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Wednesday's Stats

High: 53.61
Low: 51.72
Close: 51.97

Daily Pivot Points

R2: 53.75
R1: 53.09
PP: 52.41
S1: 51.19
S2: 50.51

Major Daily Events Thursday

EIA Oil Inventories @ 11
ECB Rate Decision and Press Cofnerence
Trump Inauguration Tomorrow

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The Kobeissi Letter - Weekly Oil Commentary 1/16/2017

Crude oil falls amid OPEC skepticism

WTI crude marked a weekly decline of 2.3% as our proposed doubts about the OPEC production cut became more mainstream. The OPEC nations have claimed that they have cut production even more than the proposed amounts, but no data officially supports this. Also, United States crude oil production is up to 8.95 million barrels per day from less than 8.5 million barrels per day last year at this time. Investors see U.S. shale companies claiming most of the market share that the OPEC deal has attempted to resolve, which will essentially leave the market in a glut. The highlight of the week was crude inventories which marked a massive build of 4.1 million barrels from the Department of Energy while a 1.2 million barrel build was expected. Gasoline inventories marked a build of over 5 million barrels and we believe that we are very well near a gasoline glut. Gasoline inventories have marked large builds for the last two months and it is very concerning. Rig count fell for the first time in over a month by 5 to 524 total operating rigs in the United States. Although the number of operating rigs did decline, we still expect the rig count to rise in the first half of 2017. We remain bearish of the commodity going into 2017 as we maintain our thesis that the agreements shall be cheated on according to basic principles of economics. WTI crude still has not claimed the $55 level and this is a clear sign that a top has formed. As the dollar continues to gain, rig counts continue to rise and production cuts are uncertain, crude is facing a potential landslide of significant magnitude.

@HeidsterTrades Daily Commentary - 1/19/2017

Good Morning! One more day until Trump is officialy the US president. Oil was up overnight until the IEA report was released. The report speaks of shale coming back at a faster than expected rate and this pushed rices down on the European open. Last ngiht, the Private storage report showed a very large draw in crude stocks and a large build in gasoline stocks. The draw came as somewhat of a surprise, not thinking market participants believed the number. There is a small build expected by most analysts. Here are my upside targets for the morning; 52.42, 52.65, 52.88 and 53.09. Downside are, 51.98, 51.55 and 51.35. Have a great day!

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