WTI Crude Oil Trading

Switched to short with 0.2 point loss

floor pivots are doing there magic

No movement so far.
Better wait to the supply announcement in 2 hours

Ok.
Finally a break.
I will waut for 17:30 ,they will not go to close the without a pull back

WTI FLIRTS WITH LOWS NEAR $58.00 AHEAD OF EIA
18 September 2019, 17:00

 

1. WTI adds to Tuesday’s losses around the $58.00 area.
2. The API reported a nearly 0.6 million build on Tuesday.
3. The weekly report on crude supplies by the EIA coming up next.

The American benchmark for the sweet light crude oil is trading on the defensive on Wednesday around the $58.00 area per barrel.
WTI now looks to data, FOMC
Prices of the barrel of West Texas Intermediate is extending the leg lower after the massive rebound recorded at the beginning of the week to levels above the $63.00 handle, or fresh 4-month tops.
The sharp surge came in response to the drone attack to Saudi oil facilities last Saturday, trimming the Kingdom’s oil output by more than 5 mbpd and triggering the largest disruption in over five decades. The up move, however, continues to lose conviction after Saudi Arabia said repairs could take less than previously estimated.
On the data space, the API reported late on Tuesday a nearly 600K barrels build in US crude oil supplies during last week ahead of the usual and more relevant weekly report by the EIA later in the NA session.
In addition, traders will closely follow the FOMC event later today, where the Fed is expected to reduce rates further. The subsequent press conference by Chief Powell will also be closely followed with particular interest in any mention to the ongoing US-China trade war.

WTI significant levels
At the moment the barrel of WTI is retreating 0.32% at $58.48 and a breach of $56.94 (100-day SMA) would expose $56.31 (200-day SMA) and finally $52.85 (monthly low Sep.3). On the upside, the next hurdle is located at $63.37 (monthly high Sep.16) seconded by $63.79 (high May 20) and then $66.46 (2019 high Apr.23).

You all out or in for inventory data? I'm putting on a small short position, ready to lose it.

I am in , drop like a stone

EIA: US CRUDE OIL STOCKS INCREASED BY 1.1 MILLION BARRELS
18 September 2019, 17:34

The weekly report published by the US Energy Information Administration (EIA) revealed that commercial crude oil inventories in the US increased by 1.1 million barrels in the week ending September 13 compared to analysts estimate for a draw of 2.5 million barrels.
The market reaction to the EIA report was relatively muted and the barrel of West Texas Intermediate was last seen trading at $58.40, losing 0.6% on a daily basis.
Key takeaways from the press release
"Refineries operated at 91.2% of their operable capacity last week."
"Gasoline production decreased last week, averaging 9.5 million barrels per day. Distillate fuel production decreased last week, averaging 5.1 million barrels per day."
"Total products supplied over the last four-week period averaged 21.4 million barrels per day, virtually unchanged from the same period last year."

Long at 58.10, but not very confident that it can fly high

Drop in the making

Beware first hour of EIA can be a false movement so keep rasing that SL

I see that it stops near yesterdays low already.

Is difficult to do technical analysis now because we have fomc later today, I may take profit before this

Despite bad EIA numbers wti went up so preserve your profits

I actually left at 58.60, and will wait until FOMC to see what to do next (if 58 holds will go long)

close up

Nice trade champ!

Ok see the market stabilised.. they calmed it and Saudis enter the alliance so it seems the "peace" will be now So we continue with south? With some offset, but still.. Seem shorting would be (again) the best bet Tit-south re-engaged

We're headed back to 55!