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  • Crude-oil supplies up 5.2 million barrels: EIA

    From marketwatch.com

    Oil futures lost more ground on Wednesday following weekly data from the U.S. Energy Information Administration showing a climb in crude supplies that was more than expected. The EIA reported that crude stockpiles rose 5.2 million barrels for the week ended Oct. 18. Analysts polled by Platts were looking for a rise of 3 million barrels. Gasoline supplies fell by 1.8 million barrels, while distillate stockpiles rose by 1.5 million barrels, the EIA said. Gasoline stockpiles were expected to fall by 400,000 barrels, while forecasts called for a decline of 1.6 million barrels for distillates. Following the latest data, ... (full story)

Oil already climbing again
What the story doesn't tell - at 14:07 GMT the price was only 1 (one) pip (1 cent) higher than in the lowest moment after the news at 14:30 GMT
Hi Demleitner are you a commodities trader?
Plenty of time to buy at 96.27 if you were watching price around the time of the inventories release. Seems like a good level to get in after 5 waves down on the daily.
hmmm don't think its going to hold for long though.
Really isn't anything bullish for it except that it was trading around the intraday low. Stocks in Cushing r up for the 2nd time along with the total.
reckon its going to fall below 95 this week if situation remains the same i.e. no new geopolitical risks.
OK, I think we need a close below 96.40 for it to continue with the downtrend, that's when i'm going in anyway????
i don't think the news about Obama not going to approve Keystone pipeline posted on FF has quite sunk in the market yet. If its correct thats a major bearish factor for oil as well.
I get what you're saying and I agree there's nothing fundamentally bullish going for it. My reasoning was that it was at strong weekly/daily support, at a strong demand level on the daily and as I say, had made 5 clear waves down, so should be due a retrace.

Also, the excess supply on the news release didn't push the price any lower. Up 70 pips a few mins ago, pulled back 20 - I'll just wait and see what happens with a tight stop (96.10) in place.
Where are you in UK tomase, i'm in Birmingham?
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  • Edited Oct 24, 2013 1:55am Oct 23, 2013 12:44pm | Edited Oct 24, 2013 1:55am
Hi munibashir - I'm in Leicestershire. I meant to add to the above post that there's a not entirely convincing positive momentum divergence on the 1HR as well.
Leicester, the land of Belgrave Road, and my wife's favorite Asian Clothes shops.

Since the 1500 Hrs Doji on the 1H there has been slight upside, but like you say not very convincing. I think the resistance at 97.00 has to be broken before i personally would consider a very-short term long.

I am still anticipating another drop. If it goes below 96.00 then you will get some strong movement with very little to stop it for a while.

Anyway that's me and mine! Don't copy me i have been wrong before a few times...ha ha!
If you are scalping, oil 5m200, inv hammer. good short op already falling a bit
Quoting Closure
i don't think the news about Obama not going to approve Keystone pipeline posted on FF has quite sunk in the market yet. If its correct thats a major bearish factor for oil as well.
Correction just found out the news was for Keystone XL which is for pumping oil from Canada to US and hence is not bearish for oil but in fact for CAD. confused it with the other one which is due to be completed in near future and caused crude oil to rally nearly 3 dollars some 2 odd weeks ago.
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Oil is now at the price it should be. It was overpriced for too long. Im still buying in since I think it should go above 99.00 before the contracts end in Nov
add to oil long 96.172 2x
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