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WTI Crude Oil Trading

  • #4,021
  • Sep 24, 2019 9:44pm Sep 24, 2019 9:44pm
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yes yes yes
  • #4,022
  • Sep 25, 2019 5:29am Sep 25, 2019 5:29am
WTI HITS FRESH WEEKLY LOWS AS SAUDI RESTORES OIL PRODUCTION CAPACITY
25 September 2019, 13:05

 

  1. WTI extends losses amid bearish API reports and Saudi oil supplies back online.
  2. Next of note: Mid-East geopolitical, trade updates and EIA Crude Stocks data.

WTI (futures on Nymex) extends its seven-day long losing streak on Wednesday, with the sentiment undermined by swelling US crude inventories and easing Saudi oil supplies concerns.
WTI on its way to close Sept 16’s bullish opening gap?
The barrel of WTI keeps its bearish momentum intact and looks to close in the massive bullish opening seen on September 16th, in light of the Houthi attack on Saudi Arabian oil facilities. The prices came under fresh selling pressure last hour and printed fresh weekly lows sub-56.50 after Reuters reported sources, as saying that the Saudi oil production capacity is restored.
Moreover, easing US-Iran geopolitical tensions also adds to the oil-price weakness, especially after the Iranian government spokesman said that Iran is willing to give reassurances, accept small changes to nuclear accord if US returns to deal.
Meanwhile, the rising US crude stockpiles continue to weigh negatively on the black gold. The American Petroleum Institute (API) reported late Tuesday that the US crude supplies rose by 1.4 million barrels for the week ended Sept. 20th.
Looking ahead, the risks remain skewed to the downside in oil prices amid a risk-off market profile and ahead of the US weekly Crude Stocks data due to be published by the Energy Information Administration (EIA) later today at 1430 GMT.

persistence and determination alone are omnipotent
  • #4,023
  • Sep 25, 2019 5:43am Sep 25, 2019 5:43am
Still waiting for pullback.
17:30 cet , supply announcement
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yes yes yes
  • #4,024
  • Sep 25, 2019 6:51am Sep 25, 2019 6:51am
WTI closing gap
All charts/ideas based on UK time zone
  • #4,025
  • Sep 25, 2019 7:33am Sep 25, 2019 7:33am
UNITED STATES EIA CRUDE OIL STOCKS CHANGE CAME IN AT 2.412M, ABOVE FORECASTS (-0.249M) IN SEPTEMBER 20
25 September 2019, 17:30
persistence and determination alone are omnipotent
  • #4,026
  • Sep 25, 2019 7:34am Sep 25, 2019 7:34am
Quoting sponge
WTI closing gap
Gap closed
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persistence and determination alone are omnipotent
  • #4,027
  • Sep 25, 2019 7:40am Sep 25, 2019 7:40am
Hello all, WTI passing my sighted target, looks like the gap is close to closing, any short from the dizzy height would have netted 800+ pints, only for the brave, or Arriapoor, he has accomplished a similar rundown it the past, nerves of steel, Gold also moving in the right direction, I closed before the break last night to reopen on open, the volume spike on the 4hr gave it away, was not going up forever, also options expiring that could contribute, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #4,028
  • Sep 25, 2019 7:43am Sep 25, 2019 7:43am
Quoting Ll1979
UNITED STATES EIA CRUDE OIL STOCKS CHANGE CAME IN AT 2.412M, ABOVE FORECASTS (-0.249M) IN SEPTEMBER 20 25 September 2019, 17:30
EIA: US CRUDE OIL STOCKS INCREASED BY 2.4 MILLION BARRELS
25 September 2019, 17:33

The weekly report published by the US Energy Information Administration (EIA) revealed that commercial crude oil inventories in the US increased by 2.4 million barrels in the week ending September 20 compared to analysts estimate for a draw of 250,000 barrels.
The market reaction to the EIA report was relatively muted and the barrel of West Texas Intermediate was last seen trading at $55.90, losing 1.5% on a daily basis.
Key takeaways from the press release
"Refineries operated at 89.8% of their operable capacity last week."
"Gasoline production increased last week, averaging 10.2 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day."
"Total products supplied over the last four-week period averaged 21.1 million barrels per day, up by 1.4% from the same period last year."
persistence and determination alone are omnipotent
  • #4,029
  • Sep 25, 2019 7:49am Sep 25, 2019 7:49am
Quoting helgastrxd
{quote} That seems risky. I prefer to trade an instrument that has to revert to the mean, like oil. Or at least follow the trend, but gold has been trending up.
Helgastrxd, understand totally, sometimes the counter trend can be as lucrative or fast forming, was more looking for this happen, the cracks started for me to short when I seen volume spike on the 4hr,and my indicators rejected the follow up, the fall may well be shortlived but it's going my way for the minute, cheers D
EDIT,
Closed short now, maybe a pullback and continuation back down, not missing this opp today, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #4,030
  • Sep 25, 2019 8:14am Sep 25, 2019 8:14am
WTI hitting a rising trend line on the Daily, if it goes below 55.50 it could be on it's way down to 53, this may well bounce as I have the daily on the up, just my opinion, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #4,031
  • Sep 25, 2019 8:27am Sep 25, 2019 8:27am
Quoting detector
WTI hitting a rising trend line on the Daily, if it goes below 55.50 it could be on it's way down to 53, this may well bounce as I have the daily on the up, just my opinion, D

I am waiting for the daily close. If it ends near the daily open then it's forms a pinbar this with support (from trendline price + rsi) which might signal a reversal.
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persistence and determination alone are omnipotent
  • #4,032
  • Sep 25, 2019 8:37am Sep 25, 2019 8:37am
Quoting Ll1979
{quote} I am waiting for the daily close. If it ends near the daily open then it's forms a pinbar this with support (from trendline price + rsi) which might signal a reversal. {image}
I have a similar view Li, although think the rise may be capped to 57.50, if it breaks this then I see it up, have just posted the daily in an uptrend, failing this then back down to break 55.50 then onward to 46, however, think a range will be prominent, unless deals are done the mooted price was around 55-60, after seeing so much happen over the past months, a wild guess would just about get it right, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #4,033
  • Sep 25, 2019 8:59am Sep 25, 2019 8:59am
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yes yes yes
  • #4,034
  • Sep 25, 2019 9:02am Sep 25, 2019 9:02am
Looking at the 4hr, thinking the fall may not be over, temperamental at this point, I certainly won't be rushing in unless I see a grand opp, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #4,035
  • Sep 25, 2019 9:10am Sep 25, 2019 9:10am
Quoting detector
{quote} Helgastrxd, understand totally, sometimes the counter trend can be as lucrative or fast forming, was more looking for this happen, the cracks started for me to short when I seen volume spike on the 4hr,and my indicators rejected the follow up, the fall may well be shortlived but it's going my way for the minute, cheers D EDIT, Closed short now, maybe a pullback and continuation back down, not missing this opp today, D
Looks like I missed a bigger opportunity never think of what could have been, it's more damaging than what you have lost, be happy and move on, live to fight another day, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #4,036
  • Sep 25, 2019 9:39am Sep 25, 2019 9:39am
Taken a small short on the Dow 26968 totally speculative no advice intended, we're coming to a period of a possible rally around these months, if the past was anything to go by, but having a total punt, 4hr chart looking the culprit, D
I don't need to be good at the game, only good enough to beat my opponent,
  • #4,037
  • Sep 25, 2019 10:22am Sep 25, 2019 10:22am
Quoting detector
Taken a small short on the Dow 26968 totally speculative no advice intended, we're coming to a period of a possible rally around these months, if the past was anything to go by, but having a total punt, 4hr chart looking the culprit, D
opened a small long on gold
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persistence and determination alone are omnipotent
  • #4,038
  • Sep 25, 2019 10:56am Sep 25, 2019 10:56am
Quoting Ll1979
{quote} opened a small long on gold {image}
Something happening on the 1min Gold Li,spike in the lower indicators, D
EDIT
Buying coming back in?
I don't need to be good at the game, only good enough to beat my opponent,
  • #4,039
  • Sep 25, 2019 11:00am Sep 25, 2019 11:00am
Quoting detector
{quote} Something happening on the 1min Gold Li,spike in the lower indicators, D EDIT Buying coming back in?
Joined you,D
I don't need to be good at the game, only good enough to beat my opponent,
  • #4,040
  • Sep 25, 2019 11:06am Sep 25, 2019 11:06am
Quoting Ll1979
{quote} opened a small long on gold {image}
SL hit
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persistence and determination alone are omnipotent
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