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Crude Oil WTI Feb '19 (CLG19)

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Crude Oil WTI Futures Market News and Commentary

Crude Oil Rallies to a 3-1/4 Month High on Demand Optimism

Apr WTI crude oil (CLJ19) this morning is up +$0.74 (+1.30%) per barrel and Apr Brent crude (CBJ19) is up +$0.51 (+0.76%). Apr RBOB gasoline (RBJ19) is up +0.071 cents per gallon (+0.40%). The energy complex rallied to 3-1/4 month highs this morning on optimism the U.S. and China will find a resolution to their trade conflict, which could boost global economic growth and energy demand. Crude prices have been firm for most of this week on signs of smaller global supplies after Tuesday's report that Saudi Arabian crude exports fell sharply by -1.3 million bpd in the first half of Feb compared with the same period last month. Another supportive factor is today's projection from tanker tracker Oil Movements that OPEC crude oil shipments will decline by -260,000 bpd to 24.08 million bpd in the four weeks to March 9. Gasoline prices also have carry-over support from Thursday's EIA data showing that weekly EIA gasoline stockpiles fell -1.454 million bbl, a bigger decline than expectations of -500,000 bbl. Thursday's weekly EIA data was mostly bearish as it showed a +0.8% w/w increase in U.S. crude production the week of Feb 15 to a record high of 12.0 million bpd and also showed that U.S. crude inventories rose +3.67 million bbl to a 1-1/4 year high of 454.5 million bbl, above expectations of +3.0 million bbl increase. In addition, crude stocks at Cushing, the delivery point for WTI crude oil futures, jumped +3.41 million bbl to a 13-month high.

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
$4,290/3,900
First Notice Date
01/24/19
Expiration Date
01/22/19 (expired)

Seasonal Chart

Crude Oil WTI Feb '19
Average Price Chart for 5 Prior Feb Contracts

Commitment of Traders Positions as of Jan 29, 2019

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Commercials - Long / Short
804,921 (+864)
1,147,776 (+8,726)
Non-Commercials - Long / Short
499,297 (-1,598)
158,386 (-7,650)
Producers - Long / Short
440,773 (-21,751)
515,234 (+1,270)
Swap Dealers - Long / Short
165,366 (+3,072)
433,760 (-12,087)
Managed Money - Long / Short
224,573 (+10,174)
70,931 (-18,237)
Other Reportables - Long / Short
274,724 (-11,772)
87,455 (+10,587)
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Price Performance

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Period Period Low Period High Performance
1-Month
42.36 +24.10%
on 12/24/18
54.24 -3.08%
on 01/22/19
+6.98 (+15.31%)
since 12/21/18
3-Month
42.36 +24.10%
on 12/24/18
69.84 -24.73%
on 10/23/18
-17.00 (-24.44%)
since 10/22/18
52-Week
42.36 +24.10%
on 12/24/18
76.40 -31.19%
on 10/03/18
-7.33 (-12.24%)
since 01/22/18

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Apr WTI crude oil (CLJ19) on Thursday closed down -$0.20 (-0.35%) per barrel and Apr Brent crude (CBJ19) closed down -$0.01 (-0.01%). Apr RBOB gasoline (RBJ19) closed up +0.341 cents per gallon (+0.19%)....

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 8% Buy with a Weakest short term outlook on maintaining the current direction.

Longer term, the trend strength is Minimum.

The market is in highly overbought territory. Beware of a trend reversal.

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Key Turning Points

2nd Resistance Point 55.31
1st Resistance Point 53.94
Last Price 52.57s
1st Support Level 51.50
2nd Support Level 50.43

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52-Week High 76.40
Fibonacci 61.8% 63.40
Fibonacci 50% 59.38
Fibonacci 38.2% 55.36
Last Price 52.57s
52-Week Low 42.36

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