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Crude Oil Wrap Up


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November Crude Oil tested the $50 resistance level Wednesday, October 5, 2016, reaching 49.97 as the EIA report showed crude oil inventories declining. Crude oil inventories declined 2.976 million barrels which is lower than the expected build of 1.5 million barrels and confirming the larger API reports drawdown (drawdown of 7.6 million barrels) from Tuesday. Crude Oil pulled back slightly from the high and settled at 49.83. It drifted after settlement and ended the day at 49.70. The EIA report showed inventories from Cushing, Oklahoma increasing by 569,000 barrels, larger than the 100,000 build expected. Gasoline inventories rose by only 222,000 barrels, smaller than the 500,000 barrels expected. Distillates fell 1.915 million barrels. US production declined by 30,000 barrels per day to 8.467 million b/d. Resistance is at 50.00, 50.54 and a break above the trendline at 50.76 could lead to a test of the June high at 51.67. Support levels are at 48.55, 48.13, 47.03, 46.44 and 45.81.

High 49.97

Low 49.10

Last 49.70

Daily Pivots for 10/6/16:

R2

50.46

R1

50.08

PIVOT

49.59

S1

49.21

S2

48.72


If you are interested in a Managed Futures program for Crude Oil, check out this offering from Walsh Trading:

Walsh Asset Management Introduces Bluenose Capital

For those interested I hold a weekly livestock webinar on Friday, October 7 at 2:30pm. It is free for anyone who wants to sign up and the link for sign up is below. If you cannot attend live a recording will be sent to your email upon signup.

Sign Up Now

Ben DiCostanzo

Senior Market Strategist

Walsh Trading, Inc.

Direct: 312.957.4163

888.391.7894

Fax: 312.256.0109

bdicostanzo@walshtrading.com

www.walshtrading.com

RISK DISCLOSURE: THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES AND OPTIONS TRADING. THIS REPORT IS A SOLICITATION FOR ENTERING A DERIVATIVES TRANSACTION AND ALL TRANSACTIONS INCLUDE A SUBSTANTIAL RISK OF LOSS. THE USE OF A STOP-LOSS ORDER MAY NOT NECESSARILY LIMIT YOUR LOSS TO THE INTENDED AMOUNT. WHILE CURRENT EVENTS, MARKET ANNOUNCEMENTS AND SEASONAL FACTORS ARE TYPICALLY BUILT INTO FUTURES PRICES, A MOVEMENT IN THE CASH MARKET WOULD NOT NECESSARILY MOVE IN TANDEM WITH THE RELATED FUTURES AND OPTIONS CONTRACTS.



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About the author


Ben DiCostanzo
Senior Market Strategist
Walsh Trading

I began my career in the Securities industry working as a runner on the floor of the New York Stock Exchange while I attended Pace University. I then started working for Salomon Brothers in their Government Bond Trading arena. After graduating from Pace University with a degree in Accounting, I transferred to Chicago and became a member of the Chicago Mercantile Exchange utilizing my experience to execute trades and manage risk for institutional clients as a broker for Salomon Brothers on the trading floor. I then embarked to trade for my own account in the stock indices pits as a local before moving off the floor to aid and assist individual clients in their trading endeavors. I now work at Walsh Trading holding a series 3 broker’s license whose duties include being the firm’s Chief Market technician.

I understand that every client's needs are different, and I pride myself in tailoring my service to each client's unique circumstances and needs. Individual client experience, risk tolerance, and capital all play a role in how I approach the markets. I am involved in all markets using technical analysis to find opportunities. My approach is driven by the principles of capital preservation.

My trading philosophy is that if you can recognize and manage the risk, you have a better chance to be successful in trading. I advise clients to always use stops as money management in my opinion is the most important ingredient in trading commodities.

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