Energy Report - 1.6.17

The EIA report came out on Crude Oil on Thursday, January 5, 2017. Overall crude oil inventories decreased 7.051million barrels on expectations of a decrease of 2 million barrels while Cushing, Oklahoma inventories increased by a larger than expected 1.074 million barrels. Traders were looking for an increase of 200,000 barrels. Gasoline inventories rose by 8.307 million barrels; expectations were for an increase of 1million barrels. Distillates inventories increased by 10.051 million barrels; traders were looking for a decline of 800,000 barrels. The report sent Crude Oil to the low of the day at 52.79. Crude Oil then rebounded on reports that Saudi Arabia has cut its output by 486,000 barrels. If this is true their production would be at 10.051 million barrels, which puts them in compliance with their production cut obligation.  Crude tested support at the 21 DMA this week and it has contained the selling pressure.  If Crude Oil can trade above 53.85, it can test resistance at 54.51 and then 55.24. A breakdown below 53.35 could lead to another test of the 21 DMA (52.66), and then 51.47.

 High    54.12

 Low     52.79

 Last     53.76

Daily Pivots for 1/6/17:           

R2

54.89

R1

54.32

PIVOT

53.56

S1

52.99

S2

52.23

     

                           

                                        

                          
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RISK DISCLOSURE: THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES AND OPTIONS TRADING.  THIS REPORT IS A SOLICITATION FOR ENTERING A DERIVATIVES TRANSACTION AND ALL TRANSACTIONS INCLUDE A SUBSTANTIAL RISK OF LOSS. THE USE OF A STOP-LOSS ORDER MAY NOT NECESSARILY LIMIT YOUR LOSS TO THE INTENDED AMOUNT.  WHILE CURRENT EVENTS, MARKET ANNOUNCEMENTS AND SEASONAL FACTORS ARE TYPICALLY BUILT INTO FUTURES PRICES, A MOVEMENT IN THE CASH MARKET WOULD NOT NECESSARILY MOVE IN TANDEM WITH THE RELATED FUTURES AND OPTIONS CONTRACTS

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