WTI Crude Oil Trading

killed it

4 sure waiting for ever and then she runs

Never mind a good trade just the same

10 more minutes for the EIA inventory numbers perhaps that will bring some action

Dow looking weak

it's looks weak it might accelerate below 25125

EIA: Commercial crude oil inventories decreased by 0.3 million barrels from previous week

In its weekly petroleum report for the week ending May 24, the Energy Information Administration (EIA) announced that the commercial crude oil inventories in the U.S. decreased by 0.3 million barrels from the previous week.
Key takeaways from the press release

•Gasoline production decreased last week, averaging 9.9 million barrels per day.
•Distillate fuel production decreased last week, averaging 5.2 million barrels per day.
•U.S. crude oil imports averaged 6.9 million barrels per day last week, down by 81,000 barrels per day from the previous week.
•Total products supplied over the last four-week period averaged 20.3 million barrels per day, down by 2.0% from the same period last year.

Could catch it from the top
Not sure if it goes right away but will hold it at least to 55.00

Nice trade champ!

@aariapoor, good to hear from you and even better to see some great chess moves,
@Li, well done and worth the wait for sure
D

Been a little busy of late so missed some opportunities, may get time to participate Friday just to keep the wheels oiled, D

I've been taken by some unpleasant tasks, preferred to stay away from trading
I should be here tomorrow
I saw that someone made some tikcs, very good

Hope there'r not to unpleasant Valter, the board has missed you, been some good moves caught over the last few days, still plenty left for the wise, good to hear from you,

Carry on. Hope to see you soon in the trading arena.

WTI DIGS A DEEPER OIL WELL BELOW TREND LINE SUPPORT, 61.8% FIBO & PRIOR WEEKLY LOW
30 May 2019, 22:20

1. WTI crude oil futures settled at $56.59, with spot currently down-4.49% at time of writing.
2. Stockpiles of crude weighed on the price of oil on Thursday.
3. Global growth risks keep a lid on rallies.

The price of oil has taken another nosedive on Thursday, this time with global growth concerns accompanied by a surprise Energy Information Administration report that showed that crude supplies edged lower by just 300,000 barrels for the week ended May 24, significantly less than the 1.4 million-barrel declined expected by analysts polled by S&P Global Platts and far lower than The American Petroleum Institute' data on Wednesday that revealed a much larger decrease of 5.3 million barrels.

At this juncture, markets are keeping an eye on Iran risks, but are running with the notion of a global slow down, partly down to the protracted trade standoff between the US and China, but also alarmed by negative macro developments on the European continent. An additional factor simmering away in the background is OPEC.
Eyes on OPEC

The recent news that Russia is pushing back against holding an OPEC+ meeting on June 25-26, pushing instead for July 3-4 has been interpreted by the market that Russia does not want to renew the December 2018 supply agreement. However, when factoring in the Saudis budget requirements for higher oil, prices, and their commitment to the cuts, the Russian risk can be treated as temporary noise.

WTI levels
A lower ow has been printed below the trend line and prior support marked out by the 23rd May drop, extending below the 200 MAs across multiple 1HR, 4HR and daily time frames. This fresh downside has dug out an oil well deeper below the key 61.8% Fibo and prior weekly low, around 57.30.

However, one should be watchful of the 4HR divergence by the same measure which does offer some potential to the upside towards the 20 4HR EMA - This level coincides with just below the prior trend line support around 58.40, a touch above a 58 the figure and a 50% retracement of recent swing highs and lows (59.68 30 May/56.37 21 May). Above there, 60 the figure comes as the next line in the sand meeting the 200-D EMA. To the downside, 4th Feb highs at 55.73 guard the 50% Fibo of the late Dec swing lows to recent 2018 highs at 54.50. The 200 W EMA at 52.40 ahead of the 38.20% Fibo at 51.64 confluences with 11th Feb major swing low as a key target at 51.26.

Highlighting the 4hr, still of the opinion this is to go higher, as mad as it seems 70, that could be a spike to hit this target, but still think this is possible, call me a cynic, D

Another 'whatta day' in the oil field. EMA20 breached, then a big plunge.

Plenty more to come Timingchain, whether it WTI or elsewhere, were going to dig them out, how you feeling today, hope your on the mendD

Doing better, not ready to do trading yet, thanks.

Take your time, we'll keep you entertained in the mean time, D

I will be VERY , VERY , VERY surprised if we hit the $55.30ish area , since $55.85 is a very significant level to break AND HOLD on a 4HR Chart.
Low Oil prices are NOT GOOD for the USA , since they are now a NET EXPORTER OF CRUDE to World Markets.
Speculators and very savvy Traders for Airlines and Transportation Companies are in the mix as well.

Regards ,
GreenEarth