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Wednesday's Stats

High: 53.08
Low: 50.51
Close: 50.44

Daily Pivot Points

R2: 54.06
R1: 52.46
PP: 51.47
S1: 49.88
S2: 48.90

Major Daily Events Thursday

Light Data Day

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The Kobeissi Letter - Weekly Oil Commentary 4/10/2017

WTI Crude oil rises above $53

WTI crude closed the week up 4.25% as political uncertainty picked up to new highs with the Trump Administration. This quickly pushed WTI crude above $53/barrel because instability in the region could lead to supply outages. The French IEA released a statement that the supply and demand picture is constructive looking forward early last week which provided a push upward. Investors also speculated on further cuts at the OPEC meeting on May 25th. Oil prices were also pushed upward by expectations of a draw in U.S. inventories which were confirmed by the weekly inventory numbers. U.S. crude oil inventories marked a draw of 2.2 million barrels while a 800,000 barrel draw was expected. Gasoline inventories fell by 3 million barrels with expectations of a 1.7 million barrel draw, presenting a bullish demand picture. On the other hand, overall production in the U.S. rose to 9.24 million barrels a day according to the U.S. Energy Department and the IEA trimmed its demand forecast for 2017 by 40,000 barrels per day. We still see WTI crude falling to $45 in the short term, but only to bounce back from there. The inventory numbers will remain a key focus here at TKL. Rig count rose by 11 to 683 total operating rigs in the United States which is 22nd rise over the last 23 weeks. The CFTC also reported that long positions in WTI crude dropped to 437,000 which is the first second in long contracts over the last four weeks. We still see oil presenting a good shorting opportunity down to $45/barrel, however at that point we will be buyers of the commodity. When crude drops to $45, OPEC will begin to panic and release more news which will bolster the commodity.

@HeidsterTrades Daily Commentary - 4/20/2017

Good Morning, oil prices are up to flat overnight depending on your frame of reference. Iran and GCC countries agrres to continue and or increase production cuts at the meeting next month. This all makes a lot of sense after the large drop yesterday. The EIA report came out iwth a not as large as expected draw and a gasoline build. This was the icing on the cake for sellars after last weeks report that came out on the last high. In other news, thre is a lot of political uncertainty in Europe right now, US war talk has seemed to die down and Today is overall a light data day. Targets to the upside are; 51.57, 52.50, 53.69 and 54.06. To the downside; 50.57, 50.26, 49.92 and 49.70.

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