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Oil outlook by Erik Nolan of the CME group 10.28.2016

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1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Friday October 28, 2016

Greetings!

Good read by the CME about oil prices:

Oil: Tell-Tale Signs in U.S. Inventories

  • 25 Oct 2016
  • By Erik Norland
  • Topics: Energy

For those hoping for a sustained rebound in oil prices, U.S. inventories might present a mixed picture.  First the bad news: crude oil inventories are still near record high levels and are continuing to rise on a year-on-year basis.  Gasoline and ultra-low sulfur diesel (ULSD) inventories are also increasing year on year but to a lesser extent.  Inventories of all three remain near seasonally-adjusted record highs.

The good news is that the pace of inventory accumulation is slowing rapidly.  For a while in 2015, crude oil inventories were rising as much as 31% year on year.  Currently, they are just 5% greater than a year ago (Figure 2).  Gasoline inventories are up about 4% from last year while ULSD inventories are up about 7% from a year ago.  At their peak rate of increase, gasoline inventories rose at about 11% year on year, while ULSD inventories increased by as much as 27% year on year.

Read the rest along with graphs and charts.

GOOD TRADING

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

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Futures Trading Levels

Levels for Trade Date of 10.28.2016

Contract Dec. 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2157.42 4930.58 18281 1223.23 99.61
Resistance 2 2150.58 4905.42 18232 1215.57 99.31
Resistance 1 2138.17 4859.33 18163 1200.63 99.09
Pivot 2131.33 4834.17 18114 1192.97 98.79
Support 1 2118.92 4788.08 18045 1178.03 98.57
Support 2 2112.08 4762.92 17996 1170.37 98.27
Support 3 2099.67 4716.83 17927 1155.43 98.05
Contract Dec. Gold Dec. Silver Dec. Crude Oil Dec. Bonds Dec.   Euro
Resistance 3 1282.7 17.91 51.18 165 29/32 1.1017
Resistance 2 1278.2 17.82 50.62 164 29/32 1.0991
Resistance 1 1274.2 17.73 50.12 163 21/32 1.0957
Pivot 1269.7 17.64 49.56 162 21/32 1.0931
Support 1 1265.7 17.55 49.06 161 13/32 1.0897
Support 2 1261.2 17.46 48.50 160 13/32 1.0871
Support 3 1257.2 17.37 48.00 159 5/32 1.0837
Contract Dec. Corn Dec. Wheat Jan. Beans Dec. SoyMeal Dec. Nat Gas
Resistance 3 366.2 425.6 1039.17 342.80 3.21
Resistance 2 362.3 422.2 1029.58 335.80 3.16
Resistance 1 359.9 418.3 1021.92 331.70 3.11
Pivot 356.1 414.9 1012.33 324.70 3.05
Support 1 353.7 411.1 1004.7 320.6 3.0
Support 2 349.8 407.7 995.08 313.60 2.95
Support 3 347.4 403.8 987.42 309.50 2.90

source:http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

Date 4:18pm Currency Impact Detail Actual Forecast Previous Graph
FriOct 28  1:30am EUR
French Prelim GDP q/q
0.3% -0.1%
All Day EUR
German Prelim CPI m/m
0.1% 0.1%
2:45am EUR
French Consumer Spending m/m
0.3% 0.7%
EUR
French Prelim CPI m/m
0.2% -0.2%
3:00am EUR
Spanish Flash CPI y/y
0.3% 0.2%
EUR
Spanish Flash GDP q/q
0.7% 0.8%
Tentative EUR
Italian 10-y Bond Auction
1.21|1.4
8:30am USD
Advance GDP q/q
2.5% 1.4%
USD
Advance GDP Price Index q/q
1.3% 2.3%
USD
Employment Cost Index q/q
0.6% 0.6%
10:00am USD
Revised UoM Consumer Sentiment
88.2 87.9
USD
Revised UoM Inflation Expectations
2.4%

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

Tags: Posted in: Crude Oil   | Future Trading News  

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