WTI Crude Oil Trading

boom.
very nice.

Wouldn't trust/bet that this is a trend reversal just yet, but will be watching closely the next week and the week after.. By end of FEB, or the last week of it... I might be much more comfortable entering the BUY, but also have to check how this nCoV fits in...

WTI RETREATS SLIGHTLY FROM HIGHS AFTER EIA DATA, STILL UP MORE THAN 2.5%
12 February 2020, 20:08

 

1. Crude oil stocks in US rose 7.5 million barrels in week ending February 7th.
2. Growth rate of new coronavirus infections start to decline.
3. OPEC lowers its forecast for global oil demand growth in 2020.

Crude oil prices rose sharply on Wednesday amid easing worries over the potential negative impact of the coronavirus outbreak on the global oil demand. The latest figures reported by China showed that the growth rate of new infections fell to its lowest level since late January and the recovery rate from infections rose to 10.6% from 1.3% to boost the market sentiment.

The barrel of West Texas Intermediate advanced to its highest level in six days at $51.72 before erasing a small portion of its gains following the US Energy Information Administration's (EIA) weekly oil market report. As of writing, the WTI was trading at $51.25, adding 2.65% on a daily basis.

EIA data caps WTI's gains
Commercial crude oil inventories in the US rose 7.5 million barrels in the week ending February 7th, the EIA reported. This reading came in much higher than the market expectation for an increase of 3 million barrels.

Earlier in the day, the Organization of the Petroleum Exporting Countries (OPEC) announced that it lowered its forecast for 2020 global oil demand growth by 230,000 barrels per day (bpd) to 0.99 million bpd. "The coronavirus outbreak adds to uncertainties for the oil market in 2020," OPEC noted in its monthly report and added that they need "continuous monitoring." Nevertheless, crude oil preserved its bullish momentum despite OPEC's cautious outlook.

Meanwhile, markets are still waiting for Russia and Kazakhstan to decide whether they will agree to deepen the oil output cut as recommended by OPEC+ Joint Technical Committee (JTC) last week.

Wow one report out of China and all bullish gains wiped out. Can’t hold trades for any length of time in these conditions

Pushed down from target at 51.69, looking for support 51.20/50.81 if it goes, upside target 52.30/53.03

I think 51.69 is a critical bull level now

I wonder why the news don't report that the fatility rate is 2% and the recovery rate is 11%

Intraday Traders
BEAR Env
50.56 Target

50.6x area might give some support on H1 (weekly pivot point, ma200)

Honestly every single fucking source ive read that confirms the fact that its being exaggerated always ends with "BUT ESTIMATES COULD SHOW"

And every other one makes it out like its just the flu season and its barely nothing at all

All I know is that I've been traveling through Asia in the past few weeks and I dont even bother to wear those stupid masks, too fixated on how it might or might not randomly fucking effect positions

The more I read into this stupid shit the more I understand why people just chart/macro, stick to metals/non-cynicals, or dont pay hardly any attention to this shit

Waiting for "DONT JINX IT!" or "TOTALLY GONNA GET THE VIRUS!"

Also still in 50.54 & 50.70 long with SL trailing some nice pips, if it breaks 48-49 think we could see 42-45. Being loose on SL in chance of rally due to [not bothering to post links/research]

> Rigs - Price of crude historically
> Nat - WTI ratio
> Petro - WTI ratio
> Energy Consumption and energy production yields
> p/e and have green SL
> I have too much liquid from metals market calls and trying to spread
> Not intraday or using much leverage on bigger orders [I do intraday cfds with higher leverage for much smaller amounts on other # from time to time]

Goodluck everyone!

WTI is going back to 58. It's just a matter of time.
I personally don't trade with leverage, so I am holding my long position with a target of 58 hopefully

it definitely wants to go back up to that area but uncertainty with this coronavirus spreading could keep those plans in check. If it gets worse we could even crack the 50 area and dip below $45. Both scenarios are 50:50 imo.

Re-affirmed, not jumping on the possible/fake rebound just yet... Starting to price-in the nCoV more and more since more articles forming about it... And in the markets, the perception of reality is what trades... So kinda waiting for the rest of the week and beginning of next, to see how this whole situation settles or continues...

14 February 2020

Bit of an inverse HnS on the charts with price seeming to be closing above my heard stop area depending on the trend, Price has startewd closing above it and bouncing off of it for support on a closing basis, as such will be looking and waiting for price to rally and pull my leading line and entry line above it to confirm the Inverse HNS setup thats shaping up with targets near 52.9.....


Patience...

Ditto

Corona and weaker demands for oil could easily bring us down to 45.50 (fast)!?

Signal line has confirmed the crossover, just waiting on a price dip towards the entry line to load long....

Second target reached at 52.30, more upside is indicated above this level, possible 53.03/54.05 imo

Testing last weeks high atm.

Little resistance at 52.30

A dip from it could give a possibly lower entry for a long. Need to be patient