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Fueling Strategy: Please “PARTIAL FILL ONLY OR BETTER YET WAIT TO FUEL UNTIL WEDNESDAY AM”, Wednesday prices will DROP 4 Cents ~ Be Safe Today!

NYEX Crude      $  68.04 DN $2.3400

NYMEX ULSD     $2.1976 DN $0.0413

NYMEX Gas       $1.9570 DN $0.0555

NEWS

The December WTI trading session settled at 68.04 -2.34, had a high of 70.56, a low of 67.92. Cash price is at 70.39 (-2.00), while open interest for CLZ24 is at 279,129. CLZ settled above its 5 day (70.92), above its 20 day (70.06), above its 50 day (69.92), below its 100 day (72.74) and below its 200 day (74.24) moving-averages. The COT report (Futures and Options Summary) as of 10/29 showed commercials with a net short position of -211,631 (a decrease in short positions by 18,244 compared to the prior report) to non-commercials who are net long +182,643 (a decrease in long positions by 21,347 compared to the prior report). 

The Standing Committee of China’s National People’s Congress held policy meetings last week. China did end up passing the issuance of 1.4 trillion yuan in local debt, which was expected, but did not announce any other major stimulus packages, which in my view was not enough to shrug off bearish economic China sentiment for traders. Weekend data out of China showed China’s Consumer-Price Index decreased from the previous month, coming in at 0.3% for October, which was below economists forecast of 0.4%, while China’s Producer-Price Index declined for the 25th straight month and had a 2.9% fall from the previous month. This was the worst consumer price growth for China in four months. Saudi Arabia also lowered their crude delivery forecast for China to 36.5 million barrels for December, the second consecutive month of lower shipments and roughly ~10 million less barrels than were shipped in October. Reuters reported this morning that U.S. crude exports rebounded in China in the month of October to 130,000 barrels per day, citing tracking data from Kpler, exports in August were previously near 4 year lows. On Friday China will put out fresh industrial output numbers for October. The Shanghai CSI 300 Index closed higher by +0.66%.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

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