Outlook For Crude & : Neutral To Very Bearish

, $OIL,

Crude Oil traded mixed Wednesday. Data released early showed more weakness in ’s growth outlook. The front-month WTI contract was -0.31% as inventory increased last week.

’s output was estimated to have risen +110-K in September.

The Brent contract for a 2nd day running, adding +0.29%.

The US DOE/EIA reported that total Crude Oil and petroleum products rose +3.65-M bbl to 1301.33-M bbl in the week ended 25 September. Crude Oil stockpile rose +3.96-M bbl to 457.92-M bbl as inventory soared +5.15-M bbl in PADD III.

Cushing, OK WTI stock was down -1.07-M bbl to 52.97-M bbl. Utilization rate dropped -1.1% to 89.9%.

Gasoline inventory rose +3.25-M bbl to 222.01-M bbl as demand decreased -2.11% to 9.02-M BPD. Production added +1.35% to 9.67-M BPD, while imports jumped +96.43% to 0.99-M BPD. Distillate inventory -0.27-M bbl to 151.61-M bbl, demand declined -12.96% to 3.76-M BPD. Production dropped -1.44% to 5.01-M BPD, while imports plunged -65.85% to 0.06-M BPD during the week.

Analysis for OIL: Overall Short Intermediate Long
Neutral (-0.16) Neutral (0.09) Neutral (-0.10) Bearish (-0.46)
Analysis for USO: Overall Short Intermediate Long
Neutral (-0.24) Neutral (0.12) Neutral (-0.21) Very Bearish (-0.62)
Analysis for UGA:  Overall Short Intermediate Long
Neutral (-0.17) Neutral (-0.07) Bearish (-0.34) Neutral (-0.11)

Outlook for Crude Oil: Neutral to Very Bearish.

Stay tune

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