Morning Update 06/20/17
Crude oil has fallen to new lows, prices not seen since mid Nov last year before the OPEC accord. The market is focusing on increased supply as Libya has ramped up in recent days to levels not seen in 4 years; and Nigeria is exporting more than it has in some time Nigerian exports of Bonny Light in August are seen rising to 226,000 bpd versus July's figure of 164,000 bpd. (Reuters)
Platt's survey for API/DOE data for this week is calling for Crude supplies to fall by 2.0 mln and Gasoline stockpiles to fall by 750.000.
Today is the last trading day for July WTI futures.
Technically the market is oversold but has been this way for almost 2 weeks now For today August WTI has support at 4303-07 (via DC chart lows) and then 4220 (a major low on the DC chart), resistance lies at 4445-4446 (the high overnight is 4469) then 4518-28.
RB has support at last week's low of 14101 (the low today is 14174), below this support is seen at 13964-77 resistance comes in at 14460-80 then 14589-14603 (just above the overnight high of 14571).
ULSD has support at 13871-74 (the low is 13830) then at 13748 the major low from May Resistance lies at 14032-40 then 14181-93 (both resistances are below the overnight high of 14199).
NG is up 1 cent at this time having an inside day, momentum is positive on the DC chart, we echo a colleague's sentiment that it would take a move over 2.93 to feel more positive Resistance lies at 2929-2934 then 2949-2953 with support at yesterday's low of 2877 then at 2826-2831.
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