Oil prices recover as U.S. crude stocks decline

Gold, Silver, Copper and Crude Oil Briefing

Oil prices rose on Thursday on expectations of a hefty stockpile draw at the US oil storage hub at Cushing, Oklahoma, reversing the previous day's loses spurred by data showing USA crude output at its highest in two years.

It contains around 678.9 million barrels of crude oil, according to The Hill.

Oil held losses near the lowest close in more than three weeks as investors weighed expanding USA crude output against an extended decline in stockpiles during a period of strong seasonal demand.

USA production reached just over 9.5 million barrels a day last week, an increase of around 100,000 barrels per day on the prior week and the strongest level since the middle of 2015. It ranks first in oil futures trade.

WTI light sweet crude oil was down 70 cents at USD46.86 a barrel.


At 0700 GMT, October WTI crude oil futures are trading $47.00, up $0.06 or +0.13% and November Brent crude oil is at $50.22, up +0.12 or +0.24%. Look to use breaks to buy calls going into next year. Crude oil exports also rose, jumping to 877,000 bpd from 707,000 bpd. The SPR stores its federally owned oil stocks in underground salt caverns at four storage sites in Texas and Louisiana.

The UPI reported that the U.S. Department of Energy said it plans to sell some of the oil from the Strategic Petroleum Reserve, the world's largest emergency supply of oil.

Chaikin Money Flow (CMF), created by Marc Chaikin, is a technical analysis indicator used to measure Money Flow Volume over a window of time.

Crude oil prices were moving slightly lower early Thursday as sentiment about a balanced market competed against rising US and OPEC oil production. The rapidly closing long term contango structure in the oil futures market is at odds with the movements lower in spot crude and most certainly can not be explained by talk of OPEC noncompliance and peak oil demand, both of which are longer term indicators. However, recent data showed OPEC production rose in July because of weaker compliance with the accord as well as a resurgence in output in Libya and Nigeria. Not only must worry about replacing Venezuelan heavy crude to feed USA refiners, but a big drop in Saudi imports to the United States may leave some refiners stressed. Both nations are exempt from the pact because their oil industries have been disrupted by civil unrest.

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