Wednesday, 31 August 2016

Crude Oil News Update

Crude Can't Hold Gains As Dollar Strength Puts On Pressure  

October crude oil wasn’t able to hold onto its early gain on Tuesday, August 30, 2016, as US dollar  
strength pressured crude oil prices. The dollar traded up to 96.125, its highest level since August 9th as continued talk of 2 potential rate hikes by Fed speakers supported the US currency. With the dollar gaining strength crude oil reversed course from the high of the day (47.49) and traded through the August 25th low (46.42) and made a new low at 46.21. Price then traded in a tight range (46.70 to 46.27) for the remainder of the day as traders waited for the API report to come out at 3:30 PM CT.

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Crude oil settled at 46.35. The API showed overall crude oil inventories increasing by 942,000 barrels which was less than the expected increase of 1.5 million barrels. Cushing, Oklahoma inventories declined by 620,000 barrels and gasoline decreased by 1.6 million barrels. The surprise was the huge increase in distillates. Distillate inventories rose by 3 million barrels, much more than the 275,000 barrel build expected. 

Crude oil declined off of the report and ended the day at 46.26. The EIA report comes out on Wednesday morning at 9:30 AM CT. Any further breakdown in crude oil prices could lead to tests of support at the 100 DMA (45.99) and then trendline support at 45.27. The 50 DMA is at 45.42. Resistance is at 46.60, 47.49 and 48.46. Trend line resistance drops to 48.96.  

Daily Pivot Points for NYMEX CRUDE OIL 8/31/16 
R2 47.93 
R1 47.10 
PIVOT 46.65 
S1 45.82 
S2 45.37


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