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Crude Oil WTI Jan '19 (CLF19)

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Crude Oil WTI Futures Market News and Commentary

Crude Oil Closes Higher on a Weak Dollar and Iran Tensions

Aug WTI crude oil (CLN19) on Monday closed up +0.47 (+0.82%), and Aug Brent crude oil (CBQ19) closed down -0.346 (-0.52%). Aug RBOB gasoline (RBN19) closed up +0.0011 (+0.06%). The energy complex settled mixed Monday with Aug WTI crude and Aug RBOB gasoline climbing to 3-week highs. A slump in the dollar index Monday to a 3-month low was supportive for energy prices. Also, gasoline prices are still underpinned by supply concerns after a fire and explosion shuttered gasoline output last Friday at the Philadelphia Energy Solutions oil refinery, the largest refinery on the U.S. East Coast with processing capacity of 350,000 bpd of crude oil. Robust U.S. gasoline demand is supportive for prices after the EIA reported that U.S. gasoline demand rose +0.5% w/w for the week of June 14 to a record 9.928 million bpd. Crude oil fell back from its best levels on President Trump's tweet, "why are we protecting the shipping lanes for other countries in the Strait of Hormuz, as China gets 91% of its oil from the Strait an Japan gets 62% of its oil from there, so why are we protecting the shipping lanes for other countries for zero compensation." President Trump's comment suggested an aversion to a further buildup of the U.S. military in the Persian Gulf to protect international oil shipping. However, simmering US/Iran tensions are still a bullish factor for energy prices after Iran's navy on Monday warned that another U.S. drone could be shot down if intrusions into its airspace continue. Also, the Trump administration slapped sanctions on eight senior Iranian Revolutionary Guard commanders as well as Iran's supreme leader Ayatollah Ali Khamenei, which could draw retaliation from Iran. Last Wednesday's EIA data showed that U.S. crude oil inventories as of June 14 were a hefty +8.3% above the 5-year average, gasoline inventories were +1.3% above the 5-year average, and distillate inventories were -5.3% 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
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 Jun 18, 2019

View Chart Details
Commercials - Long / Short
731,622 (-16,947)
1,094,291 (-12,897)
Non-Commercials - Long / Short
502,749 (-12,708)
139,662 (-24,140)
Producers - Long / Short
435,179 (-11,629)
423,312 (-5,122)
Swap Dealers - Long / Short
140,591 (+1,894)
515,127 (-563)
Managed Money - Long / Short
223,751 (+8,823)
71,072 (-25,455)
Other Reportables - Long / Short
278,998 (-21,531)
68,590 (+1,315)
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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