WTI Crude Oil Trading

EIA: COMMERCIAL CRUDE OIL INVENTORIES DECREASED BY 9.6 MILLION BARRELS FROM PREVIOUS WEEK
20 March 2019, 17:32

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 16.2 million barrels per day during the week ending March 15, 2019.
2. Gasoline production increased last week, averaging 9.9 million barrels per day.
3. Distillate fuel production increased last week, averaging 4.9 million barrels per day.
4. U.S. crude oil imports averaged 6.9 million barrels per day last week, up by 186,000 barrels per day from the previous week.
5. U.S. commercial crude oil inventories decreased by 9.6 million barrels from the previous week.

After drifting through the uptrend line (blue), price surged through the downtrend line (red), mostly because of the crude draw down. The surge ran for ~100 pips. Prices may spend some time in consolidation here at the important 60.00 level.

The April contract is currently at ~59.8. I see support around 59.5-.6. If that is breached, we could see a deeper correction or trend reversal. Since the Fed people acknowledged economic weakness, the uptrend is in question, but not yet dead.

This was Consolidation Day. The trend from Mar 11 is looking tired. I think much depends on the success of support ~59.5-.6. An unexpected news item could send WTI either way.

WTI oil breaks above the 59.86 level, where we can find the 55 week EMA. The moving average is the last most relevant resistence on WTI oil, above this level the price has the road clear to the 65.00 level. On the other hand, the 59.86 zone could act as resistance and the price may correct to the downside.

Price plunge through trend line and support. It looks like a lot of sudden momentum to downside.

High for the trend was 60.39, now down 120 pips (April contract).

It's a bit early to judge, but this looks like a potential trend reversal rather than a correction. Price has reached the first lower gradient band (LB1) at 58.8. It should hit some support around 57. to 58. if it continues.

End of week update. WTI April contract down 1.7% today; S&P500 down 1.9%. LoD was 58.28.

The pattern is similar to the decline on Mar 7, which was followed by a large uptrend. (I'm not suggesting up or down from here.)

Open issue: is this a correction or trend reversal?

The Beyfor chart above may be indicating that the uptrend from late Dec was just a correction to the decline from ~77. I think the oil fundamentals are artificial on the supply side, with demand looking weak with the economy.

It might be difficult to imagine, but if the big decline resumes, the ~44 low could be taken out.

Closing price and the median for the last bar are at the downtrend line (red) and the EMA20. Price action could now go either way.

WTI recedes from 2019 highs beyond $60.00 ahead of API
26 March 2019, 17:25

1. Crude oil prices add to Monday’s gains above the $60.00 mark.
2. Tight supply conditions continue to prop up the up move in oil.
3. API crude oil report coming up next.

Prices of the barrel of the West Texas Intermediate are prolonging the upside on Tuesday albeit now a tad lower from earlier YTD peaks in the $60.10 area.

WTI bid ahead of API report
The upbeat momentum in crude oil stays well and sound so far this week, always bolstered by tight conditions on the supply side, mainly as a consequence of the ongoing OPEC+ agreement to curb oil production.
However, the escalation of fresh geopolitical concerns in the Middle East around the Gaza Strip plus concerns over a slowdown in the main economies pose immediate threat to the ongoing rally in prices.
Moving forward, the API report on US supplies is due later today ahead of the DoE’s official report expected tomorrow and the weekly oil rig count by Baker Hughes on Friday.

What to look for around WTI
Crude oil has managed to advance further north of the critical $60.00 mark per barrel earlier today, clinching at the same time fresh yearly highs in levels last seen in November 2018. Following the up move, the underlying bullish view in crude oil remains well in place on the back of the so-called ‘Saudi put’, tight conditions in the US markets (amidst US net imports in historic low levels and the rising activity in refiners ahead of the summer session), the current OPEC+ agreement to cut oil output and ongoing US sanctions against Iranian and Venezuelan crude oil exports. Furthermore, the OPEC+ could announce an extension of the current agreement to curb oil production at the cartel’s meeting in June.

WTI significant levels
At the moment the barrel of WTI is up 1.59% at $59.75 and a breakout of $60.11 (2019 high Mar.26) would open the door for $61.74 (200-day SMA) and then $63.74 (61.8% Fibo of the October-December drop). On the other hand, the next down barrier aligns at $57.91 (low Mar.25) seconded by $57.54 (21-day SMA) and finally $54.37 (low Mar.8).

Excellent assessment!

April contract advanced ~120 pips after breaching downtrend line and EMA20, getting close to 60.40 before sliding back.

They are not mine just copy paste

lol, excellent copy paste!

Strong move today.

United states api weekly crude oil stock climbed from previous -2.133m to 1.927m in march 22

EIA: COMMERCIAL CRUDE OIL INVENTORIES INCREASED BY 2.8 MILLION BARRELS FROM PREVIOUS WEEK
27 March 2019, 17:33

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 15.8 million barrels per day during the week ending March 22, 2019.
2. Gasoline production decreased last week, averaging 9.7 million barrels per day.
3. Distillate fuel production increased last week, averaging 4.9 million barrels per day.
4. Refineries operated at 86.6% of their operable capacity last week.
5. U.S. commercial crude oil inventories increased by 2.8 million barrels from the previous week.
6. U.S. crude oil imports averaged 6.5 million barrels per day last week, down by 392,000 barrels per day from the previous week.

Sold at 59.78 SL: 60.18 TP: 55.00
Sell stop at 59.15 SL: 59.65 TP: 55.00