Outlook For Crude & : Neutral To Very Bearish

, $OIL,

traded mixed Wednesday. Data released early showed more weakness in ’s growth outlook. The front-month WTI contract was -0.31% as US 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:OverallShortIntermediateLong
Neutral (-0.16)Neutral (0.09)Neutral (-0.10)Bearish (-0.46)
Analysis for USO:OverallShortIntermediateLong
Neutral (-0.24)Neutral (0.12)Neutral (-0.21)Very Bearish (-0.62)
Analysis for UGA: OverallShortIntermediateLong
Neutral (-0.17)Neutral (-0.07)Bearish (-0.34)Neutral (-0.11)

Outlook for Crude Oil: Neutral to Very Bearish.

Stay tune