WTI Crude Oil Trading

BUY on RED (MAJOR) / GRAY (MINOR) : possible BOTTOM
SELL on GREEN (MAJOR) / BLUE (MINOR) : possible TOP

Happy New Year to ALL.

Has anyone here used an ETF ticker PBRT

just to add anyone with personal experiance with ETF,s and natural decay due to contract rollovers ???

Hi.. kindly send here 31 dec 2018 crude prediction

I can see some bulls stepping into crude, the inventory draw in the past few weeks may finally show up into the price. It can reach the round number of 50.00 in the upcoming weeks.

Everything is possible in these markets, here are my thoughts:

positive side:

1. OPEC+ cuts starting in JAN 2019
2. maintenance in Q1
3. demand kicking in around Q2 (due to seasonality)

negative side:

1. more supply then demand (roughly 2 M a barrel per day oversupply)
2. oil seems to follow equity in these uncertain markets
3. shale industry keeps producing at these breakeven levels => more supply
4. new permian pipelines will providing even more supply
5. rising us interest rates

Strong USD also has effect on Oil. Post231 we can see the strong decline. This is strongly deflationary. Post 231 revealed a bottom but perhaps not a fulfilled bottom. We will see a bounce before moving on towards a much lower target of <30 USD. Notice major Ending Diagonal

WTI pops towards 100 4hr SMA
2 January 2019, 18:49

•West Texas Intermediate oil, WTI, rallied hard from $44.55 to a high of $47.84 as risk soars and output cuts by the Organization of the Petroleum Exporting Countries encourage buying.
•A drop in crude exports from Saudi Arabia in December have also been a supporting factor, and a barrel of oil currently sits at $47.80 at time of writing.
While some nonmember producers and OPEC that began cutting back on production at the start of the year kicks in, whether enough cuts have been applied to sustain a bull market in oil is another question. There are already concerns over economic growth and specifically in China, (caixin manufacturing miss and the absent signs of significant Chinese stimulus or actual progress towards a trade deal), which lead to a wave of supply in global stock markets into year-end.
"Energy markets were not spared from the year-end carnage in global markets," analysts at TD Securities explained. "While money managers grow increasingly concerned about global demand, the data remains less worrisome. We still think that current prices reflect fear rather than fundamentals, and expect markets to tighten this year. That being said, prices still have a long way to go before momentum wanes and CTAs significantly flatten out their short positions."

WTI levels
The price was supported by the convergence of several key 4hr moving averages around 45.70/90 and the bulls eye the 100-4hr SMA. However, while below the 50% Fibo level of the 2016 lows to recent peak's range, the bearish bias remains, especially while below the 76.4% retracement of the June 2017 lows and 2018 highs, with bears looking to 42.50.

EIA: COMMERCIAL CRUDE OIL INVENTORIES STAYED VIRTUALLY UNCHANGED IN WEEK ENDING DEC. 28

4 January 2019, 18:02
Below are some key highlights from the weekly report published by the U.S. Energy Information Administration.
U.S. crude oil refinery inputs averaged 17.8 million barrels per day during the week ending December 28, 2018.
Refineries operated at 97.2% of their operable capacity last week.
Gasoline production decreased last week, averaging 9.5 million barrels per day.
U.S. crude oil imports averaged 7.4 million barrels per day last week.
U.S. commercial crude oil inventories remained virtually unchanged from the previous week.
Total products supplied over the last four-week period averaged 20.9 million barrels per day, up by 1.6% from the same period last year.

Ll1979 , thank you for your time and effort,
Appreciate it very much.

GreenEarth

open interest (1.41M) dropping on a rising price hmmm....

BRNT Weekly & Daily

Thnx for your kind words! All i try to do is keeping this thread alive so we can learn from each other and make some extra income

SAUDI ARABIA PLANS EXPORT CUT OF 800,000 BARRELS A DAY FROM NOVEMBER LEVELS
7 January 2019, 17:51
Citing OPEC officials familiar with the matter, Dow Jones Newswires reported that Saudi Arabia is planning an export cur of 800,000 barrels per day from November levels. According to the DJ, Saudi Arabia is aiming to reduce exports to 7.1 million barrels per day.

Yes, cut it more for american exporters. Good news!

Elliott Fractal

EIA: COMMERCIAL CRUDE OIL INVENTORIES DECREASED BY 1.7 MILLION BARRELS FROM PREVIOUS WEEK
9 January 2019, 17:36

Below are some key highlights from the weekly report published by the U.S. Energy Information Administration.

1. U.S. crude oil refinery inputs averaged 17.6 million barrels per day during the week ending January 4, 2019.
2. Gasoline production decreased last week, averaging 9.4 million barrels per day.
3. Distillate fuel production decreased last week, averaging 5.6 million barrels per day
4. U.S. commercial crude oil inventories decreased by 1.7 million barrels from the previous week.
5. Total products supplied over the last four-week period averaged 20.5 million barrels per day, down by 0.7% from the same period last year.

WTI oil continues correcting to the upside and accelerates its bullish momentum to come close to the 53.00 level which could act as resistance along with the 55 day EMA.