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Crude Oil WTI Dec '18 (CLZ18)

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Crude Oil WTI Futures Market News and Commentary

Crude Oil Surges on Reports the U.S. Will End Waivers to let Countries Buy Iranian Crude

Jun WTI crude oil (CLM19) this morning is up by +1.56 (+2.43%) and Jun Brent crude oil (CBM19) is up by +1.81 (+2.51%). Jun RBOB gasoline (RBK19) is up by +0.0440 (+2.16%). The energy complex is sharply higher today with Jun WTI crude and June Brent crude at 5-3/4 month highs and Jun RBOB gasoline at a 6-1/2 month high. Energy prices are rallying today on a report that said the U.S. will not renew waivers that let countries buy Iranian oil without facing sanctions, which will further tighten global crude supplies. The current set of waivers that were issued to China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey expire on May 2 and U.S. Secretary of State Pompeo is planning a press conference later today in Washington to announce the decision. In response to the U.S. action to stop Iranian crude exports, Iran today threatened to close the Strait of Hormuz, a 96-mile long body of water that connects the Persian Gulf to the Indian Ocean and carries 20% of the world's crude exports, if it is unable to export crude. A weaker dollar today is also boosting the energy complex as well as an increase in the crack spread to a 10-1/4 month high. The increase in the crack spread encourages refiners to boost their crude purchases to refine the crude into gasoline. Also, last Friday's weekly data from Baker Hughes showed active U.S. oil rigs fell by 8 to 825 in the week ended April 19. Last Wednesday's EIA data showed that U.S. crude inventories as of Apr 12 were -0.1% below the 5-year average, gasoline supplies were -1.0% below the 5-year average, and distillate stockpiles were -5.8% below the 5-year average. U.S. crude production in the week ended Apr 12 was down -0.8% w/w at 12.1 million bpd, just below the recent record high of 12.2 million bpd.

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
$3,740/3,400
First Notice Date
11/21/18
Expiration Date
11/19/18 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Apr 16, 2019

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Commercials - Long / Short
732,726 (+20,686)
1,262,716 (+15,194)
Non-Commercials - Long / Short
616,110 (-5,656)
100,852 (-4,252)
Producers - Long / Short
450,464 (+6,228)
516,293 (-2,438)
Swap Dealers - Long / Short
156,742 (+3,491)
620,903 (+6,665)
Managed Money - Long / Short
345,258 (+1,029)
25,210 (+1,039)
Other Reportables - Long / Short
270,852 (-6,685)
75,642 (-5,291)
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Price Performance

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Period Period Low Period High Performance
1-Month
54.75 +3.67%
on 11/13/18
69.84 -18.73%
on 10/22/18
-12.52 (-18.07%)
since 10/19/18
3-Month
54.75 +3.67%
on 11/13/18
76.72 -26.02%
on 10/03/18
-7.90 (-12.22%)
since 08/17/18
52-Week
53.91 +5.29%
on 11/20/17
76.72 -26.02%
on 10/03/18
+1.95 (+3.56%)
since 11/17/17

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 80% Sell with a Weakening short term outlook on maintaining the current direction.

Longer term, the trend strength is Maximum. Long term indicators mostly agree with the trend.

The market is approaching oversold territory. Be watchful of a trend reversal.

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Key Turning Points

2nd Resistance Point 58.64
1st Resistance Point 57.70
Last Price 56.76s
1st Support Level 55.45
2nd Support Level 54.14

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52-Week High 76.72
Fibonacci 61.8% 68.01
Fibonacci 50% 65.32
Fibonacci 38.2% 62.62
Last Price 56.76s
52-Week Low 53.91

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