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  • #7,121
  • Apr 12, 2020 5:22am Apr 12, 2020 5:22am
Im pretty positive it will gap up, another OPEC virtual meeting is happening today and i just found out that Saudis are gonna come out with the oil price by end of the day today and before the market opens.
  • #7,122
  • Apr 12, 2020 5:35am Apr 12, 2020 5:35am
Quoting agazzi86
So who think it will gap Up ? If gap Down on which price ? Should we buy more or sell ?
I very much doubt that WTI will gap up or down tomorrow. This is because the OPEC production cut along with that of other countries are not enough to quickly reduce the huge existing crude inventory held worldwide. Also, as long as people everywhere are on lockdown demand will stay low.
  • #7,123
  • Apr 12, 2020 5:42am Apr 12, 2020 5:42am
crude will be gap down after reading the trends from bloomberg and saudi not able to tackle mexican even with trump so o body can do any thing crude will be gap down according to wolf wave 22.74 is the medium point lets see where it reaches now
  • #7,124
  • Apr 12, 2020 5:47am Apr 12, 2020 5:47am
Quoting Hutch
{quote} I very much doubt that WTI will gap up or down tomorrow. This is because the OPEC production cut along with that of other countries are not enough to quickly reduce the huge existing crude inventory held worldwide. Also, as long as people everywhere are on lockdown demand will stay low.
Besides that the OPEC+ cuts starting in May and the G20 numbers are not published. OPEC is still negotiation with Mexico.
Attached Image
persistence and determination alone are omnipotent
  • #7,125
  • Apr 12, 2020 5:48am Apr 12, 2020 5:48am
Quoting Hutch
{quote} I very much doubt that WTI will gap up or down tomorrow. This is because the OPEC production cut along with that of other countries are not enough to quickly reduce the huge existing crude inventory held worldwide. Also, as long as people everywhere are on lockdown demand will stay low.
Yups demand was drop, big big drop.. So maybe price have more possible go down during this lockdown even the cut more than 15 million barrel a day..

Any else opinion guys ?
  • #7,126
  • Apr 12, 2020 6:12am Apr 12, 2020 6:12am
Quoting agazzi86
{quote} Yups demand was drop, big big drop.. So maybe price have more possible go down during this lockdown even the cut more than 15 million barrel a day.. Any else opinion guys ?
You could buy yourself a nice subscription on a company that tracks storage capacity with satellite images all over the world.

https://orbitalinsight.com/use-cases/oil-inventories
persistence and determination alone are omnipotent
  • #7,127
  • Apr 12, 2020 7:58am Apr 12, 2020 7:58am
still negotiating

https://www.bloomberg.com/news/artic...?sref=5F8Ao01j

or maybe they want to have market open ?
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #7,128
  • Apr 12, 2020 8:09am Apr 12, 2020 8:09am
Quoting agazzi86
{quote} Yups demand was drop, big big drop.. So maybe price have more possible go down during this lockdown even the cut more than 15 million barrel a day.. Any else opinion guys ?
i think the price already reflects the fact that there is not much demand. with a decent cut, i would expect price to go up
  • #7,129
  • Apr 12, 2020 8:14am Apr 12, 2020 8:14am
Quoting DMA Trader
still negotiating https://www.bloomberg.com/news/artic...?sref=5F8Ao01j or maybe they want to have market open ?
doubt that they care whether the market is open or closed but Saudis want to get agreement sorted ASAP so that they can set their oil prices. Aramco already delayed their OSP for May (official selling prices) by like a week. If there is an agreement, then they can set them higher as far as i understand it
  • #7,130
  • Apr 12, 2020 8:16am Apr 12, 2020 8:16am
Quoting Ll1979
{quote} You could buy yourself a nice subscription on a company that tracks storage capacity with satellite images all over the world. https://orbitalinsight.com/use-cases/oil-inventories
haha this is crazy. i wonder how accurate it is
  • #7,131
  • Apr 12, 2020 9:22am Apr 12, 2020 9:22am
Quoting Ll1979
{quote} You could buy yourself a nice subscription on a company that tracks storage capacity with satellite images all over the world. https://orbitalinsight.com/use-cases/oil-inventories
Why i should buy that ?
  • #7,132
  • Apr 12, 2020 10:37am Apr 12, 2020 10:37am
Quoting agazzi86
{quote} Why i should buy that ?
You shoulnd't i guess you'll pay premium but it's a nice overview of inventory data all over the world.
persistence and determination alone are omnipotent
  • #7,133
  • Apr 12, 2020 10:40am Apr 12, 2020 10:40am
Latest news seems were not getting 10 mbpd.
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persistence and determination alone are omnipotent
  • #7,134
  • Apr 12, 2020 10:41am Apr 12, 2020 10:41am
Quoting DMA Trader
https://www.bloomberg.com/news/artic...?sref=61mHmpU4 2 things oil hedge and mexico ambition to oil producing nation.
This is exactly why Mexico can stick to their guns with their 100k offer...

Why cave to OPEC ? They stand to bring in 6 billion with their hedge (regardless of production). Take 1 billion from that
and re hedge.

Hedge aside tho and much more important than the billions Mexico will cash in from this hedge...

AMLO is bent on increasing production after so many years of cuts.
PEMEX is a symbol of national pride for him and I think he will not budge from his offer as
this goes against his Nationalitic views.

Personally I hope he stands his ground to OPEC........


¡Viva México!
Master your Mind,,,Master the Market
  • #7,135
  • Apr 12, 2020 11:08am Apr 12, 2020 11:08am
seems like the deal is done now! US is cutting 300k on behalf of Mexico! i am expecting a gap up tonight, we shall see
  • #7,136
  • Apr 12, 2020 11:08am Apr 12, 2020 11:08am
Quoting Ll1979
Latest news seems were not getting 10 mbpd. {image}
9.7 from OPEC plus, 300k from US
  • #7,137
  • Apr 12, 2020 11:10am Apr 12, 2020 11:10am
Quoting tonny47
seems like the deal is done now! US is cutting 300k on behalf of Mexico! i am expecting a gap up tonight, we shall see
Curious to see what happens. Is the G20 cutting right away or are they also starting in May?
persistence and determination alone are omnipotent
  • #7,138
  • Apr 12, 2020 11:15am Apr 12, 2020 11:15am
Quoting Ll1979
{quote} Curious to see what happens. Is the G20 cutting right away or are they also starting in May?
apparently G20 is cutting 3.2 m bpd but not sure from when. From 1 May, total oil production cut is expected to be 19 m bpd from current production level
  • #7,139
  • Apr 12, 2020 11:45am Apr 12, 2020 11:45am
https://www.cnbc.com/2020/04/12/opec...iscussion.html

done deal

Nigeria’s oil minister says in a statement that he hops oil prices will rebound by at least $15
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #7,140
  • Apr 12, 2020 11:45am Apr 12, 2020 11:45am
Quoting bluesteele
{quote} This is exactly why Mexico can stick to their guns with their 100k offer... Why cave to OPEC ? They stand to bring in 6 billion with their hedge (regardless of production). Take 1 billion from that and re hedge. Hedge aside tho and much more important than the billions Mexico will cash in from this hedge... AMLO is bent on increasing production after so many years of cuts. PEMEX is a symbol of national pride for him and I think he will not budge from his offer as this goes against his Nationalitic views. Personally I hope he stands his ground...
yup - very smart and bold from Mexico
everyone could have done it. but they didn't
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
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