Crude: excuses, excuses

Oil Outlooks

Crude: And another month bites the dust. It’s hard to believe that we’re already moving along to the CLN7 contract. We now pivot past the last month of the year and that should be worth something to everyone trying to play the cash and financial markets. We kick off with resistance here at 4977, 5052 and 5160. We’ll look back lower to support at 4866, 4770 and 4665. We’ll also change the lead spread and the front spread moves up to CLN7/CLQ7 and start with resistance at –22, -16 and +15. Support comes back to –35, -48 and –57. Let’s get this week done right and the new contract back in play. Don’t lose your way; follow the Dollar, follow the dream. 

Gasoline: OK laziness has been set aside and I’m moving ahead the RBN17 contract. We can start with resistance here at 16177, 16350 and 16565. Support looks below to 15985, 15770 and 15573. The front spread moves to RBN7/RBQ7. Resistance at +155, +210 and +288. Support to +66, -35 and –145. The RBN7/CLN7 gets resistance at 1855, 1922. Support falls to 1778, 1710. 

Distillate: The calendar keeps us moving and we are focused on the HON17 contract. We’ll get resistance here at 15340, 15575, and 15770. Support looks back to 15180, 14975, and 14756. The front spread bumps up to HON7/HOQ7. Resistance here looks at –65, -40. Support holds down to –85, -99. The crack moves up to HON7/CLN7 Resistance at 1589, 1635. Support back to 1525, 1470. 

Macro Fundamentals: I used to think that learning a strong language like Japanese or Esperanto was going to get me ahead in my career. I should have paid more attention to the language elective of Fed Speak 201. Yesterday was a prime example of being fluent in Fed speak would get me through the day. To be honest, between all of the speakers, I think my head is still spinning. I woke up last night screaming “Hike! No Hike!”. I had to explain to my wife that Fantasy Football is still months away. Chicago PMI (57.5) at 9:45 a.m. ET. Exist-ing Home Sales (0.5) at 10;00 a.m. Beige Book for those that care, at 2:00 p.m. 

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About the Author

Carl Larry is Director of Business Development Consultant for Oil and Gas at Frost & Sullivan. Follow him on Twitter (@oiloutlooks) or on his website.