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Crude Oil Brent F Aug '19 (QAQ19)

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Crude Oil Brent (F) Futures Market News and Commentary

Energy Complex Settles Higher on Escalation of Middle East Tensions

Aug WTI crude oil (CLQ19) on Friday closed up +0.33 (+0.60%), and Sep Brent crude oil (CBU19) closed up +0.54 (+0.87%). Aug RBOB gasoline (RBN19) closed up +0.0063 (+0.34%). Ramped up tensions in the Middle East fueled gains in the energy complex on Friday. Tensions have escalated this week after the USS Boxer naval vessel on Thursday shot down an Iranian drone near the Strait of Hormuz and after the AP reported Friday that Iran's Revolutionary Guard said it seized a British oil tanker in the Strait of Hurmuz. That followed Thursday's confirmation that Iran on Sunday seized a foreign oil tanker in the Persian Gulf. Another positive for crude is some trade optimism after news that U.S. and Chinese senior officials spoke by phone late Thursday. Crude prices remaned Friday afternoon after weekly data from Baker Hughes showed active U.S. oil rigs fell by -5 to 779 the week ended Jul 19, a 17 month low. Aug WTI crude and Sep Brent crude fell to 1-month lows Thursday and Aug RBOB gasoline fell to a 3-week low on concern about increased supplies and mixed demand. The outlook for increased Russian crude production weighed on crude prices after Russian pipeline operator Transneft PJSC said Thursday it had resumed full flows from Russia's largest crude producer, Rosneft PJSC, which had stopped sending crude through Transneft pipelines on Monday due to technical issues. Also, Wednesday's EIA report showed that gasoline stockpiles unexpectedly rose +3.565 million bbl (vs expectations for a -2.4 million bbl draw) and that distillate supplies rose +5.686 million bbl (vs expectations of +1.0 million bbl). Wednesday's EIA data showed that U.S. crude oil inventories as of July 12 were +5.3% above the 5-year average, gasoline inventories were +2.1% above the 5-year average, and distillate inventories were -1.5% below the 5-year average. Big Picture Crude Oil Market Factors: Bullish factors include (1) the agreement by OPEC+ to extend its production cut agreement by 9 months until March 2020, (2) the -130,000 bpd decline in OPEC June crude production to a 5-year low of 30.00 million bpd, (3) heightened Iran tensions after the recent attacks on oil tankers and the downing of U.S. and Iranian drones near the Strait of Hormuz, (4) the sharp drop in Iranian oil production from U.S. sanctions and in Venezuela oil production from U.S. sanctions and the economic crisis, and (5) the decline in active U.S. oil rigs to a 1-1/2 year low of 784 rigs in the week ended July 12. Bearish factors include (1) global trade tensions that may drag global growth and energy demand lower, (2) the recent surge in U.S. oil production to a record high of 12.4 million bpd, and (3) ample current supplies with U.S. crude oil inventories +5.3% above the 5-year average as of Jul 5, just below the recent 1-3/4 year high of 485.47 million bbl.

Contract Specifications

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Contract
Brent Crude Oil Financial Futures
Contract Size
1,000 barrels (42,000 gallons)
Tick Size
1 cent per barrel ($10.00 per contract)
Trading Hours
5:00p.m. - 4:00p.m. (Sun-Fri) (Settles 1:30p.m.) CST
Exchange
NYMEX
Point Value
$1,000
Margin/Maintenance
$4,180/3,800
First Notice Date
08/01/19 (10 days)
Expiration Date
06/28/19 (expired)

Seasonal Chart

Crude Oil Brent F Aug '19
Average Price Chart for 5 Prior F Contracts
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Price Performance

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Period Period Low Period High Performance
1-Month
59.45 +11.86%
on 06/05/19
66.86 -0.54%
on 06/26/19
+4.51 (+7.28%)
since 05/31/19
3-Month
59.45 +11.86%
on 06/05/19
73.95 -10.07%
on 04/25/19
-1.77 (-2.59%)
since 04/01/19
52-Week
51.90 +28.13%
on 12/24/18
83.30 -20.17%
on 10/03/18
-7.86 (-10.57%)
since 06/29/18

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Most Recent Stories

More News
Energy Complex Settles Higher on Escalation of Middle East Tensions

Aug WTI crude oil (CLQ19) on Friday closed up +0.33 (+0.60%), and Sep Brent crude oil (CBU19) closed up +0.54 (+0.87%). Aug RBOB gasoline (RBN19) closed up +0.0063 (+0.34%). Ramped up tensions in the...

Natural Gas Drops to a 2-Week low as Current Heatwave Expected to End

Aug Nymex natural gas (NGQ19) on Friday closed down -0.036 (-1.57%) at a 2-week low. Nat-gas prices fell to a 2-week low Friday on the outlook for the current heatwave to end and for cooler temperatures...

Paragon Investments' Futures File: Gold, Hogs & Oil

Our weekly column looks at the rally in gold, silver and hogs, while oil declines.

Declining Oil With No End In Sight, Correct?

Oil has indeed plunged yesterday, yet caught a bid earlier today on the news of the downed Iranian drone. While thats encouraging to the bulls, they didnt celebrate the following upswing for too long....

Midday Market Minute

The Fed giveth the Fed taketh. Lets look at the impact on price action after NY Fed President Williams and after the NY Fed clarified his comments. ES, NQ, Gold and Crude all seeing a lot of volatility....

Energy Complex Climbs on High Middle East Tensions

Aug WTI crude oil (CLQ19) this morning is up +0.31 (+0.56%), and Sep Brent crude oil (CBU19) is up +0.59 (+0.95%). Aug RBOB gasoline (RBN19) is up +0.0091 (+0.50%). The energy complex is higher this...

Natural Gas Drops to a 2-Week low as Current Heatwave Expected to End

Aug Nymex natural gas (NGQ19) this morning is down -0.026 (-1.14%) at a 2-week low. Nat-gas prices fell to a 2-week low today on the outlook for the current heatwave to end and for cooler temperatures...

Trading the Noise - Blue Line Morning Express

ES, NQ, Crude, Gold. Actionable research out early each morning to brokerage clients with full technicals.

Peace to Pieces. The Energy Report 07/19/19

Oil prices that had fallen dramatically off hopes of peace talks with Iran reversed course on reports that the U.S. had shot down an Iranian [...]

The trade in August RBOB that just triggered

We present our Gasoline trade idea for Friday

Barchart Technical Opinion

The Barchart Opinion rating is a Hold. Short term, the outlook is Bearish.

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Key Turning Points

2nd Resistance Point 67.18
1st Resistance Point 66.87
Last Price 66.50
1st Support Level 66.15
2nd Support Level 65.74

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52-Week High 83.30
Fibonacci 61.8% 71.31
Fibonacci 50% 67.60
Last Price 66.50
Fibonacci 38.2% 63.89
52-Week Low 51.90

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InsideFutures Commentary

InsideFutures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Barchart.com. Delivered every Wednesday and Friday morning to your inbox.

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