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Friday's Stats

High: 48.20
Low: 47.97
Close: 47.64

Daily Pivot Points

R2: 48.56
R1: 48.27
PP: 47.92
S1: 47.61
S2: 47.25

Major Daily Events Monday

Some Fed Speak
White house presser maybe interesting to watch today.

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The Kobeissi Letter - Weekly Oil Commentary 3/20/2017

Crude oil falls closer to our $45 target

WTI crude closed the week down 2.32% amid rising United States crude oil inventories. The draw in crude oil inventories that we saw last week appeared to be an outlier. This week, we saw a slightly different story reported from the Department of Energy. U.S. crude oil inventories marked a build of five million barrels while a 2.8 million barrel build was expected. Gasoline inventories fell by 2.8 million barrels marking a large draw as we have seen for the last four weeks. We have seen an increasing trend of large draws in the gasoline market which has started to catch out attention. However, after the relatively bullish inventory numbers this week, investors took a step back and reevaluated the situation. 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 21 to 652 total operating rigs in the United States which is 19th rise over the last 20 weeks. The CFTC also reported that long positions in WTI crude dropped to 194,000 indicating a decline of over 130,000 long positions from the recent top. 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 - 3/27/2017

Good Morning, oil prices are down overnight. The monitoring meeting over the weekend did not produce higher prices. OPEC has agreed to look at extending production cuts another six months, but need more data first. Overall however those that agreed to cut have been found compliant in doing so. The general markets and the USD are also down and this is mainly attributed to the fact that on Friday nothing came out of the healthcare vote, the new bill and vote were pulled minutes before it was about to happen. I am not sure that people see it this way, but the action goes to show that the current government is unable to deal with healthcare in any manner and that it should be deregulated along with everything else, current price action would say that this is not the way many are looking at the situation. The White House is supposed to start talks on tax reform this week, we will see what comes of that, but at th emoment it does not appear that people are continuing to hold faith in Trump. Other than that, inventory reports will be very important again this week, keep an eye there if you are trading oil. To the upside I have; 47.80, 48.10, 48.27 and 48.56. To the downside I have; 47.26, 46.75, 46.51 and 46.26. Have a great day!

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