Crude Oil Inventory Data Shows Rising Output and Inventories Recently, data from the EIA showed a rise in US stockpiles after excessive declines through H2 2017. Typically, a rise in stockpiles wouldn’t offer too much concern except that US production rose to a record high. Earlier this week, the EIA Drilling Productivity Report highlighted US shale production as likely to increase further in April to a record high 6.95mm bpd. This data will act as a cloud preventing further bullishness ...
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Oil - US Crude prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed Oil - US Crude trading bias. Traders are defined by their lack of patience in realizing a profit, which could make the historically long ...
In a world where crypto currency momentum seems to defy physics, Crude Oil’s bid does not appear to be purely speculative fervor. Instead, there has been a steady drop in U.S. crude stockpiles backed by refiner demand. The drop in stockpiles has lead to backwardation where front month futures contracts are receiving a premium over later dated future contracts. In a commodity market, backwardation is a way of using the financial market’s collective intelligence to signal market tightening, which ...
Crude oil prices have quietly rallied while the Bitcoin moves steal the headlines. It appears as though a minor degree triangle pattern has ended as crude oil now presses recent highs. If our Elliott Wave count is correct, this move higher is a terminal wave that once it exhausts, could be retraced early in the new year. It appears crude oil prices are thrusting higher out of a triangle pattern in ...
Crude oil: In recent weeks large speculators have been buying oil contracts at an extremely aggressive pace, bringing the net-long position to a new record last week of 596k contracts from 417k in the middle of last month. A modest reduction was seen in the most recent report, with the net-long declining by over 19k to 577k contracts. The sheer size of the position is reason for concern for oil bulls, and the sharp run-up in a relatively ...
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