WTI Crude Oil Trading

trading on Fridays is always risky

Out at 60.60

Great analogy KF, I have 60.70 as my ceiling, chart showing a single arrow down and I'm holding on to that LOL, not the wisest choice of position and day but the weekend can change any situation so hoping for buyers to take their lot, fear I suppose, this is the only think being held onto and propping the situation up, we already know of the oversupply, coupled with an agreement over the weekend (maybe maybe not) there could be some fingers burnt Sunday night, either way I will be closing before shutdown tonight, D

Next one Li, I'm still in, as with the Dow, hoping for a Friday fear factor, totally speculative and opportunist

Li, you and me both cursing the EU
EDIT
Looking for a rejection on 30 min WTI
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WTI 30minEDIT
Hoping the spike was more to show false direction following the volume, volume up price up, maybe, D
Certainly following the theory

Hardly blind panic but a start
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Just need the Dow to follow suit,D
If it goes tonight, first target 59

United states baker hughes us oil rig count: 784 vs previous 788

OIL: WE REMAIN BIASED TO THE UPSIDE - RABOBANK
12 July 2019, 21:47

Oil markets have recovered sharply in recent weeks from the macro inspired weakness witnessed back in May and early June, point out analysts at Rabobank. They remain biased to the upside for oil prices.

Key Quotes:
“Recent inventory draws out of the US have strengthened our conviction in that call and the market has responded in kind. In fact, this week’s US Department of Energy report provided further strong evidence that demand remains robust which has helped quell the recent trade related fears. The report showed a sizable drop to US crude stocks of -9.5mb and a reduction in gasoline stocks of -1.455mb while distillate stocks built +3.729mb. The net result was a -7.226mb reduction to the major product categories which helped spur a more than 4% rally on Wednesday, the day the report was released.”
“On top of the bullish inventory data – a tropical storm in the Gulf of Mexico is shutting in crude production this week and more importantly threatening refinery operations along the all-important gulf-coast energy corridor which is keeping the market on edge.”
“Looking forward we remain biased to the upside for oil prices. Our base case forecast is for ICE Brent to stabilize around $75/bbl in 3Q19 and for NYMEX WTI to stabilize in the $70/bbl area. This implies a narrowing of the WTI-Brent arb which we expect to occur on the back of a tightening US crude balance sheet. We expect RBOB gasoline to continue leading the complex higher through the balance of the summer given the strong fundamentals and impressive rollyield implied by the forward curve.”

Are you holding it overnight with Iranian tensions?

OOH NO Li, closed tonight whatever the weather

Hi friends! Still at war with WTI?

Congrats to the intraday swingers who shorted the LONDON move last night. Perfect measured move. Instos very happy accumulated all day for that. USA session there was no trade for us swingers. liquidity was taken had nothing above or below and price was at bottom edge. NO discount for shorts and NO business for longs.

I think 60.60 is the key level at the moment, we have a possible IH&S on the daily/weekly with nice upside target areas 68/98

My indi's seem to point south for now but price is ignoring which I think is bullish, this could change below 60.09.

60.60 = bull above bear below.

Good luck

Hey sponge, pleased to see you back, hope all is well, you've been missed, D

Hey all,

How is everyone? been busy but see oil is catching up making some more gains

hello friends , is there any open trade i WTI

Thanks D

Welcome back sponge hope you are ok.

WTI drifted lower toward 60. Potential support near 60. and EMA20.

#WTI / H4 / Two Ideas

60.47 res Q2 .618...I think volume is backing the bulls for now, could change quickly tho