WTI Crude Oil Trading

bias for today is long , until trendline is broken to the down side

Who's ready for some volatility? I'm a little suspicious of how CL rallied ahead of the API report. But none-the-less, it rallied higher on a surprise draw of -11.1M. The market was expecting -2.5M. The arrow shows the candle where API data came out. The rally started hours earlier. Anybody know why it rallied?

What does that mean for tomorrow's EIA report? Not much in terms of what to expect in the data. But it does show how sensitive crude might be to a surprise. EIA will trigger larger moves than API too. I posted a preview for EIA inventory data. I'm always looking for other views so everybody is welcome to post their thoughts if they want to. Otherwise, good luck with the data tomorrow! Here it is: EIA inventory data - Aug 28th

Overnight trade worked out, I'm bullish for the longer term for now

Buy the dip? support 55.27 bearish below this level, nearer term support 55.38.....Last API low 55.53

Oil news 3:30 uk time

Spooky time line seems to have kicked in

Good luck

EDIT We could see another false break this would change the bullish outlook

Nice one champ!

long eurgbp

Profit stop hit earned a few cents

still sleeping under a bridge

Here's a possibility using last API low, target 58 area

I see markets seems to be optimistic regarding report due later on.... Classic pump and dump?

I'm sidelined until this is resolved. In the meantime I'm watching a fascinating interview with Kyle Bass and Guo Wengui on real vision finance on YT. The Steve Bannon one was also excellent.

I think we'll get a lot more upside today but I'm mindful of "Wobbly Wednesday" on the side for now but I'm tempted to jump in long, just hope it doesn't fly away without me, bl##dy news ......56.60 should stall it

Old Lizzie's getting in on it now

Crude Oil -10.03MM, Exp. -2.85MM
Gasoline -2.09MM
Distillate -2.06MM
Cushing -1.98MM
Production 12.5MM, +200kb/d

some brain food

https://www.zerohedge.com/news/2019-...ts-record-high

Not much movement? Any idea why?

Possible short. Price pattern info
https://www.forexfactory.com/showthread.php?t=444458

Already got a big movement since yesterday (API numbers) and conflicting data see my zerohedge article

EIA: US crude oil inventories decreased 10 million barrels, WTI pushes higher toward $57
28 August 2019, 17:40

 

1. EIA reports larger-than-expected draw in US crude oil inventories.
2. WTI extends daily rally with the initial reaction.

The weekly report published by the US Energy Information Administration (EIA) revealed that commercial crude oil inventories in the US decreased by 10 million barrels in the week ending August 23 compared to market expectation for a decline of 2.1 million barrels.
With the initial market reaction, the barrel of West Texas Intermediate rose to a daily high of $56.70 but retreated slightly. As of writing, the WTI was up 1.35% on the day at $56.50.

Key takeaways from the press release

"Crude oil imports averaged 5.9 million barrels per day."
"Refineries operated at 95.2% of their operable capacity last week."
"Gasoline production increased last week, averaging 10.7 million barrels per day."

I'm confused LI was it not today we had the API numbers?

My bad it's a time-zone thing API numbers in my country were 22:30 local time.