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Thread: OIL

  1. #261
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    Key highlights from the EIA’s report’s summary of weekly petroleum data for the week ending June 9, 2017:
    US crude oil refinery inputs averaged about 17.3 million barrels per day during the week ending June 9, 2017, 29,000 barrels per day more than the previous week’s average.
    Refineries operated at 94.4% of their operable capacity last week.
    US crude oil imports averaged over 8.0 million barrels per day last week, down by 316,000 barrels per day from the previous week.
    US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.7 million barrels from the previous week.
    At 511.5 million barrels, US crude oil inventories are in the upper half of the average range for this time year.

  2. #262
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    According to recent news, OPEC delegates said that OPEC will not rush into making a further cut in oil output or end some countries exemption to output limits.
    They will look at this issue most probably in the upcoming meeting in Russia in July.
    Removing more crude from the market was an option said it was not being actively considered.
    A larger cut could be an option and further steps could be to place caps on further growth in Nigerian and Libyan output, rather than requiring them to cut back their supply.

  3. #263
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    Crude oil prices have quickly faded the post-EIA spike to the $44.80 region today, with the WTI quickly returning to the current $44.50.
    Prices for the WTI are trading on a better mood on Wednesday after the EIA reported US crude oil supplies rose marginally by 0.118 million barrels during the week ended on June 23 vs. a forecasted drop of nearly 2.6 million barrels.
    WTI has not reverted the initial negative sentiment and is extending its weekly rally to the mid $44.00 for the time being, up for the fifth consecutive session.

  4. #264
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    Oil Technical Levels - 05.07.2017
    Oil (WTI)
    Oil price is up in this week’s trading as operating rigs in US declines for the first time in 24 weeks and production declines. It is down today. Today’s range $46.1-47.3
    WTI is currently trading at $46.3/barrel. Immediate support lies at $44 area and resistance at $48 area.
    Oil (Brent)
    Brent is down in line with WTI today. Today’s range - $49.8-48.7
    Brent is trading at $2.6 per barrel premium to WTI. Likely to widen further in the medium term.
    Brent is trading at $48.9/barrel. Immediate support lies at $44 area and resistance at $49 region.

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  6. #265
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    WTI has been in a round trip of over a dollar on the back of the API data, extending to fresh lows after previous supply.

    Oil is lower overall today as Russia reportedly opposes deeper output cuts. OPEC and non-OPEC producers agreed to reduce output by 1.8 million barrels a day through to March. Nigeria and Libya, which have been not part of the OPEC-led cuts, also raised production. Meanwhile, the API data reported a drawdown that was bigger than the private inventory survey.

    API data

    The American Petroleum Institute reported a drop of 5.8 million barrels in U.S. crude supplies for the week ended June 30, according to sources. The official data comes tomorrow. WTI has risen from $41.80 21st June to $47.38 4th July highs, both of which are key levels while the downside now targets $44.20 in a continuation of the 12th April high's supply at $53.55.

  7. #266
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    Oil Technical Levels - 07.07.2017
    Oil (WTI)
    Oil price is down for a third consecutive day and broken below the low made on Monday. Today’s range $45.5-44
    Active call – add short positions to the existing short call targeting $38 per barrel.
    WTI is currently trading at $44.6/barrel. Immediate support lies at $44 area and resistance at $48 area.
    Oil (Brent)
    Brent is up in line with WTI today. Today’s range - $47.9-46.6
    Brent is trading at $2.6 per barrel premium to WTI. Likely to widen further in the medium term.
    Brent is trading at $47.2/barrel. Immediate support lies at $44 area and resistance at $49 region.

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  9. #267
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    The latest prediction from Goldman Sachs says oil market is searching for equilibrium and the prices could soon drop below $40 levels if there isn’t a sustained drawdown in US crude inventories and rig counts.

    Goldman believes the OPEC should pursue a ‘shock and awe” approach i.e. an aggressive action without any clues to the public beforehand.

    A couple of weeks ago, the investment bank had downgraded its three-month oil price forecast from $55 to $47.50.

  10. #268
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    Oil Technical Levels - 12.07.2017
    Oil (WTI)
    Oil price rose sharply on the news of fuel shortage in Europe. Today’s range $45.6-46
    Active call – add short positions to the existing short call targeting $38 per barrel.
    WTI is currently trading at $45.8/barrel. Immediate support lies at $42 area and resistance at $46 area.
    Oil (Brent)
    Brent is a much worse performer than WTI this week. Today’s range - $48-48.5
    Brent is trading at $2.3 per barrel premium to WTI. Likely to widen further in the medium term.
    Brent is trading at $48.1/barrel. Immediate support lies at $44 area and resistance at $49 region.

  11. #269
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    Oil Technical Levels - 13.07.2017
    Oil (WTI)
    Oil price recovery spoiled last night and oil has resumed its decline. Today’s range $45.6-44.9
    Active call – add short positions to the existing short call targeting $38 per barrel.
    WTI is currently trading at $45.1/barrel. Immediate support lies at $42 area and resistance at $46 area.
    Oil (Brent)
    Brent is a much worse performer than WTI this week. Today’s range - $47.8-47.1
    Brent is trading at $2.2 per barrel premium to WTI. Likely to widen further in the medium term.
    Brent is trading at $47.3/barrel. Immediate support lies at $44 area and resistance at $49 region.

  12. #270
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    Oil Technical Levels - 17.07.2017
    Oil (WTI)
    After last week’s outperformance, the price is marginally down today. Today’s range $46.4-46.9
    Active call – add short positions to the existing short call targeting $38 per barrel.
    WTI is currently trading at $46.6/barrel. Immediate support lies at $42 area and resistance at $48 area.
    Oil (Brent)
    Brent is down in line with WTI this week. Today’s range - $48.7-49.3
    Brent is trading at $2.4 per barrel premium to WTI. Likely to widen further in the medium term.
    Brent is trading at $49/barrel. Immediate support lies at $44 area and resistance at $49 region.

 

 
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