WTI Crude Oil Trading

Closed out for a loss, there's always next time, D

I stayed in, at a loss currently but hoping this plays out, my stop it at 60.30 hoping for a drop from here

USD can go up sometimes. (demo acct)

WTI REGAINS $ 60 MARK FOR THE FIRST TIME IN 5 WEEKS, OPEC MEETING EYED
1 July 2019, 13:12

 

1. US-China trade truce, OPEC output cuts extension hopes bump up prices.
2. All eyes on OPEC+ meeting in Vienna, US supplies report for next direction.

WTI (futures on Nymex) is seen enjoying a 3% rally and trades near five-week highs of 60.27, having witnessed a bullish opening of $ 2. The black gold went on to build on the overnight jump, as the bulls cheer a double booster shot, with a US-China trade truce on one hand and increased odds of OPEC output cuts extensions until end-2019 on the other hand.

The expectations of the OPEC output cuts extension rose sharply after both Russia and Iran agreed with Saudi Arabia to back the supply cuts by 6 to 9 months to keep the oil markets balanced.

Moreover, the overall market sentiment was lifted by the US-China trade cease-fire, which also added to the upside in the higher yielding oil prices.

Looking ahead, the OPEC cuts expectations are likely to keep the oil prices buoyed, as markets await the outcome of the 2-day OPEC+ meeting on the oil output policy in Vienna, starting this Monday.

zerohedge‏ @zerohedge 7m7 minutes ago
NOVAK: ALL MINISTERS APPROVE 9 MONTH OPEC+ CUTS EXTENSION

Very predictable action that makes oil shorts likely to fail.

ED. This is a red flag item in FF activity list.

Good point! I am curious at what levels their are going to cut with economic slowdown the current levels of 1,2M aren't enough i guess.
Then again i noticed the gap between WTI and Brent is also closing a few weeks a go it 's was more than 8 now 6,xx

I think economics will return to the forefront when the OPEC manipulators go home.

Economic factors continue to look a bit weak and bond yields remain low.

Reminder: this is the week for First Friday Fun.

I'm still short on this, I think the majority of the market being long means it will drop further, might even fill the gap it made.
That's what I'm hoping anyway

WTG! You must have a cast iron stomach.

I held strong and has come good, now moved stop into nice profit in case of a retrace

Stopped out at 58.75 nice profit though entry was 59.29

Nice trading champ!

Thanks LI
Seems as though 58.70 was bottom area and going back up now

WTI TRIMS GAINS AS US DOLLAR RECOVERS AND WALL STREET MOVES OFF RECORD HIGHS
1 July 2019, 18:53

 

1. Oil up 0.60% but moving of highs as US Dollar extends gains.
2. Improvement in risk sentiment and extension in crude oil output cut agreement supports WTI.

The WTI (futures on Nymex) is up 1.6% over the day after moving significantly off daily highs. Earlier today, the barrel jumped to $60.27, the highest level since May 23 and then pulled back.

As of writing, trades at $58.80, significantly off highs, but still positive for the day. The move higher took place following the agreement between US President Trump and President Xi Jinping of China to resume talks. The next boost came from increased odds of OPEC+ output cut extensions. Russia's Energy Minister Alexander Novak said all ministers were supporting an extension of 9 months to the deal. The OPEC plus group is having a meeting in Vienna that will continue tomorrow.

The DOW JONES is up 0.50% after falling more than a hundred points from the top while NASDAQ gains 1.12%. The positive tone eased after the beginning of the American session. Regarding the US Dollar, it gained momentum over the last hours and weigh on crude oil prices. The DXY is up 0.55% at the highest in a week.
Data from the US, showed the IHS Markit's Manufacturing PMI in June rose to 50.6 from 50.5 in May and the ISM Manufacturing PMI dropped to 51.7 from 52.1, a reading above expectations.

Looks like you made the right move champ!

Hello all, hope you are well, looks like my short may have been a good idea but closed this morning, wasn't sure if it going to push up, looking good for shorter's though, good luck, D

I took my profit in the end, glad I managed to catch it again though Haha

Excellent, great chess, and you say your new, performed like a honed in veteran LOL, well doneD

Looks like we have another private island trader