations of -6.8 to 11.0. Also, the June NAHB housing market index unexpectedly fell -2 to 64. weaker than expectations of +1 to 67. Oil prices continue to see support from US/Iran tensions after President Trump last Friday blamed Iran for the two tanker attacks last Thursday. In addition, Iran Monday said it has increased its uranium enrichment rate and will breach the nuclear-deal enrichment limit in 10 days. Last Wednesday's EIA data showed that U.S. crude oil inventories as of June 7 were a hefty +8.4% above the 5-year average, gasoline inventories were +2.2% above the 5-year average, and distillate inventories were -4.2% 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
$3,795/3,450
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 Jun 11, 2019

View Chart Details
Commercials - Long / Short
748,569 (+11,425)
1,107,188 (-41,504)
Non-Commercials - Long / Short
515,457 (-23,490)
163,802 (+25,023)
Producers - Long / Short
446,808 (+11,263)
428,434 (+4,310)
Swap Dealers - Long / Short
138,697 (+6,453)
515,690 (-39,523)
Managed Money - Long / Short
214,928 (-24,136)
96,527 (+27,839)
Other Reportables - Long / Short
300,529 (+646)
67,275 (-2,816)
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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