WTI Crude Oil Trading

Based on what? What supports that support? What about seasonal_study/demand and overall possible changes in the market after this possible biggest consolidation/correction this year? I might be wrong so just discussing

WTI looks to settle below $57 after EIA report shows record crude production in US
14 November 2019, 20:38

 

1. Uninspiring data from China doesn't allow crude oil prices to rise.
2. EIA says US crude oil stocks increased by 2.2 million barrels.
3. OPEC kept 2020 global oil demand growth outlook unchanged.

Crude oil prices gained traction during the first half of the day and the barrel of West Texas Intermediate (WTI) reached a fresh weekly high of $57.75 before reversing its direction during the American trading hours.
Earlier in the day, the Organization of the Petroleum Exporting Countries (OPEC) in its latest report announced that it kept its forecast for 2020 global oil demand growth unchanged at 1%, or 1.08 million barrels per day (bpd) to provide a boost to crude oil. Furthermore, OPEC noted that the surplus in 2020 would be around 70,000 bpd if OPEC kept the production at November's rate, down from 340,000 bpd surplus in September report.

Oil production and inventories continue to rise in US
However, the Energy Information Administration (EIA) in its weekly publication said that crude oil stocks in the United States increased by 2.2 million barrels per day in the week ending November 8 and crude production rose by 200,000 barrels per day to a weekly record of 12.8 million bpd to weigh on the WTI. As of writing, the WTI was down 0.6% on the day at $56.95.
Furthermore, the data from China on Thursday showed that both industrial production and retail sales increased less than expected on a yearly basis in October to revive concerns over weakening energy demand in world's second-largest oil consumer.

Opened sell, speculative, indicators showing a little now 56.77

Not bad.

Thanks A,still got me spooked, been here before, looking for a target of sub 56.50 put a rising support on the hourly, will be watching to see if it's a magnet,D
EDIT
4hr looks to have broken out and dropped back in as it has done a few times, indicators showing a little divergence tha's the only reason to see something different, got my eyes on

Big move in WTI today as a result of the inventory build:

Closed the short and now long with a 59 target, D

I'm thinking of going long too. I am waiting to see what the CME front month does because it's just below $57 and I want it to break that first. If it breaks above $57 I think we will see WTI recoup some ground from the price declines attributed to those inventory numbers.

Closed long, in all fairness,if you know where this is going, you deserve a medal, if in doubt, close out, added to the Naz short, D

It's got me beat EvT, hands up, I'm out.

I agree 100%. Not just a medal but fame too. WTI is the toughest instrument for me to trade. Probably have the worst track record with Crude of any asset classes. I've never risked that much because I've never had enough confidence to. But still, I've lost on more trades than I've won with WTI, no doubt. Keep on keeping on!

Yeah, I never entered and I'm long gold and silver so I think I'll hold off on WTI trades for now. I don't want to get spanked to close out the week.

Wise words on both posts EvT, just don't short the Naz, i'm getting caned, D

Waiting if it break the support. As Opec increase its oil production. Looking forward for further downmove.

Looking now like 55.50 target.
EDIT
Rejection came earlier on the 1hr for what looks like the demise, although been here before with a stellar rise.

Li, hope your well, did you get my last message, D

Yup looks promising