WTI Crude Oil Trading

Had all the traits of a good rise, still may happen but not fond of gaps at the top especially, just back to speculating again on gold this time, looks like I could be here a while or out, good luck, D

Good job buy scalping this bearish market

Yeah man, although it is surprising there wasn't much rebound yet after that big drop last week... Now the market is somewhat "undecided" about the rebound or going deeper into the hole Drop till mid of DEC is also in sync with seasonality...

Oil market probably waiting for news tomorrow to break out of this range. In my opinion a big move is coming either way. My sentiment is still bullish

It does seem like it's sitting in the middle of a range. I agree that we may see a big move to one side but I think the trigger could be the inventory data due out tomorrow. API showed a surprise draw. I'd still be hesitant to go long as long as US and China trade relations keep deteriorating.

chinese pmi solid + crude draw + hopefully good adp+nfp --> good chances we see oil give good weekly close (perhaps accompanied by recovery in macro/S&P too).

ofcourse thurs/fri will be lots of OPEC drama too.

Hedge funds resumed heavy buying of crude oil and petroleum products last week, with the previous week’s bout of profit-taking halted by increasing optimism over the global economy and hopes for more output cuts by Saudi Arabia.
Futures and options equivalent to 144 million barrels in the six major petroleum contracts were purchased by hedge funds and other money managers in the week to Nov. 26, the most in a single week for more than two years.
Portfolio managers have added to their positions in six of the past seven weeks, by a total of 291 million barrels, according to records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission.

Looking for support 56.25, news day today

Spooky time line today

WTI breaks higher to test $ 57 mark amid fresh trade deal hopes
4 December 2019, 11:44

 

1. Oil jumps as risk-on returns on revival of trade deal hopes.
2. Bullish API Crude Stocks data also underpin the prices.
3. Markets keep an eye on US-China trade updates, EIA Crude Stocks data.

WTI (oil futures on NYMEX) caught a fresh bid wave last minutes and broke the Asian consolidative mode in Europe, as the bulls look to regain the 57 handle amid improved market mood.
The risk sentiment witnessed a major turnaround on the latest Bloomberg report that triggered a fresh risk-on wave across the financial markets in Europe. Bloomberg cited people familiar with the trade talks, as saying that the US and China are moving closer to a trade deal despite the escalating tensions over the Hong Kong and Xinjiang bills.
The buying interest around the black gold gathered steam alongside other risk assets such as the equities, Treasury yields and Wall Street futures. At the time of writing, WTI is up +1.20% near 56.80 region, having jumped to three-day tops of 56.91 on the trade headlines.
The barrel of WTI also continues to derive support from a drop in the US crude stockpiles, as reported by the American Petroleum Institute (API) late Tuesday. The API data showed that the US crude inventories fell by 3.7 million barrels, more than double expectations of a decline of 1.7 million barrels.
Further, increased expectations that the OPEC and its allies (OPEC+) will extend the output cut policy well into the next year also collaborate to the upbeat tone around the commodity. OPEC+ is likely to meet on Thursday in Vienna to discuss the supply policy.
Further, the same belief is endorsed by the US banking giant Goldman Sachs, as it says that “we believe the global oil supply-demand balance requires an extension of the current OPEC+ cuts.” The hopes of further supply cuts help keeps the downside cushioned in the barrel of WTI.
Looking ahead, the incoming US-China trade headlines will continue to affect the risk flows and in turn impacting oil prices. Also, the US macro news could likely have a bearing on the USD-sensitive oil.

Quite extraordinary how sometimes the charts can predict the news

U.s crude oil inventories actual: -4856k vs 1572k previous; est -1500k u.s
cushing crude oil inventories actual: -302k vs -97k previous
u.s gasoline inventories actual: 3385k vs 5132k previous; est 1750k
u.s distillate inventory: 3063k vs 725k previous; est 250k

Rip roaring and soaring, about to enter resistance zone. May slow it down or rip right through

WTI began move at 09:00 ET; data was released at 10:30 ET.

EDIT
I just noticed that NQ began a big jump at 09:05 ET.

What an interesting world we live in.

For your information

API data pretty accurately predicted the EIA data. A surprise draw in both and builds in distillates and gasoline inventories.

Haha.

If we don’t get 59+ later in the London session probably means we won’t get 60+ until the trade deal issues have been resolved or some other factor comes into play. They may be content with wti at this level for now.

We could see some heavy volatility in the next couple of days with the OPEC meetings. I just posted a preview. Check it out: OPEC Meetings - Preview

Correct me if I'm wrong I'm always open to criticism

In my opinion this happens quite a lot but I'm getting old and maybe seeing things

NZD news out today.

There's no such thing as insider trading in forex.. Just ask Soros lol

Thee's no such thing as no such thing in trading ha