- API Actual: 9.047M
- API Consensus: 1.467M
- EIA Crude Import Actual 0.259M
- EIA Crude Import Previous: -0.385M
- EIA Crude stock Actual: 8.701M
- EIA Crude stock consensus: 1.160M
As Saudi Oil production had shrunk to nine million barrels per day in July since its last OPEC meeting with Russia to restrict supply amid signs of weakening global demand in slowing economy, Saudi, the largest oil supplier in the world had expressed its opinion on keeping the production to remain low until the end of this year. As foreseen through such decisions from the major suppliers, the most recent Crude inventory within the states has turned out to be way larger than expected.
Since September of 2023, the Crude oil future
USOIL
plunged by $-22.35 (-23.62%) to $72.28 per barrel during the last week trading session. Slower than expected recovery in economic activities(PPI Nov 2023) adding fear of the constant weakening of the oil demand, forecasting a skeptical view towards a short term recovery of the oil demand and its price as well. The key major resistances are as follow:
Top: $77.8
Mid: $75.5
Low: $72.12
The weekly upside trend is still the last hope for the Bullish traders.
Once both the Four-hours and the daily candles closes below the $64-60 zone, we will then be able to finalize on such ambiguous consensus.
With OPEC+ meeting pushed back to this weekends, every commodity investors focus is on the meeting report, hoping for the decision to give them the better foresight of the future of the market.
The Best Futures Trading Hours in Crude:
- CL opens for trading on the floor, called the pit session at 9AM EST
- European trading closes at 11:30 AM EST
- The best hours for trading are the most liquid, between 9:00AM and 11:30AM
- Pit session closes at 2:30PM EST, when floor trading stops for the day
- Therefore, the best trading in the afternoon is the last hour between 1:30PM to 2:30PM EST
Eliot Kim
