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Crude Oil WTI Nov '17 (CLX17)

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Crude Oil WTI Futures Market News and Commentary

Crude Oil Falls on Larger-Than-Expected Build in EIA Crude Inventories

Jun WTI crude oil (CLM19) on Wednesday closed down by -0.41 (-0.62%) and Jun Brent crude oil (CBM19) closed up by +0.06 (+0.08%). Jun RBOB gasoline (RBK19) closed down by -0.0074 (-0.36%). The energy complex settled mostly lower Wednesday on dollar strength and on the much larger-than-expected increase in U.S. crude stockpiles. The dollar index on Wednesday rallied to a 1-3/4 year high and weekly EIA crude oil inventories rose by +5.48 million bbl to a 1-1/2 year high, much more than expectations of +1.0 million bbl. A bullish factor for gasoline was a -2.129 million bbl decline in EIA gasoline inventories, more than expectations for a -1.75 million bbl decline. Also, comments from Saudi Arabian Energy Minister Khalid Al-Falih were supportive for crude oil when he said that he sees "no immediate action" in response to tighter U.S. sanctions on Iran. Jun WTI crude and Jun Brent crude rallied to fresh 5-3/4 month highs Tuesday on carry-over support from Monday when the Trump administration announced that the U.S. will not renew waivers that let countries buy Iranian oil without facing U.S. sanctions. The current set of waivers that were issued to China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey expire on May 2 and the U.S. wants to completely shut down Iranian crude exports. Ramped up geopolitical concerns also support higher crude prices after Iran on Monday threatened to close the Strait of Hormuz, which carries 20% of the world's crude exports, if they are unable to export crude oil. Wednesday's EIA data showed that U.S. crude oil inventories as of Apr 19 were +0.7% above the 5-year average, gasoline supplies were -2.1% below the 5-year average, and distillate stockpiles were -6.0% below the 5-year average. U.S. crude production in the week ended Apr 19 was up +0.8% w/w and matched its record high at 12.2 million bpd.

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
$3,740/3,400
First Notice Date
10/24/17
Expiration Date
10/20/17 (expired)

Seasonal Chart

Crude Oil WTI Nov '17
Average Price Chart for 5 Prior Nov Contracts

Commitment of Traders Positions as of Apr 16, 2019

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Commercials - Long / Short
732,726 (+20,686)
1,262,716 (+15,194)
Non-Commercials - Long / Short
616,110 (-5,656)
100,852 (-4,252)
Producers - Long / Short
450,464 (+6,228)
516,293 (-2,438)
Swap Dealers - Long / Short
156,742 (+3,491)
620,903 (+6,665)
Managed Money - Long / Short
345,258 (+1,029)
25,210 (+1,039)
Other Reportables - Long / Short
270,852 (-6,685)
75,642 (-5,291)
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Price Performance

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Period Period Low Period High Performance
1-Month
49.10 +4.83%
on 10/06/17
52.86 -2.63%
on 09/28/17
+0.78 (+1.54%)
since 09/20/17
3-Month
45.83 +12.31%
on 07/24/17
52.86 -2.63%
on 09/28/17
+4.13 (+8.72%)
since 07/20/17
52-Week
42.80 +20.26%
on 06/21/17
58.37 -11.82%
on 01/03/17
-2.51 (-4.65%)
since 10/20/16

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 56% Buy with a Weakening short term outlook on maintaining the current direction.

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

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Key Turning Points

2nd Resistance Point 52.33
1st Resistance Point 51.90
Last Price 51.47s
1st Support Level 50.87
2nd Support Level 50.27

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52-Week High 58.37
Fibonacci 61.8% 52.42
Last Price 51.47s
Fibonacci 50% 50.58
Fibonacci 38.2% 48.75
52-Week Low 42.80

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InsideFutures Commentary

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