Technical Tuesday

By: Peter Haralambakis / November 21, 2017

As we sit on pins and needles, awaiting potential scenarios from the Organization of Petroleum Exporting Countries in regard to production cuts for next year, we must keep an eye on major technical levels during these choppy, light volume, holiday shortened trading days, with some indication on momentum and flow.  As of 12:20pm EST, Texas Light Sweet for January delivery is up $0.28 at $56.70, HO is unchanged, and RBOB is up $0.0133 at $1.7511.  WTI has rallied 4% over the past six trading days from last Tuesday’s lows of $54.81 to today’s $57.22 high. Technical support at the $55.24 level (1st trading day of the year high), held for four of those trading sessions opening up the chance to get back to most recent highs of $57.92.  Settling two days above the $55.92 12day EMA (Exponential Moving Average) and the six month upward trend channel-top level of $56.08, confirms near-term support and slight pullback short covering.  Intraday today, the $56.71 failed bull-flag-pattern-bottom from two weeks ago, should contain initial strength.  Whilst, a breakout and settlement above $57.57 indicates a rally to the $60.50 long-term channel-top in the next week or so.  Breaking and settling below the $56.08 channel-top support and falling back into the six month upward trend channel indicates a good near-term high and should head back towards last week’s low and 26 day EMA of $54.78.

CL Continuation-18.png

In the meantime, we await APIs today and DOEs tomorrow for any directional indications in regard to supply and demand.  Reuters and Bloomberg DOE estimates below:

                              REUTERS                         BLOOMBERG

CRUDE                  -2.2 MMBBL                       -1.2 MMBBL

GASOLINE              +0.9 MMBBL                      +0.5 MMBBL

DISTILLATES          -1.8 MMBBL                       -1.6 MMBBL


Categories: Daily Market Update


Peter Haralambakis

Written by

Peter Haralambakis

Peter Haralambakis is a Supply and Trading Business Development Manager at Guttman Energy with over 13 years of experience in commodities trading, analysis, and risk management in products ranging from Corn and Soybeans to Crude Oil Futures and Options to Financial and Physical Biofuels to Natural Gas and Natural Gas Liquids.


Guttman Energy Daily Market Update Disclaimer – The information contained in this market update is derived from sources believed to be reliable; however this update could include technical inaccuracies or typographical errors and Guttman Energy does not guarantee the accuracy, completeness or reliability of this update. FURTHERMORE, THIS UPDATE IS PROVIDED "AS IS," WHERE IS, WITH ALL FAULTS AND WITHOUT ANY WARRANTY OR CONDITION OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY. GUTTMAN ENERGY ALSO SPECIFICALLY DISCLAIMS ALL EXPRESS AND IMPLIED WARRANTIES. YOU USE THIS UPDATE AT YOUR SOLE RISK. This update and any view or comment expressed herein are provided for informational purposes only and should not be interpreted in any way as recommendation or inducement to buy or sell products, commodity futures or options contracts.


Comments

Subscribe to our blog

Price Feed

Stay up-to-date on current fuel prices and market trends with our NYMEX price feed (15 minute delay to the live market).

© 2018 Market data provided and hosted by Barchart Market Data Solutions. Fundamental company data provided by Morningstar and Zacks Investment Research. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer.

Categories

Contact Us