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Crude Oil WTI Apr '13 (CLJ13)

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Crude Oil WTI Futures Market News and Commentary


Jan WTI crude oil (CLF19) on Friday closed up sharply by +$1.12 per barrel (+2.18%) and Feb Brent crude (CBG19) closed up +$1.37 (+2.28%). Jan RBOB gasoline (RBF19) closed up by +5.24 cents per gallon (+3.66%). The energy complex rallied sharply Friday with Jan gasoline at a 2-week high after OPEC+ agreed to a larger-than-expected cut in crude output. OPEC+ said at Friday's meeting in Vienna that they agreed to cut crude production by -1.2 million bpd, a bigger cut than the -1.0 million bpd cut in production proposed by Saudi Arabia. Crude prices also moved higher Friday on a weaker dollar and an increase in the crack spread to a 2-week high, which boosts the incentive for refiners to purchase crude to refine into gasoline. Crude prices also have support from Thursday's weekly EIA data that showed U.S. crude inventories plunged by -7.23 million bbl, a much bigger than decline than expectations of -2.0 million bbl.Big Picture Crude Oil Market Factors: Bullish factors include (1) the reinstatement of full U.S. sanctions on Iran as of Nov 5, although the U.S. gave waivers to 8 countries for up to 1.25 mln bpd of Iranian exports, (2) the agreement by OPEC+ on Dec 7 to cut crude oil production by 1.2 million bpd for the first six months of 2019 (Jan-June) (800,000 bpd for OPEC members), which should soak up much of the expected 2019 global oil surplus, and (3) the 50% drop in Venezuelan production seen since 2016. Bearish factors include (1) the surge in U.S. oil production to a record high of 11.7 million bpd, and (2) increased U.S. crude exports that add to global supplies after U.S. crude exports in the week ended Nov 30 rose +761,000 bpd to a record 3.203 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.) CST
Exchange
NYMEX
Point Value
$1,000
Margin/Maintenance
$4,702/4,275
First Notice Date
03/22/13
Expiration Date
03/20/13 (expired)

Seasonal Chart

Crude Oil WTI Apr '13
Average Price Chart for 5 Prior Apr Contracts

Commitment of Traders Positions as of Nov 27, 2018

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Commercials - Long / Short
794,261 (+24,297)
1,167,476 (+1,122)
Non-Commercials - Long / Short
511,679 (-17,170)
163,558 (+1,896)
Producers - Long / Short
467,968 (+12,157)
446,724 (+7,969)
Swap Dealers - Long / Short
150,906 (+815)
545,365 (-18,172)
Managed Money - Long / Short
222,409 (-13,137)
93,965 (-8,631)
Other Reportables - Long / Short
289,270 (-4,033)
69,593 (+10,527)
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Price Performance

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Period Period Low Period High Performance
1-Month
89.33 +4.06%
on 03/04/13
94.92 -2.06%
on 02/21/13
-2.26 (-2.37%)
since 02/20/13
3-Month
89.12 +4.31%
on 12/21/12
98.66 -5.78%
on 01/30/13
+1.73 (+1.90%)
since 12/20/12

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Barchart Technical Opinion

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

Longer term, the trend strength is Minimum. Long term indicators fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 93.99
1st Resistance Point 93.48
Last Price 92.96s
1st Support Level 92.27
2nd Support Level 91.57

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52-Week High 108.57
Fibonacci 61.8% 98.04
Fibonacci 50% 94.79
Last Price 92.96s
Fibonacci 38.2% 91.53
52-Week Low 81.00

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