{"id":82695,"date":"2015-12-18T08:37:29","date_gmt":"2015-12-18T13:37:29","guid":{"rendered":"http:\/\/countingpips.com\/?p=82695"},"modified":"2015-12-18T08:37:29","modified_gmt":"2015-12-18T13:37:29","slug":"crude-oil-poised-to-test-2008-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/12\/crude-oil-poised-to-test-2008-lows\/","title":{"rendered":"Crude Oil Poised to Test 2008 Lows"},"content":{"rendered":"<div id=\"inves-500659455\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">December 18, 2015<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Article by <a href=\"http:\/\/countingpips.com\/contributors\/contributor-profile-forextime\/\">ForexTime<\/a><\/p>\n<p>Crude oil prices continued to move lower on Friday as warm weather continues to blanket most of the United States east coast.\u00a0 The warmer weather is reducing heating demand, allowing distillate stocks to rise during a period when they normally decline.\u00a0 Distillate stocks are now 9% higher this year than the 5-year average.<\/p>\n<p>In their latest report the Department of Energy estimated that crude oil stocks increased by 4.8 million barrels compared to the 2.5 million draw expected by economists.\u00a0 This counter seasonal build reflects the lack of demand for crude oil by refiners who are now in the process of ratcheting back their refining runs as they have enough heating oil in stock given the warm weather.\u00a0 Heating oil cracks, which are the margins received by refiners are starting to move lower.\u00a0 This will reduce refinery runs further building crude oil stocks.<\/p>\n<p>Crude oil prices moved lower again on Friday hitting a low of 34.45, and now poised to test the 2008 lows at 32.40.\u00a0 Momentum on crude oil remains negative with the MACD (moving average convergence divergence) index is printing in the red with a downward sloping trajectory.\u00a0 The RSI (relative strength index) moved lower with price action reflecting accelerating negative momentum while printing a reading of 27, below the oversold trigger level of 30 which could foreshadow a correction.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-54242 alignleft\" src=\"http:\/\/countingpips.com\/articles-analysis\/wp-content\/uploads\/2014\/07\/Forex-Time-Logo.png\" alt=\"Forex-Time-Logo\" width=\"262\" height=\"90\" \/><strong>Article by <span style=\"text-decoration: underline;\"><a href=\"http:\/\/countingpips.com\/contributors\/contributor-profile-forextime\/\">ForexTime<\/a><\/span><\/strong><\/p>\n<p><strong>ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 <a href=\"http:\/\/www.forextime.com\" target=\"_blank\">www.forextime.com<\/a><\/p><div id=\"inves-3155124070\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article by ForexTime Crude oil prices continued to move lower on Friday as warm weather continues to blanket most of the United States east coast.\u00a0 The warmer weather is reducing heating demand, allowing distillate stocks to rise during a period when they normally decline.\u00a0 Distillate stocks are now 9% higher this year than the 5-year [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-82695","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/82695","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=82695"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/82695\/revisions"}],"predecessor-version":[{"id":82698,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/82695\/revisions\/82698"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=82695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=82695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=82695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}