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Crude Oil WTI Jan '19 (CLF19)

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Crude Oil WTI Futures Market News and Commentary

Energy Complex Tumbles on an Unexpected Increase in EIA Crude and Gasoline Inventories

July WTI crude oil (CLN19) on Wednesday closed down by -1.71 (-2.71%) and July Brent crude oil (CBN19) closed down by -1.19 (-1.65%). July RBOB gasoline (RBN19) closed down by -0.0298 (-1.49%). The energy complex sold off Wednesday with Jul WTI crude and Jul Brent crude at 1-week lows after an unexpected increase in weekly EIA crude oil and gasoline inventories sent prices tumbling. The EIA reported 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 versus expectations for a draw of -1.7 million bbl. Also, EIA gasoline inventories rose +3.71 million bbl, more than expectations for a -850,000 bbl decline. In addition, 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. Finally, crude stockpiles at Cushing, Oklahoma, the delivery point for WTI futures, rose +1.27 million bbl to a 16-3/4 month high of 49.069 million bbl. Crude prices were already on the defensive Wednesday on concern that an escalation of the US/China trade and tech war will undercut global growth and energy demand. 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
12/21/18
Expiration Date
12/19/18 (expired)

Seasonal Chart

Crude Oil WTI Jan '19
Average Price Chart for 5 Prior Jan 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
45.79 +3.08%
on 12/18/18
57.44 -17.83%
on 11/20/18
-10.00 (-17.48%)
since 11/19/18
3-Month
45.79 +3.08%
on 12/18/18
76.56 -38.35%
on 10/03/18
-23.08 (-32.84%)
since 09/19/18
52-Week
45.79 +3.08%
on 12/18/18
76.56 -38.35%
on 10/03/18
-8.35 (-15.03%)
since 12/19/17

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 100% Sell with a Strongest short term outlook on maintaining the current direction.

Longer term, the trend strength is Maximum. 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 49.11
1st Resistance Point 48.16
Last Price 47.20s
1st Support Level 46.09
2nd Support Level 44.97

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52-Week High 76.56
Fibonacci 61.8% 64.81
Fibonacci 50% 61.17
Fibonacci 38.2% 57.54
Last Price 47.20s
52-Week Low 45.79

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