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Brent, WTI Crude Oil Steady, Inventories Up

Posted by: : Paul EbelingPosted on: April 20, 2015 Brent, WTI Crude Oil Steady, Inventories Up

Brent, WTI Crude Oil Steady, Inventories Up


US Crude futures held steady on Tuesday as a drop in stockpiles at a Key US delivery point offset near record high production in Saudi Arabia and an expected build in US Oil inventories.

* NYMEX Crude Oil for May delivery, which expire Tuesday, was down 0.04 at 56.34 a bbl by 0000 GMT, after settling + 0.64 at 56.38 Monday.

* Crude Oil prices have risen around 18% since the start of April, on speculation about falling US output after the domestic Oil rig count hit Y 2010 lows.

* London Brent Crude for June delivery was up 0.01 at 63.46, after settling flat Monday.

* Oil services firm Genscape reported a drop of more than 900,000 bbls at the Cushing, OK delivery point for US Crude Oil  between Tuesday and Friday last week, market sources who saw the data said. For the week to Friday, Genscape reported a build of about 350,000 bbls, they said.

* Speculation has been rife that rapidly climbing US Crude Oil supplies would soon cause storage tanks in Cushing to top out, leaving little or no room for more barrels.

* Saudi Arabia’s Oil minister Ali al-Naimi told Reuters in Seoul Monday that the #1 Crude exporter expected to produce at near record highs of around 10-M BPD in April.

* US Senator Lisa Murkowski (R-AK) said Monday she will introduce legislation this year to allow US Crude exports, saying the Obama administration should not lift sanctions on Iran before scrapping the US Crude Oil export ban.

* US commercial Crude Oil inventories are likely to have increased by 2.4-M bbls last week, marking a rise for the 15th wk running, a preliminary survey showed Monday.

* Gasoline stocks were expected to have declined 700,000 bbls, while distillate stocks were seen up 900,000 bbls.

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HeffX-LTN Analysis for OIL:  Overall Short Intermediate Long
Neutral (0.13) Bullish (0.49) Neutral (0.06) Neutral (-0.17)
HeffX-LTN Analysis for USO: Overall Short Intermediate Long
Neutral (0.21) Bullish (0.36) Bullish (0.27) Neutral (0.00)
HeffX-LTN Analysis for UGA: Overall Short Intermediate Long
Neutral (0.23) Bullish (0.46) Bullish (0.33) Neutral (-0.10)

Stay tuned…


Paul Ebeling


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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

Trade FX, Equities and Options with the World's Leading Platform , call our trade desk 631 482 0376, or contact us to get started.

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