Daily Comex Report of 2 April 2018 by Epic Research

International Commodity News

U.S. crude production rose by 6,000 barrels per day (bpd) in January to 9.964 million barrels per day, the Energy Information Administration said in a monthly report on Friday. The agency revised the December report up by 9,000 barrels to 9.958 million bpd. The gains were driven by a rise in offshore production, which rose 5 percent to 1.62 million bpd from 1.55 million bpd. Production decreased modestly in the major oil producing states of Texas and Alaska, while North Dakota's production rose slightly to 1.16 million bpd a day, EIA said. U.S. natural gas production in the lower 48 states dipped by 1.4 percent to 86 billion cubic feet per day (bcfd) in January, though that still represented a 9.9 percent increase from a year ago, according to EIA's monthly production report. Production fell by 2.8 percent in Texas, the top natural gas producer, to 22 bcfd, and was also lower in Pennsylvania and Louisiana. Production in Oklahoma rose to 7.51 bcfd, a new record for that state, the third biggest producer in the lower 48.

A recent drought in oil company mergers and acquisitions could be coming to an end over a new Texas range war: U.S. shale producers are building miles-long horizontal wells that are running into their rivals' land holdings. This week, U.S. shale producer Concho Resources Inc (N:CXO) said longer horizontal wells are among the factors spurring its $8 billion deal for rival RSP Permian Inc (N:RSPP), with well spacing and sharing infrastructure needs also playing roles. RSP Permian controlled the land adjacent to its own in many cases. The average length of U.S. shale wells has grown by roughly 1,500 feet, or 25 percent, in the past three years to 7,213 feet, according to RS Energy Group, an energy investment data provider. Producers are drilling longer shale wells - some exceed three miles - to extract more crude from each well.

South Korean trade officials braved snowstorms, ate instant noodles to save time and spent weeks hotel-hopping in Washington as they raced to overcome major trade hurdles with their U.S. ally ahead of high-stakes nuclear discussions with North Korea. What was meant to be a week-long trip to Washington stretched into a four-week marathon, as dozens of Seoul officials sought to wrap up talks aimed at amending the six-year-old U.S.-Korea Free Trade Agreement known as KORUS, according to several South Korean officials with direct knowledge of the matter. U.S. plans announced earlier this month to impose hefty tariffs on steel and aluminum imports added urgency to the trade negotiations. As the third-largest steel exporter to the United States, South Korea had a lot to lose from 25 percent tariffs.

Trading Strategy:

BUY GOLD ABOVE 1330 TGT 1335 1345 SL BELOW 1320
SELL GOLD BELOW 1320 TGT 1315 1305 SL ABOVE 1330

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