WTI Crude Oil Trading

If there was ever a chance of big numbers, it's had it, on the verge of war with an oil producing country and the best it could do, hope you get your wish and it goes your way, D

The WTI median line breached EMA20 and an uptrend line (blue), suggesting more to come. The open for the bar with the arrow is 53.55.

As always nice chart timingchain!

Downwards movement breaking trendline (triangle) on H4

locked some pips

OPEC Sec. General Barkindo: OPEC seeks to balance market as uncertainty lingers

In remarks delivered via video link at a conference hosted by RBC Capital Markets in New York late-Tuesday, the OPEC Secretary General Mohammad Barkindo reiterated the OPEC+ pledge to keep the oil markets balanced this year and beyond.
Key Quotes:
“OPEC and its partners will take the current economic bearishness into account when they meet in the coming weeks.”
The organization will be “unyielding” in its efforts to reduce oil inventories back to normal levels and revive investment in the industry, taking an approach that is “agile” and “flexible.”
“There has also been a significant change in market sentiment, in both equity and financial markets” that has worsened many institutions’ outlook for oil demand growth.”
“This will all play into our calculations in the upcoming ministerial meetings.”

Looking for a turn today, support at 52.07 if broken could change view

Good luck

WTI drops 2% to test $ 52 mark on trade worries, rising US crude stocks

1. Sold-off into US-China trade woes-led risk-off, swelling US crude inventories.
2. Technical set up points to negative bias, as oil prices hold below 200-DMA.
3. Eyes US EIA crude stocks data and trade developments for the next direction.

The downward spiral in WTI (futures on Nymex) accelerated in early Europe, sending the prices nearly 2% lower to test the 52.00 support zone.
The bears extended control and sold-off the higher-yielding oil amid escalating US-China trade tensions, as markets remain wary over a trade deal likely to be reached when both countries’ leaders meeting later this month at the G20 Summit in Japan.
Moreover, the global demand growth forecast downgrade by the EIA combined with an unexpected rise in the US crude stockpiles also keeps the bearish grip intact around the black gold.
The EIA lowered its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd. Meanwhile, the US API data showed that the US crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels when compared with expectations for a decrease of 481,000 barrels.
Further, the barrel of WTI continues to remain below the 200 – SMA on the daily sticks, suggesting that the risks remain exposed to the downside. Markets now await the US EIA weekly crude stockpiles report due to be published later today at 1430 GMT for fresh trading opportunities.

SL hit out of the trade

exit strategy explained

price was above ema21
making a higher low on M5
SL was on top of higher low 5M

todays wednesday, and there will be a report coming out sooner, can anyone pls tell me the time..

EIA inventory numbers released in about 93 minutes

https://www.forexfactory.com/calendar.php

https://www.energyexch.com

EIA: Commercial crude oil inventories increased by 2.2 million barrels from previous week
12 June 2019, 17:32

In its weekly petroleum report for the week ending June 7, the Energy Information Administration (EIA) announced that the commercial crude oil inventories in the U.S. increased by 2.2 million barrels from the previous week. With the initial reaction, the barrel of WTI struggled to recover its losses and was last down 2% on the day at $51.85.
Key takeaways from the press release

1. Gasoline production increased last week, averaging 10.3 million barrels per day.
2. Distillate fuel production decreased last week, averaging 5.2 million barrels per day.
3. U.S. crude oil imports averaged 7.6 million barrels per day last week.
4. Total products supplied over the last four-week period averaged 20.4 million barrels per day, down by 0.1% from the same period last year.

OPEC+ STILL EXPECTED TO ROLL OVER OIL SUPPLY CUT OF 1.2 MLN BPD BEYOND JUNE - REUTERS
12 June 2019, 19:16

Citing OPEC sources familiar with talks, Reuters reported that OPEC+ was still expected to roll over the oil supply cut of 1.2 million barrels per day beyond June.
"It is just thinking aloud about what to do in case trade tensions are exacerbated with potentially huge adverse impacts on the world economy, and thus oil demand," one of the sources told Reuters.
"Now all the talk among OPEC is a rollover. There is no official proposal, just discussions of the idea for a larger cut."

WTI following the sloping res line and dropping below, no great demise in the price given the expectations leads me to believe it's not a done deal,I've said this before, (a stopped clock is right twice a day) but these things rise and fall, quicker too when news reaches the price, and this has had more than it's fair share, just my ramblings, D

The decline from the breach of EMA20 and trend line continued today, after some hesitation.

aiming for a potential breakout play if it manage to break above trendline + fib 61.8

long @ 61.644

Think the market was news driven yesterday, -63 pips for me

My indi's say buy at current levels but sometimes price can hug the indi's for some time so staying out for now.

I think possible support levels today are 51.72, 52.07, possible double bottom on the daily.

Good luck

Sorry to hear about your loss sponge you'll win the next one.

On what time frame are you trading?