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  • #6,941
  • Apr 2, 2020 7:58am Apr 2, 2020 7:58am
Quoting Ll1979
{image}
more info
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persistence and determination alone are omnipotent
  • #6,942
  • Apr 2, 2020 8:13am Apr 2, 2020 8:13am
Just as well I play small ...check out my white knuckle trades, I must be mad, I just jumped on the train for the last one it saved my skin ha

Not easy with oil atm but I think you guys are right one sniff of news could make or break
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  • #6,943
  • Apr 2, 2020 8:14am Apr 2, 2020 8:14am
Quoting sponge
Just as well I play small ...check out my white knuckle trades, I must be mad, I just jumped on the train for the last one it saved my skin ha Not easy with oil atm but I think you guys are right one sniff of news could make or break {image}
Nice!
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persistence and determination alone are omnipotent
  • #6,944
  • Apr 2, 2020 8:18am Apr 2, 2020 8:18am
Quoting Ll1979
{quote} Nice! {image}
I wish
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  • #6,945
  • Apr 2, 2020 8:34am Apr 2, 2020 8:34am
Quoting vikinsa
{quote} Brilliant!! Worked exactly as expected and predicted. #USOIL has shot up to 27 dollars . My prediction was 100% correct with #technicalanalysis !!! Before: https://lnkd.in/gPuqjnf Later: https://lnkd.in/gzFB3Ut Now: https://lnkd.in/g3HAHUr {image}
Thank trump fpr that bro
  • #6,946
  • Apr 2, 2020 9:55am Apr 2, 2020 9:55am
Quoting Sufi1985
{quote} Thank trump fpr that bro
yeah on March 28th?
Technical Analyst & Trader @ Vikinsa
  • #6,947
  • Apr 2, 2020 10:41am Apr 2, 2020 10:41am
Quoting Ll1979
{quote} more info {image}
President Trump has nothing to do with it. The Saudis are chickening out because the country needs oil to be at a higher price in order to balance its budget
  • #6,948
  • Apr 2, 2020 10:59am Apr 2, 2020 10:59am
Quoting Hutch
{quote} President Trump has nothing to do with it. The Saudis are chickening out because the country needs oil to be at a higher price in order to balance its budget
They need about $80 to balance the budget. I wouldn't be surprised if the Saudis will (pretend to) play along with Donald Trump after hearing some US senators willing to stop providing military support to protect Saudi oil in the middle east.

Then again this could be a perfect opportunity to align every bodies interest since OPEC+ worst enemy is US shale. If all parties agree on quotas for example this would be great for the oil industry.
persistence and determination alone are omnipotent
  • #6,949
  • Apr 2, 2020 11:00am Apr 2, 2020 11:00am
here we go, right back down. hope they have this meeting shortly
  • #6,950
  • Apr 2, 2020 11:01am Apr 2, 2020 11:01am
Quoting Hutch
{quote} President Trump has nothing to do with it. The Saudis are chickening out because the country needs oil to be at a higher price in order to balance its budget
Huh?? it was directly his tweet that caused the oil market to react
  • #6,951
  • Apr 2, 2020 11:30am Apr 2, 2020 11:30am
wild swings. crude oil speculators are having fun today
  • #6,952
  • Apr 2, 2020 12:52pm Apr 2, 2020 12:52pm
Quoting Kwame Freder
{quote} Huh?? it was directly his tweet that caused the oil market to react
At this point I'm afraid the answer is yes. There's been nothing other than the call for an OPEC/OPEC+ meeting and the Russian budget announcement where it's basic its annual budget on $20 oil. Nothing from anybody other than Trump about a Russia/Saudi truce.

This shows us how much oil prices will actually move when in fact there is an agreement with Russia and OPEC.

UPDATE: There's more. Check this out: https://www.zerohedge.com/energy/oil...t-15mm-barrels
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #6,953
  • Apr 2, 2020 12:54pm Apr 2, 2020 12:54pm
The fact that the Suadis have called for G20 nations to join in on the oil production cuts make it extremely more believable that an underlying agenda behind all of this is directed at US shale. Who knows? I just wouldn't count that out.
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #6,954
  • Apr 2, 2020 1:06pm Apr 2, 2020 1:06pm
Quoting Kwame Freder
{quote} Huh?? it was directly his tweet that caused the oil market to react
President Trump's tweet was issued after he had received the news that Saudi Arabia, Russia and other countries would meet to discuss oil production cut

CNN Business stated: "President Donald Trump suggested massive production cuts could be on the way and Saudi Arabia called for an "urgent" meeting between OPEC, Russia and other unnamed nations to restore "balance" to the oil market. Even though no date has been set for such a meeting — and no deal on cutting production has yet been announced".

It's the news that oil producing countries would meet to discuss production cut that resulted in the oil price increase not President Trumps' tweet
  • #6,955
  • Apr 2, 2020 1:25pm Apr 2, 2020 1:25pm
Quoting Hutch
{quote} President Trump's tweet was issued after he had received the news that Saudi Arabia, Russia and other countries would meet to discuss oil production cut CNN Business stated: "President Donald Trump suggested massive production cuts could be on the way and Saudi Arabia called for an "urgent" meeting between OPEC, Russia and other unnamed nations to restore "balance" to the oil market. Even though no date has been set for such a meeting — and no deal on cutting production has yet been announced". It's the news that oil producing countries...
Not that it really matters but almost every news report states that oil spiked because of trump claiming they will cut oil prod by 10 mm, which came before the news that opec is calling for a meeting. its clear that something is in the works and if the market moved this much based on that, one can imagine how large the move will be when they actually make a deal. Shorts beware.
  • #6,956
  • Apr 2, 2020 2:31pm Apr 2, 2020 2:31pm
Quoting Kwame Freder
{quote} Not that it really matters but almost every news report states that oil spiked because of trump claiming they will cut oil prod by 10 mm, which came before the news that opec is calling for a meeting. its clear that something is in the works and if the market moved this much based on that, one can imagine how large the move will be when they actually make a deal. Shorts beware.
I agree that it doesn't matter after all. What counts for us traders is that we can make good money WTI was up $3.58 or 17% today with a low of $20.60 and a high of $27.13. The trading day could have been a lot better if the darn price didn't move as quickly as it did sometimes
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  • #6,957
  • Apr 2, 2020 11:33pm Apr 2, 2020 11:33pm
I think yesterdays move was a bit of a fluke, with the world at a standstill who needs oil ? corona hasn't changed the markets, the pros will just pounce on any news for a few bucks

I think when lockdowns start to lift so will oil...could be a while

We have a severe lack of volume atm so it's moving on fresh air
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  • #6,958
  • Apr 2, 2020 11:37pm Apr 2, 2020 11:37pm
Hard to see any easy way out for US shale Producers. WLL just the tip of iceberg. Russia & SA probably won't cut much unless US producers do also. For the overleveraged among the latter, if they're not pumping, they could be dying.

But all the rumors swirling will continue to float crude price. It has been a good time to leg into XLE (USO, etc) long-dated calls. I bot Sep30 XLE $47.21 calls for 20c today. If oil price keeps going up, I will sell nearer calls against them.

With global demand cratered, if there be no grand bargain for cutting production, we will be sliding again to <$20 soon enough.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #6,959
  • Apr 2, 2020 11:47pm Apr 2, 2020 11:47pm
Quoting sponge
Out the box ? Symmetry suggests WTI 21.70 possible 10! Holding 32.50 to avoid {image}
$21.70 held well, is the bottom in?
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  • #6,960
  • Apr 3, 2020 12:02am Apr 3, 2020 12:02am
50 pips before breakfast ha, I think 26.03 is the key level atm
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