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Crude Oil WTI Nov '18 (CLX18)

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cmdty Insider - Crude Oil WTI Market Commentary


Dec WTI crude oil (CLZ18) this morning is down -$0.57 per barrel and Jan Brent crude (CBF19) is down -$0.69 (-1.03%). Dec RBOB gasoline (RBZ18) is down -1.99 cents a gallon (-1.26%). The energy complex is lower this morning on comments from Russian Energy Minister Novak who said oil producers need to "better understand both the current conditions and the winter outlook" before agreeing to a supply cut. OPEC oil ministers are scheduled to meet in Vienna on Dec 6, with non-OPEC producers scheduled to join them the following day. Today's comments by Mr. Novak dampened the chances that OPEC+ will agree to a major production cut for 2019. Also, IEA Executive Director Fatih Birol today warned that OPEC and its allies against the impact of resuming supply cuts when he said, "markets are now very well supplied but we should not forget that spare capacity in Saudi Arabia is very thin, therefore cutting the production significantly today by key oil producers may have some negative implications for the markets and further tightening the markets." In addition, crude prices are still seeing negative pressure from last Friday's Baker Hughes report that active U.S. oil rigs rose by +2 rigs in the week ended Nov 16 to a 3-1/2 year high of 888 rigs. Losses in crude oil were limited as the dollar index has fallen to a 1-week low this morning.

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.) CST
Exchange
NYMEX
Point Value
$1,000
Margin/Maintenance
$3,905/3,550
First Notice Date
10/24/18
Expiration Date
10/22/18 (expired)

Seasonal Chart

Crude Oil WTI Nov '18
Average Price Chart for 5 Prior Nov Contracts

Commitment of Traders Positions as of Nov 13, 2018

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Commercials - Long / Short
810,757 (+39,118)
1,230,284 (+12,034)
Non-Commercials - Long / Short
561,445 (+6,883)
180,247 (+29,468)
Producers - Long / Short
464,623 (+30,171)
467,862 (+28,670)
Swap Dealers - Long / Short
160,171 (-805)
576,459 (-26,388)
Managed Money - Long / Short
244,987 (+3,081)
109,306 (+15,569)
Other Reportables - Long / Short
316,458 (+3,802)
70,941 (+13,899)
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Price Performance

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Period Period Low Period High Performance
1-Month
68.27 +1.32%
on 10/22/18
76.90 -10.05%
on 10/03/18
-1.61 (-2.27%)
since 09/21/18
3-Month
63.69 +8.60%
on 08/16/18
76.90 -10.05%
on 10/03/18
+2.99 (+4.52%)
since 07/20/18
52-Week
51.27 +34.91%
on 10/24/17
76.90 -10.05%
on 10/03/18
+17.53 (+33.95%)
since 10/20/17

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 16% Sell with a Weakest short term outlook on maintaining the current direction.

Longer term, the trend strength is Minimum.

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

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Key Turning Points

2nd Resistance Point 70.41
1st Resistance Point 69.79
Last Price 69.17s
1st Support Level 68.41
2nd Support Level 67.65

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52-Week High 76.90
Last Price 69.17s
Fibonacci 61.8% 67.11
Fibonacci 50% 64.08
Fibonacci 38.2% 61.06
52-Week Low 51.27

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