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The ‘expected’ consensus is a bit dubious. After yesterday’s API numbers the market was probably looking for something between 3800K and 4200K.

Oil tried to rally today but stalled out just above $49.00 and faded back to $47.25 ahead of the data.

 

Venezuela's President Nicolas Maduro speaks during a meeting with governors and ministers at Miraflores Palace in Caracas

The oil prices will not return to $100 per barrel, the Venezuelan President Nicolas Maduro said.

 “The oil won’t return to 100 [dollars per barrel], it won’t return. We have to generate new sources of income to the country,” the president said, speaking at Venezuela’s National Assembly Wednesday, as quoted by Nueva Prensa De Guyana daily.

Venezuela’s economy relies on oil production to a great extent, with oil accounting for 95 percent of the country’s exports and comprising 45 of budget revenues.

Last month, Maduro accused Washington of deliberately lowering global oil prices.

Since June 2014, oil prices have dropped by more than 40 percent due to oversupply in the market, and are currently under $50 per barrel. Organization of Petroleum Exporting Countries (OPEC) kept its oil output quota at 30 million barrels per day in November, contributing to a further slump in oil prices.

 

There is no expectations for oil inventories from the American Petroleum Institute but they do a very good job of tracking the official EIA numbers. The consensus for Thursday’s EIA crude build is 2.67m barrels, so there’s some significant upside risk there, which is bearish for crude.

API gasoline inventories also rose 2.1m barrels compared to 1.35m expected in tomorrow’s EIA report.

It’s all bad news for crude oil.

CRUDE MCX-An Update

20 January 2015 - 19:46 pm

CRUDE-MCX-ANIRUDHSETHIREPORT

Now at 2930 level @ MCX

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CRUDE-49

Above is Hourly chart of WTI CRUDE ,Now crossed $ 49

CRUDE-CRASH

 

 

BRENT-SPURTS

 

Above is Daily Chart of BRENT CRUDE 

As Expected ……………………..Taken U-turn and Blasted !!

We see Rally upto $ 50.5425—————–51.57 level very soon.

Yes ,Now Three Consecutive close above 51.57+ weekly close if happens then ??

101% MORE DETAILS to our Subscribers ,Updated at 6:40/15th Jan/Baroda/India

 

Yesterday’s API crude build was very large as well.

  • Gasoline inventories up 3171K compared to 3562K exp
  • Refinery utilization down 2.9% compared to 0.1% exp

The huge rise in inventories is even more bearish than yesterday’s API numbers. The drop in refinery utilization is the largest since September.

NOMAGIC-NOMIRACLE

 

 

CRUDE-8 HOUR CHART

Above is 8 hour chart of WTI CRUDE

If trades above $ 45.90 level then ??

Rally upto $ 46.92—————47.258 is possible.

There after more Firework !

101% More Details to our Subscribers during trading hrs ,Updated at 7:04/14th Jan/Baroda

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Technically Yours,
Team ASR,
Baroda, India.