WTI Crude Oil Trading

I wouldn’t be surprised if news break over the weekend that sends oil higher. There has been a penchant for that lately. If I could open a long oil trade right now I would, instead I’ll have to take a peak after the open hits and see how things look.

Well unless there would be some saudi party again or similar of the sort... OIL going down... it almost touched/reached to pre-saudi levels yesterday...
Going SOUTH man (in my book or I better learn how to fry)... Unless any Pelham rides a long again.. But thats markets

close up

Anyone.....?

A phrase from Sponge: Oil Buddies

A bit pretentious (from me): Loyal Order of Fellow Oilers

I agree the WTI thread has lost much of its earlier free-wheeling form and is a bit crowded now, but a second thread splits the postings - another thread to follow. However, the planned new one is D's thread - his decision - and could help with broader postings. I have definitely reduced my postings lately because of thread drift. I like the more free-wheeling form.

There are few Brent postings in this thread.

Have these levels marked out on my chart for this week

69.34
67.87
65.36
64.45
63.10

60.21
59.99
58.34
55.87

Hello all, I've set up the new thread, please give your best critique, D
https://www.forexfactory.com/showthr...1#post12530701

Good luck with your new thread D

The door is always open Sponge,if I'm not home, make yourself comfortable and treat it like your own, and it's ours, it belongs to the great posters on this thread, I'm just a messenger, inspiration come from many, not just one, thank you,
Hope you like my new profile picture, I don't just trade gold, I look for it, a passion only the informed may understand, D

Saudi Crown Prince: Oil prices could spike to "unimaginably high numbers" if no global will to act on Iran
30 September 2019, 05:11

While speaking to a US TV late-Sunday, Saudi Arabian Crown Prince Mohammed bin Salman warned that a war between Saudi Arabia and Iran would collapse the global economy.
Key Quotes:
Oil prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran
He would prefer a political solution to a military one.
Agreed with US Secretary of State Mike Pompeo that the attacks were an act of war by Iran.
Attacks on oil facilities were an act of war by Iran.
Both crude benchmarks are seen posting small gains, with WTI above $ 56 mark and Brent nearing $ 61.50.

With nothing behind this Li, 53.50 short term target, not currently in, any kind of reaction to news, volatility is but one news story away, D

56

WTI loses more than 1.5%, tests $55 handle

30 September 2019, 19:27



•Uninspiring data from China revive concerns over energy demand outlook.
•Tensions in the Middle East ease to further weigh on crude oil prices.
•Russia's Novak says September oil output reduction totalled 200,000 barrels per day.

Crude oil prices started the week under pressure after the uninspiring data from China reminded investors of the potential negative impact of an economic slowdown in China over the global energy demand. Additionally, easing tensions in the Middle East suggested that the supply disruptions are unlikely to ramp up prices.

As of writing, the barrel of West Texas Intermediate, which touched a daily low of $54.90 earlier in the session, was trading at $55.20, erasing 1.55% on a daily basis.

Demand supply balance continues to drive crude oil prices

The data from China showed that the country's official Purchasing Managers' Index (PMI) for the manufacturing sector stayed below the 50 area to point out to contraction in the business activity. Additionally, the Non-Manufacturing PMI came in at 53.7 and missed the market expectation of 54.2.

On the other hand, Iran's semi-official ILNA news agency reported that government spokesman Ali Rabiei said Saudi Arabia had sent messages to Iran's president through the leaders of other countries. "If Saudi Arabia is really pursuing a change of behaviour, Iran welcomes that," the spokesman said. Moreover, Ibrahim Al-Buainain, Saudi Aramco's chief executive officer of its trading arm, during a conference announced that Aramco had restored full oil capacity following the attacks on its oil facilities earlier this month.

Meanwhile, according to the Interfax news agency, Russian Energy Minister Alexander Novak today said that Russia's September oil output reduction totalled 200,000 barrels per day as part of the OPEC+ output deal to help crude oil prices limit their losses for the time being.

Ok we are back to pre-saudi situation South train resumes.. All aboard?

lol I came here to say just that:

oil loves the weekly pivot lines

On a longer term view I think we are long.

55.20 critical