{"id":2163,"date":"2017-06-20T06:06:06","date_gmt":"2017-06-20T12:06:06","guid":{"rendered":"http:\/\/www.ctsfutures.com\/?p=2163"},"modified":"2017-06-20T06:06:31","modified_gmt":"2017-06-20T12:06:31","slug":"morning-thoughts-2017-06-20","status":"publish","type":"post","link":"https:\/\/udg.ehs.mybluehost.me\/morning-thoughts-2017-06-20\/","title":{"rendered":"Morning Thoughts &#8211; June 20"},"content":{"rendered":"<p><strong><u><a href="../wp-content\/uploads\/Nesvick.png\" alt=\"Nesvick\" width=\"287\" height=\"117\" \/><\/a>Energy<\/u><\/strong> &#8211;<br \/>\nCrude oil prices are trading at 7-month lows this morning following data showing the amount of oil stored in tankers reached a new high of 111.9 million barrels earlier this month.\u00a0 Note the chart below is showing the 4-week average, which hasn\u2019t yet made a new high.\u00a0 This clearly isn\u2019t what OPEC was wanting to see with their production cuts.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2164\" src="../wp-content\/uploads\/Persistent-Surplus.png\" alt=\"Persistent Surplus\" width=\"662\" height=\"393\" srcset="../wp-content\/uploads\/Persistent-Surplus.png 662w, https:\/\/udg.ehs.mybluehost.me\/wp-content\/uploads\/Persistent-Surplus-300x178.png 300w, https:\/\/udg.ehs.mybluehost.me\/wp-content\/uploads\/Persistent-Surplus-600x356.png 600w\" sizes=\"(max-width: 662px) 100vw, 662px\" \/><\/p>\n<p>You can see the issue developing in the spreads recently.\u00a0 The chart below shows the one-year calendar spread in WTI futures.\u00a0 After taking a few attempts at inverting, the futures spread has fallen in recent weeks as it is becoming clearer the OPEC supply cuts are not yet having their desired results.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2165\" src="../wp-content\/uploads\/WTI-Futures-One-Year-Spread.png\" alt=\"WTI Futures One Year Spread\" width=\"653\" height=\"368\" srcset="../wp-content\/uploads\/WTI-Futures-One-Year-Spread.png 653w, https:\/\/udg.ehs.mybluehost.me\/wp-content\/uploads\/WTI-Futures-One-Year-Spread-300x169.png 300w, https:\/\/udg.ehs.mybluehost.me\/wp-content\/uploads\/WTI-Futures-One-Year-Spread-600x338.png 600w\" sizes=\"(max-width: 653px) 100vw, 653px\" \/><\/p>\n<p><em>Please note this is just a small sampling of commentary available to clients.\u00a0 Please visit <a href="../wp-content\/uploads\/Persistent-Surplus.png\" \/>\n\t<meta property=\"og:image:width\" content=\"662\" \/>\n\t<meta property=\"og:image:height\" content=\"393\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"David Zelinski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CTSfutures\" \/>\n<meta name=\"twitter:site\" content=\"@CTSfutures\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"David Zelinski\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/udg.ehs.mybluehost.me\/morning-thoughts-2017-06-20\/\",\"url\":\"https:\/\/udg.ehs.mybluehost.me\/morning-thoughts-2017-06-20\/\",\"name\":\"Morning Thoughts - 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