WTI Crude Oil Trading

Agree 58.70 ....still bearish for now

SPX down for another short?

Overall bullish is my opinion all be it a bit late had a DIY day today

2827/ yesterdays pivot could spring some upside ....downside 2817/2799

I think we have a good chance of springing 2827

Hello All, I'm on the sidelines for the moment re, WTI but my EA is running the SP500 trades and currently long, have a busy weekend gardening, you heard right, starting tonight but will monitor and pop in, just hoping Li will work the magic again, make the call Li LOL, good trading all, D

UNITED STATES BAKER HUGHES US OIL RIG COUNT FELL FROM PREVIOUS 802 TO 797

Last minute push up for sp ???

WTI STEADIES ABOVE $58, LOOKS TO ERASE NEARLY 7% THIS WEEK
24 May 2019, 21:32

 

1. WTI remains on track to post largest weekly loss of 2019.
2. Active rig count in the U.S. drops to 797.
3. Heightened tensions in the Middle East limit losses.

Crude oil came under heavy selling pressure in the second half of the day and lost more than 5% on Thursday after losing more than 2.5% on Wednesday. Following the sharp drop to the lowest level since mid-March at $57.32, however, the barrel of West Texas Intermediate staged a modest recovery on Friday and was last seen trading near $58.30. For the week, the barrel of WTI is down $4.4, or 7.1%.

With the U.S.-China trade conflict heating up throughout the week, investors continued to price the potential impact of a weaker global economic growth on the oil demand outlook. Additionally, the API's and the EIA's weekly reports both revealed larger-than-expected buildups in crude oil inventories in the U.S. to further weigh on the commodity. The last data of the week from the U.S. showed that the total number of active oil rigs dropped to 797 last week from 802.

"U.S. businesses affected by the increased tariffs will be making decisions regarding purchases, inventories, etc., that are apt to force some downshifts in the U.S. economic growth path that could have implications for U.S. oil demand," Jim Ritterbusch, president of Ritterbusch and Associates, told Reuters.

Meanwhile, U.S. President Trump today announced that they will be sending about 1500 troops to the Middle East after Pentagon said that Iran's revolutionary guards were directly responsible for attacks on tankers off UAE, suggesting that the tension in the area is likely to remain escalated in the near-term, which could continue to limit oil's losses.

Got my push to a small loss but closed for the weekend, will be interesting to see developments over the weekend regarding oil/WTI, still think a rise to 64, the irony of it all, a steady rise from the start of the year with no looking back and here we are at this moment in time, the events more accurate than the clock, good bank holiday weekend all the brits, and a good weekend all going back to work Monday, D

Some interesting times D ... have good weekend

A week that included a 6-point drop in WTI, ended with a small retrace.

Monday is a US holiday.

Right on Timingchain and I missed it, it even took me at one point, have a good holiday and get ready for the new battle , D

Week ends with price ticking up slightly after 8% drop from last week. Short week coming up, we shall see what happens.

Have a great weekend,

- Ric

GBP for a rise ?

https://cotbase.com/blog

S&P500 H&S formed...still bullish over 2827

Im a bit unsure with WTI I'd like to see another push down, key level 57.45 I think this could start another slide.

Nearer price bearish below 58.65 and looking for longs over 59.36

Smaller frames look a bit bearish for the open ...we'll see

Cycle wise Sat 25th indicated a turn so this may happen on the 27th or 28th because of the holiday. The cycle only indicates a possible turn soon.

Good luck all

i understand we should stay one step behind the market, so we dont try to daddy it, but i have this sick problem of predicting, and on my one hour WTI chart i see cup and handle pattern, which means continuation of trend..how many of you agree??

Danish07, Yeah on the daily it looks very convincing, on a tongue n cheek note, more like a magic lamp, just for the record, these TL were previous projections, Danish has split the atom with his post, aligning my TL's, well spotted Danish, as to whether it will follow the path who knows, but fore warned is fore armed

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Can any of you experts interpret on which day market's volatility remains low? the problem is i m a piscean, i like things to be easy..

KUWAIT OIL MINISTER: PREMATURE TO SAY IF OPEC+ WILL EXTEND OUTPUT CUT AGREEMENT IN JUNE
27 May 2019, 15:23

In an interview with Reuters, Kuwait's oil minister, Khaled al-Fadhel, said that it was premature to say if OPEC and non-OPEC allies are going to extend the current oil output cut levels at the meeting in Vienna in June.

"There is great anxiety in the market today mainly related to supply concerns. For example, the impact of the U.S government decision announced recently not to extend the waivers to major buyers of Iranian crude has yet to be felt," the minister told Reuters.

Commenting on the inventory levels, "If we are to look at the OECD commercial inventories, I think we are on the right track. OECD Inventories are falling towards the last 5 year average, and the record level of conformity reached in April by OPEC and its non-OPEC partners have played a significant role," he noted.