Crude: And another month bites the dust. It’s hard to believe that we’re already moving along to the CLM7 contract. We now pivot past the last month of the year and that should be worth something to everyone trying to play the cash and financial markets. We kick off with resistance here at 5148, 5255 and 5365. We’ll look back lower to support at 5036, 4970 and 4885. We’ll also change the lead spread and the front spread moves up to CLM7/CLN7 and starts with resistance at –32, -25 and –13. Support comes back to –44, -57 and –65. Let’s get this week done right and the new contract back in play. Don’t lose your way; follow the Dollar, follow the dream.
Gasoline: OK laziness has been set aside and I’m moving ahead of the RBK17 contract. We can start with resistance here at 16859, 17075 and 17240. Support looks below to 16680, 16455 and 16285. The front spread moves to RBK7/RBM7. Resistance at –35, +30 and +128. Support to –68, -124 and –190. The RBM7/CLM7 gets resistance at 1969, 2033. Support falls to 1888, 1823.
Distillate: The calendar keeps us moving and we are focused on the HOK17 contract. We’ll get resistance here at 16058, 16240, and 16465. Support looks back to 15859, 15660, and 15475. The front spread bumps up to HOK7/HOM7. Resistance here looks at –77, -65. Support holds down to –90, -108. The crack moves up to HOM7/CLM7 Resistance at 1590, 1663. Support back to 1534, 1478.
Macro Fundamentals: We have to give some props to the Fund traders, especially the HFT folks. When there’s not a lot going on in the oil markets, it’s good to have people with money who can make something happen. We’re stuck in a trading range here and between 5000 and 5500 is where we stay. Of course, when we’re get-ting to one of those levels, it’s time to reverse and revert. I would think there’s going to be plenty of buyers coming up quickly as we approach the bottom. We get Jobless Claims (242K) and Philly Fed (25.5) at 8:30 a.m. ET. Leading Indicators (0.2) at 10:00 a.m.