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WTI Crude Oil Trading

  • #3,681
  • Sep 9, 2019 2:45pm Sep 9, 2019 2:45pm
Attached Image (click to enlarge)
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  • #3,682
  • Sep 9, 2019 4:22pm Sep 9, 2019 4:22pm
WTI up big on the day, only trailing nat gas on the day. Good start to the week!
  • #3,683
  • Sep 9, 2019 5:19pm Sep 9, 2019 5:19pm
WTI is looking strong. The spike in volume is related to buying. Here is volume on the CL CME front month.
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From a better view, we can see that the volume has been during price increases since Sept 3rd. It seems like that was a point of reversal. Are we in rally mode?
Attached Image (click to enlarge)
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We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #3,684
  • Sep 9, 2019 9:49pm Sep 9, 2019 9:49pm
Incurring some heavy losses ATM. Is there any chance for a fall in WTI back to 56.00? I may be holding this position for a while!
  • #3,685
  • Sep 9, 2019 10:23pm Sep 9, 2019 10:23pm
I am not an expert, but providing that it doesn't close above 59.50 it should head South again.
If it's any consolation to you, I am on the same boat.
It will be good to hear Moty's take on this. He seems to have call it right more times than I remember.
  • #3,686
  • Sep 9, 2019 11:09pm Sep 9, 2019 11:09pm
Quoting Nectarios
I am not an expert, but providing that it doesn't close above 59.50 it should head South again. If it's any consolation to you, I am on the same boat. It will be good to hear Moty's take on this. He seems to have call it right more times than I remember.
Or Li,Timing chain,sponge,Enents trader or Nasty natty to name a few D
I don't need to be good at the game, only good enough to beat my opponent,
  • #3,687
  • Sep 9, 2019 11:15pm Sep 9, 2019 11:15pm
Quoting Nectarios
I am not an expert, but providing that it doesn't close above 59.50 it should head South again. If it's any consolation to you, I am on the same boat. It will be good to hear Moty's take on this. He seems to have call it right more times than I remember.
I can't lie, your consolation made me feel better lol! Thank you Nectarios! I'll be eyeballing 59.50 like watching paint dry lol
  • #3,688
  • Sep 10, 2019 12:25am Sep 10, 2019 12:25am
I am actually shorting at 58.10, doesn't seem to have much power going north now, and 58 is right at the SD zone
  • #3,689
  • Sep 10, 2019 3:46am Sep 10, 2019 3:46am
Quoting detector
{quote} Or Li,Timing chain,sponge,Enents trader or Nasty natty to name a few D
I am really sorry but I don't understand what you mean.
  • #3,690
  • Sep 10, 2019 5:47am Sep 10, 2019 5:47am
Quoting Nectarios
{quote} I am really sorry but I don't understand what you mean.
Other famous and infamous traders on this thread, who sometimes get it right.

I don't see signs of a trend change from the advance.
Attached Image (click to enlarge)
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  • #3,691
  • Sep 10, 2019 5:49am Sep 10, 2019 5:49am
Iraq’s OilMin: Ready and committed to comply with oil output cut
10 September 2019, 12:58

Speaking at a forum on Tuesday in Abu Dhabi, Iraq’s Oil Minister Thamir Ghadhban said that "we are trying to agree to our commitment that we agreed with OPEC, but we are having difficulties”.

Additional Quotes:
The reason why is because we have been having difficulties with disagreements between the regional and federal governments.
The Kurdish region has boosted its production, while Iraq's domestic demand increased during the summer.
Iraq intends to reduce its output starting in October to be more in line with OPEC cuts, with output reduced from state-operated oil fields.
We had around 200,000 barrels a day [of domestic crude burn] during the summer, which is around 125,000 barrels a day above our winter demand.
This was in addition to the increase in Kurdish production and higher export capacity.
Starting this month, Iraq's domestic crude burn will decline to about 80,000 to 85,000 b/d.

  1. Goldman Sachs cuts 2019 oil demand growth forecast, WTI hovers around $ 58

persistence and determination alone are omnipotent
  • #3,692
  • Sep 10, 2019 5:58am Sep 10, 2019 5:58am
Quoting timingchain
{quote} Other famous and infamous traders on this thread, who sometimes get it right. I don't see signs of a trend change from the advance. {image}
I might be wrong, but I see the momentum is getting weaker, and it happens to be at the supply and demand zone, given that we are in a ranging time, I expect a reverse.

How you 'see' a reverse? Is it by three high that makes up a pivot high?
  • #3,693
  • Sep 10, 2019 6:35am Sep 10, 2019 6:35am
Quoting luckyvictor
{quote} I might be wrong, but I see the momentum is getting weaker, and it happens to be at the supply and demand zone, given that we are in a ranging time, I expect a reverse. How you 'see' a reverse? Is it by three high that makes up a pivot high?
You might be right fib pivot (R61) rejection on H4. Although it still needs candle confirmation.
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persistence and determination alone are omnipotent
  • #3,694
  • Sep 10, 2019 7:33am Sep 10, 2019 7:33am
Quoting detector
The 4hr chart showing the whipsawing of late, if it carries on in the same vein, 53 should be the next target however, last few bars have negated the arrow somewhat, giving more credence for a rise to 58+, bearing in mind the whips, uncertainty and previous reactions, it could go anywhere, the daily is still down so as a play,(all in my own opinion of course) would say spike to 59 then down to 53 and below, the daily triangle formation is closing in, as is the weekly, (also down) so expect to see a bun fight soon, or I could just be plain wrong,...
Seems to coincide with my play, what happens from here may well be a guess but the charting scenario is unfolding, currently away from my system, also contract expired today and new one opened, could shorts have force closed adding to the flurry, interesting from here though,D
I don't need to be good at the game, only good enough to beat my opponent,
  • #3,695
  • Sep 10, 2019 7:38am Sep 10, 2019 7:38am
Looking for a volume spike to short, seems volume is showing PA’s hand, all in my opinion of course,D.
Edit,
short opened
I don't need to be good at the game, only good enough to beat my opponent,
  • #3,696
  • Sep 10, 2019 8:15am Sep 10, 2019 8:15am
Quoting Ll1979
{quote} You might be right fib pivot (R61) rejection on H4. Although it still needs candle confirmation. {image}
Looks like there is a strong support above 58, but at the same time I don't see momentum going up as well
  • #3,697
  • Sep 10, 2019 8:23am Sep 10, 2019 8:23am
Opened another speculative short,D
I don't need to be good at the game, only good enough to beat my opponent,
  • #3,698
  • Sep 10, 2019 8:52am Sep 10, 2019 8:52am
WTI ADVANCES ABOVE $58 ON HOPES OF FURTHER OUTPUT CUTS
10 September 2019, 18:48

 

  1. Iraqi Oil Minister says they will lower ouptput to comply with OPEC agreement.
  2. Saudi Arabia's new Energy Minister voices support for further supply cuts.
  3. Coming up: API's weekly crude oil inventory report.

Crude oil preserved its bullish momentum and extending its rally into a fifth straight trading day with the barrel of West Texas Intermediate rising to its highest level since late July at $58.74. As of writing, the WTI was trading at $58.25, adding 0.4% on a daily basis.

Output cut expectations lift WTI higher this week
On Monday, Saudi Arabia's new Energy Minister Prince Abdulaziz bin Salman said that Saudi Arabia's policy with regard to oil output cuts will not change during this term and added that he was expecting the OPEC+ alliance to remain in place for the long-term.

Today, Iraqi Oil Minister Thamer Ghadhban told CNBC that they will reduce the oil production to comply with the OPEC agreement and explained that starting this month, they will lower the output down to 80,000 - 85,000 barrels per day from 205,000 to provide an additional boost to crude oil prices.

Later in the day, OPEC Secretary-General Mohammad Barkindo said that they have been "very conservative" with demand forecasts so far to ease concerns over a dismal energy demand outlook and supported today's rally.
Toward the end of the American session today, the American Petroleum Institue (API) will release the weekly crude oil stock report.

persistence and determination alone are omnipotent
  • #3,699
  • Sep 10, 2019 8:58am Sep 10, 2019 8:58am
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persistence and determination alone are omnipotent
  • #3,700
  • Sep 10, 2019 9:07am Sep 10, 2019 9:07am
Shorts closed for a few pips,D
I don't need to be good at the game, only good enough to beat my opponent,
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