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WTI Crude Oil Trading

  • #7,021
  • Apr 7, 2020 10:51am Apr 7, 2020 10:51am
Quoting tonny47
{quote} not aware of any to be honest, only keep coming here. 3 cents is ok, long swap is completely nuts if you want to hold position open overnight. Basically, if you hold trade for 9 days and oil moves $1 in your favour, you have not made any money.
Yes but it seems to be good on the shorts ?

How does it compare to your broker ?
All charts/ideas based on UK time zone
  • #7,022
  • Apr 7, 2020 10:58am Apr 7, 2020 10:58am
There are many news about oil cut production.. but price just going down..

What do you think guys ? I have long @$20,5.. should i close ? Or wait until opec and opec+ meetings ?
  • #7,023
  • Apr 7, 2020 11:03am Apr 7, 2020 11:03am
Quoting sponge
{quote} Yes but it seems to be good on the shorts ? How does it compare to your broker ?
you are right, its good for shorts but don't think i would want to hold short position now.

I trade futures, 3 cents spread and there are no explicit overnight financing charges. but then oil futures are in contango. so there is sort of implicit costs build in.
annoyingly, i have to switch to continuous contract close to futures monthly expiry because broker doesnt do automatic rollover and new contract is not available for trading before the old one expires.

continuous contract has a bid/ask 6-7 cents, long swap -2.2 short swap +0.56 (as a results, it trades lower).
  • #7,024
  • Apr 7, 2020 11:22am Apr 7, 2020 11:22am
Quoting agazzi86
There are many news about oil cut production.. but price just going down.. What do you think guys ? I have long @$20,5.. should i close ? Or wait until opec and opec+ meetings ?
Big boys trying to squeeze longs out of the market. they aren't going to make anything easy especially with some of the news priced in already
  • #7,025
  • Apr 7, 2020 11:22am Apr 7, 2020 11:22am
I like to share chart ( mine are brilliant ha ) ideas on oil but it's likely that all the posters on here think I'm a yo yo because my UK spread bet charts just don't match up

No point in me being here so farewell and good luck to all.

sponge
All charts/ideas based on UK time zone
  • #7,026
  • Apr 7, 2020 11:42am Apr 7, 2020 11:42am
important level that oil is back at. Technically, there's some resistance here. Even if oil goes back to 36 it would still be a normal move in this overall downtrend.... and to try to get a grasp on fundamentals is too difficult right now. I think it's important to pay attention to technicals.
  • #7,027
  • Apr 7, 2020 11:55am Apr 7, 2020 11:55am
Quoting sponge
I like to share chart ( mine are brilliant ha ) ideas on oil but it's likely that all the posters on here think I'm a yo yo because my UK spread bet charts just don't match up No point in me being here so farewell and good luck to all. sponge
Don't talk yourself down Sponge i like your trading ideas! Your trading spot based CFDs no harm in that. Don't ever mind what other people think just keep posting!

Hope you stay!
persistence and determination alone are omnipotent
  • #7,028
  • Apr 7, 2020 12:09pm Apr 7, 2020 12:09pm
Quoting Ll1979
{quote} Don't talk yourself down Sponge i like your trading ideas! Your trading spot based CFDs no harm in that. Don't ever mind what other people think just keep posting! Hope you stay!
I am not talking myself down Li, no way, but if we are all singing the same song we need the same words.

This thread has been great for me especially your good self and our departed friend detector but all good things come to an end and this it for me

Once again good luck all

Sponge
All charts/ideas based on UK time zone
  • #7,029
  • Apr 7, 2020 12:28pm Apr 7, 2020 12:28pm
Inserted Video
persistence and determination alone are omnipotent
  • #7,030
  • Apr 7, 2020 12:34pm Apr 7, 2020 12:34pm
Quoting sponge
{quote} I am not talking myself down Li, no way, but if we are all singing the same song we need the same words. This thread has been great for me especially your good self and our departed friend detector but all good things come to an end and this it for me Once again good luck all Sponge
"departed"??
  • #7,031
  • Apr 7, 2020 1:35pm Apr 7, 2020 1:35pm
Quoting Ll1979
https://youtu.be/mZhVXjThxrM
that sounded quite positive. not really seen in oil in the past hour
  • #7,032
  • Apr 7, 2020 1:53pm Apr 7, 2020 1:53pm
not sure what caused that big down move but i'm in long
  • #7,033
  • Apr 7, 2020 4:16pm Apr 7, 2020 4:16pm
Good trading day for WTI although it was down by $2.08 from yesterday's close.
Attached Image (click to enlarge)
Click to Enlarge Name: WTICOUSD-4M3.png Size: 36 KB
  • #7,034
  • Apr 7, 2020 5:58pm Apr 7, 2020 5:58pm
Heading up for today
  • #7,035
  • Apr 7, 2020 9:49pm Apr 7, 2020 9:49pm
35 for today ? Is that possible ?
  • #7,036
  • Apr 7, 2020 10:09pm Apr 7, 2020 10:09pm
Quoting agazzi86
35 for today ? Is that possible ?
tomorrow more likely?
  • #7,037
  • Apr 8, 2020 2:44am Apr 8, 2020 2:44am
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 275 KB
persistence and determination alone are omnipotent
  • #7,038
  • Apr 8, 2020 6:20am Apr 8, 2020 6:20am
Very hard to trade before more critical data that we are all waiting/betting for, meeting etc... And the trading basically ends for tomorrow, fore this week, se we shall see what the easter BUnnY brings us. Would still bet on the BUY though... just need this "final confirmation".
Can you afford to take that chance?
  • #7,039
  • Apr 8, 2020 7:37am Apr 8, 2020 7:37am
Quoting Ll1979
...image...
So every single $ up due to OPEC+ cuts means additional about $13mln for the US producers. A day.

(I ask a question again and again: why the U.S. uses the same WTI price as OPEC+? What is the reason not to use separate regional prices based on supply and demand?)
  • #7,040
  • Apr 8, 2020 8:37am Apr 8, 2020 8:37am
Quoting ytong
{quote} So every single $ up due to OPEC+ cuts means additional about $13mln for the US producers. A day. (I ask a question again and again: why the U.S. uses the same WTI price as OPEC+? What is the reason not to use separate regional prices based on supply and demand?)
All over the world there are several crude brands (WTI, Brent and OPEC basket for example) which have their own price. Since oil in global terms is an export product most of the transactions are paid in US dollars (more history on petro dollar -> https://www.investopedia.com/terms/p/petrodollars.asp)
persistence and determination alone are omnipotent
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