WTI Crude Oil Trading

Not a great deal happening for WTI today, think if the price drops the volatility will lessen as with range, we have hit fever pitch over the weeks, the very thing it feeds off has subsided, or at least for the time being, so what now oilers?
This thread has seen some excellent forecasts, input, and great chat, if oil dies can we still carry on and put our collective efforts elsewhere, I'm hoping so, D

United states api weekly crude oil stock climbed from previous -5.265m to 3.545m in may 31

I closed my EU swing long this morning. It was in since 29th April and gave a profit but it was clobbered with swap


WTI not sure today still looking for support 51.60 small range yesterday

Good luck

#WTI / Weekly / Three Ideas

Afternoon all, WTI quiet again today, still short the Dow from yesterday, position showing a loss but hoping all that going to change, good chess, D

Hi D,

Also kept my DOW short after terrible adp numbers we should go south.

EIA: Commercial crude oil inventories increased by 6.8 million barrels from previous week

In its weekly petroleum report for the week ending May 31, the Energy Information Administration (EIA) announced that the commercial crude oil inventories in the U.S. increased by 6.8 million barrels from the previous week. With the initial reaction, the barrel of WTI slumped below $52 and was last down 2% on the day at $51.80

Key takeaways from the press release

1. Gasoline production increased last week, averaging 10.0 million barrels per day.
2. Distillate fuel production increased last week, averaging 5.4 million barrels per day.
3. U.S. crude oil imports averaged 7.9 million barrels per day last week, up by 1,065,000 barrels per day from the previous week.
4. Total products supplied over the last four-week period averaged 20.0 million barrels per day, down by 0.6% from the same period last year.

WTI @ Key support level on Daily chart:

1. Camarilla H3
2. Fib 61.8

WTI plummets to multi-month lows below $52 after EIA report
5 June 2019, 18:06

1. EIA says crude oil inventories in the U.S. rose by 6.8 million barrels.
2. API's weekly data also shows large build in stockpiles.

After closing the previous day with small gains, the barrel of West Texas Intermediate turned south on Wednesday and pierced through the $52 handle for the first time after the weekly report published by the U.S. Energy Information Administration (EIA) showed a larger-than-expected increase in crude oil stockpiles. As of writing, the WTI was trading at its lowest level since mid-January at $51.40, erasing 2.8% on a daily basis.
Following Tuesday's API report, which showed that crude oil stocks in the U.S. grew by 3.5 million barrels in the week ending May 31, the EIA today announced that commercial crude oil inventories rose by 6.8 million barrels in the same period compared to analysts' estimate for a draw of 0.8 million barrels.
Assessing the underlying details of the report, "Inventories of distillate fuel oil surged 4.572 mmb, nearly ten times what energy analysts had expected. Inventories of motor gasoline rose 3.205 mmb, about five times what analysts predicted," Reuters said.

Li. looking at the chart sooner rather than later, was tacking the rise, in the scheme of things it never advanced too much to hold, D

Closed all my sells @ 51.60 (Fib 61.8%) = 790 pips overall
Kept one sell (to hedge my buy in case)
Bought @ 51. 75 (is in negative)

Nice trading aariapoor!

Thank you mate; but no I faaaked up today, lost my small account on Gold exactly 25 pips before it starts to pull back

Aariapoor, sorry to hear, but great patients in following WTI to such a level D

Dow easing a little, hope the wait is worth it, not too comfortable staying the course too long, dynamics change, along with sentiment, Li, you still holding, D
EDIT
5min close under the 89?

Got to be at a turning point, up or down from here, my luck up, would be typical, D

I am still holding, added a few grand to the account was a bit overleveraged. I don't know if it's wise but there so many issues atm (china, mexico, global slowdown etc etc... ) that i believe to think this is a retracement in a bigger move down.

I see the daily is down but snapping back of late, other TF mixed, leading is the 1min and we should be due down from here, if this is going the 1 should show the way, D

MEXICO WILL MAKE OWN DEMANDS IN TALKS TO STAVE OFF U.S. TARIFFS - RTRS
5 June 2019, 22:38

We have some insights coming through from Reuters into how Mexico might wish to proceed in talks with the U.S. following the threat of tariffs implemented to all Mexican imports by the Trump administration.

1. Mexico will not accept "safe third country status" that requires central American asylum claimants to seek refuge in Mexico instead of united states - Mexican sources
2. Mexico will also demand that U.S. stops flow of weapons and ammunition to criminal cartels - Mexican sources
3. Mexico will make own demands in talks to stave off U.S. tariffs including redirecting U.S. security funds under "merida initative" to Mexican southern border development, along with "marshall plan" for developing central America - Mexican sources