WTI Crude Oil Trading

Nice chart timingchain!

Not sure if anyone else noticed this, or it was just me dreaming. But I was certain that the expectation for Oil inventories was negative 12.4 million (ish I don't remember the exact number but was more than -10 million) about 4 hrs ago, and now the expectation is for a build up.

Doesn't matter really, just interesting...

EIA: COMMERCIAL CRUDE OIL INVENTORIES INCREASED BY 3.7 MILLION BARRELS FROM PREVIOUS WEEK
21 February 2019, 18:06

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

1. U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending February 15, 2019.
2. Refineries operated at 85.9% of their operable capacity last week.
3. Gasoline production decreased last week, averaging 9.5 million barrels per day.
4. Distillate fuel production decreased last week, averaging 4.8 million barrels per day
5. U.S. commercial crude oil inventories increased by 3.7 million barrels from the previous week.
6. Total products supplied over the last four-week period averaged 20.6 million barrels per day, down by 0.1% from the same period last year.

Another red line crossing, but it looks like a weak one. No 'sell entry' since Feb 11 on the H4 chart.

End of week update. We might see a blue median crossing in the coming week.

I am really impressed with your honest reply. Can you please tell me some calm pairs for new traders? Secondaly i am holding WTI crude 5 lots sell at average 49( 45,49,52.65 ) can you please suggest SL for it or should i book loss?

Median crossing of blue trend line may be developing.

Always use stops, especially with WTI, which can be highly volatile at times. I suggest maximum risk with position size of 1-2 % of acct. For now, see if a down trend develops.

imho

President Trump is at it again,

1. As the price of WTI was showing strength since morning, while it gradually approaches the $60 level, President Trump took a jab on oil bulls via his usual tweeter account.
2. About an hour ago, he tweeted, “Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike - fragile!”

And boom! Price is crashing to new session lows.

1. Price has now declined from $57.5 per barrel during the European hours to $55.8 per barrel, and the price continues to break lower.

With U.S. and OPEC relationship at a critical point, President Trump relentless attack on higher price taking a toll on bulls.

Update: The trend from Feb 11 gave 2 anchors for uptrend lines. Both have now been crossed by the median line. Further decline is possible.

WTI MEETS SUPPORT NEAR $55.50, 10-DAY SMA
25 February 2019, 16:25

 

1. The barrel of WTI drops to multi-day lows near $55.50.
2. President Trump criticized OPEC for higher prices.
3. Saudi Arabia expected to cut its output further.

Prices of the barrel of the American reference for the sweet light crude oil are reverting Friday’s gains and are now navigating in 4-day lows in the mid-$55.00s.

WTI offered on Trump’s comments
The barrel of the West Texas Intermediate remains on the defensive at the beginning of the week after President Trump resumed his attacks to the oil cartel, this time suggesting the OPEC to ‘relax and take it easy’.

Comments by President Trump relegated the increasing optimism around the US-China potential trade agreement following recent progress at the Beijing and Washington meetings as a broad-based driver for crude oil and the rest of the risk-associated assets.

Additionally, driller Baker Hughes reported US oil rig count dropped by 4 during last week, taking the total US active oil rigs to 853.

Looking ahead, the usual weekly reports on US crude oil supplies by the API and the EIA are due on Tuesday and Wednesday, respectively.

What to look for around WTI
Today’s attack from President Trump to the OPEC’s policy of higher prices could undermine a more serious bull run in crude oil, mainly if US lawmakers are willing to invoke the NOPEC act. On the shining side, optimism around a US-China trade deal should remain supportive of crude oil as well as Saudi Arabia’s (so far) commitment to curb its oil production more than expected (the so-called ‘Saudi put’). Also bolstering prices emerge the ongoing US sanctions on Iranian and Venezuelan oil exports.

WTI significant levels
At the moment the barrel of WTI is losing 1.55% at $55.87 and a break below $55.40 (low Feb.25) would aim for $54.42 (21-day SMA) and finally $51.15 (low Feb.11). On the upside, the initial hurdle is located at $57.45 (2019 high Feb.22) seconded by $58.00 (high Nov.16 2018) and then $59.63 (50% Fibo retracement of the October-December drop).

Thank you sir for your valuable reply. I will develop habbit of keeping SL in future.

New red & blue trend lines in place. Converging soon.

The new trend lines are forming a pennant. At this moment, price movement is sideways, indefinite. It might just drift out of the pennant without a clear movement up or down. Price is approaching EMA20, which can act as resistance or support.

The pennant formation has been broken to the upside.

EIA: Commercial crude oil inventories decreased by 8.6 million barrels from previous week

Below are some key highlights from the weekly oil market report published by the U.S. Energy Information Administration.
•U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending February 22, 2019.
•Refineries operated at 87.1% of their operable capacity last week.
•Gasoline production increased last week, averaging 9.6 million barrels per day.
•Distillate fuel production increased last week, averaging 4.8 million barrels per day.
•U.S. crude oil imports averaged 5.9 million barrels per day last week, down by 1,605,000 barrels per day from the previous week.
•U.S. commercial crude oil inventories decreased by 8.6 million barrels from the previous week.

Oil might launch up now.
k
edit: or drag on a bit longer... ¯\_(ツ)_/¯