WTI Crude Oil Trading

Nice trading sponge!

Sponge, AKA "Garry Kasparov"

Li, AKA "Anatoly Karpov"

He sure earned his 2nd private island

Thnx now it's your turn to shine

Got a feeling Li, he has more than one,

Thnx now it's your turn to shine

It's been an up and down week, I'm still here but not concentrating, will let it pass and start next week, but like seeing the good weather on the board, it's certainly better than home, been raining that much I'm thinking of buying a boat and selling the house, keep up the good work, some great post I see, may it continue, thanks D

Just for the record, have EUR/USD buy, SP500 sell, Gold sell, just letting them run, D

Shorts still king here. Hope you all enjoying that profit

Cheers~

Detector/Li , I think you are in cahoots and making millions.

You are short from 29/ April?

52.80 is the one to watch, I will look for longs if we go over this price ....tomorrow

We formed a millionaires club and we've had an new applicant, sponge from ff

I saw some traders made some nice gains recently
Congrats to all

Hello Valter, hope your well and good to hear from you, hope your here to stay, the boards missed you valuable inputD

Hello D,
I'm fine thanks hope you are ok too

It looks like worsening economic conditions outweigh geopolitical risks threatening supply, for now anyway. Buying pressures on US treasuries are driving yields lower, a symptom of a weak economy. This could change in a flash (literally)--there are a lot of guns around Oman.

The breakout failed in mixed WTI trading.

WTI ON THE BIDS AMID US-IRAN CONFLICTS, CHINA DATA IN THE SPOTLIGHT
14 June 2019, 08:19

 

1. Geopolitical challenges supersede trade tussle-led demand worries.
2. Political plays, China data, and Baker Hughes’ numbers can offer fresh impulse.

WTI remains on the bids around $52.50 during early Friday as the US allegations of Iran being behind the attacks on 2 oil tankers in the Gulf of Oman rekindled speculations of the US-Iran war.

The US claimed it has video footage showing Iranian coast guards removing mines from the ship while the UK also followed the suit and said it will conduct its own research based on the US news.

As rest of the global leaders like China, Japan, and the EU refrained from providing any direct statement concerning Iran’s hand in the issue, Tehran blasted over the US allegations and said it has nothing that can prove the fact.
With the geopolitical plays taking over the latest threats demand constraints due to the US-China trade tussle, investors may keep following the updates for fresh impulse.

Adding to the watch-list could be monthly industrial production and retail sales data from China and weekly oil rig count figures from the Baker Hughes.

China is the world’s largest industrial player and hence any headline data out of it has a direct impact on the commodity basket. May month retail sales are likely to rise by 8.1% versus 7.2% prior on a yearly basis while industrial production could also advance with a 5.5% mark against 5.4% previous increase on YoY.

Baker Hughes oil rig count data for the US marked depletion to 789 from 800 during the previous release and is up for publishing figures for the week to end on June 14 by later today.

Technical Analysis
FXStreet Analysis Ross J Burland says that WTI holds trend-line support while trading near 200-week exponential moving average (EMA). He further mentions that:
Bears will look for a push below the 14th Jan 50.41 low which guards the 26th November lows at 49.44. On the flip-side, a break of 53 opens 54.50 and 56 meeting the 20-D EMA.

54.32 still on the cards I think, need to break 52.80, Daily DB could see 58

Good game

EDIT ..think 52.30 could support, bear below

IEA MONTHLY OIL REPORT: 2019 OIL DEMAND GROWTH FORECAST CUT BY 100,000 BPD
14 June 2019, 11:50

In its latest monthly report on the oil market, the International Energy Agency (IEA) revised down the 2019 oil demand growth forecast by 100,000 bpd to 1.2mln bpd.

Additional Highlights:

1. World oil demand to accelerate to 1.4 mil bpd in 2020.
2. But will be offset by production surge to 2.3 mil bpd at the same time.
3. Notes that ongoing US shale boom as main reason.
4. Despite OPEC efforts, they are still pumping much more oil than required.