Squawk / 29 March 2017 at 14:14 GMT
Head of Commodity Strategy / Saxo Bank
Denmark
Crude oil has stabilised ahead of the weekly Petroleum Status Report at 14:30 GMT. Surveys point to a 2M barrel increase while the API report yesterday reported a 1.9M b rise but also falling stocks at Cushing which prevented the WTI delivery hub from reaching a new record.
Sentiment has turned more positive following three weeks of selling. Not least helped by another sizable production cut in Libya due to renewed unrest. $50/b in Brent and $47/b in WTI have now become support after several failed selling attempts.
Oil trading chiefs at FT's Global Commodity Summit in Lausanne believes that the worst of the recent slump is over and that Opec will extend its production cuts into H2.
Following the sell-off WTI needs to rally back above $50/b (38.2% retracement) before we can determine whether this current move up is more than just a correction.
Apart from crude oil and Cushing inventories also look our for gasoline stocks, production and export/import
29 March
Ole Hansen Ole Hansen
Crude oil trading higher on a smaller inventory build driven by strong refinery demand, lower imports and a doubling of exports
29 March
MEHMET GOKHAN DOGAN MEHMET GOKHAN DOGAN
What is your target for the short term?
29 March
Ole Hansen Ole Hansen
US crude oil export jumped back above 1 million b/d last week. Thereby tampering with Opec's cutting efforts and more than off-setting lost production from Libya.
29 March
Ole Hansen Ole Hansen
In my comment above. $50 on WTI provided we manage a daily close above the 200 DMA at $48.58
29 March
www.koolpips.com www.koolpips.com
7x7 ( 49) is a key pad lock cracker - its at 49.09 now and agree it takes out 49.49 you will see a spiketr 50-50.94. at downside we know the 47.09-46.80 as a zone . I had posted this early in week as regards oil - maybe is down in scrool below

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