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  • #7,521
  • Apr 21, 2020 6:41am Apr 21, 2020 6:41am
Impressive... I have daily low at 12,548 with the last spike down...
  • #7,522
  • Apr 21, 2020 6:55am Apr 21, 2020 6:55am
So no ones using much and that's unlikely to change in the short term, supply vastly outstrips demand, very shortly there will be nowhere to store it and the taps are still on.... From my experience of market logic so far that probably means a big rally is coming!

Seriously though, prices drop to encourage people to buy it, but even if there is (say) 10% more storage that can be brought back into commission how long would that last.
POTUS is talking about blocking Saudi imports - so that's only 6% of what's coming in to the US - good for a small blip up but I don't see that changing anything in reality - and how long would that take to have an actual affect . I'm not familiar with the mechanics but I'd be pretty sure tankers are not leaving for the US without price and payment made/agreed in advance. It does not matter how cheap it is if you can't put it anywhere.
  • #7,523
  • Apr 21, 2020 7:06am Apr 21, 2020 7:06am
Curious about others' opinion where is the price headed? do you believe its going to create a new low in the next day or two or is it going to settle somewhere between 15-17 dollars?
  • #7,524
  • Apr 21, 2020 7:23am Apr 21, 2020 7:23am
Quoting tonny47
Curious about others' opinion where is the price headed? do you believe its going to create a new low in the next day or two or is it going to settle somewhere between 15-17 dollars?
From what most twitter trader elite guys are saying....its heading to negative again in june. So you'll see big fall

But its just words from "i'm looking for followers" guys
COT: The precious data ignored
  • #7,525
  • Apr 21, 2020 7:27am Apr 21, 2020 7:27am
Lest face it well all have as much experience as each other in this scenario - ie none!
For my 2p worth I think it will stay as for movement you need buyers and sellers. Sellers will only sell if they have to at this price and buyers can't put it anywhere. Assuming there is some attachment of the market to reality. Made a bit of money shorting it on the way down - very carefully though..
US market opening and API will be interesting, not sure if I am brave enough!
  • #7,526
  • Apr 21, 2020 7:38am Apr 21, 2020 7:38am
Attachment g
Attached Image (click to enlarge)
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yes yes yes
  • #7,527
  • Apr 21, 2020 8:11am Apr 21, 2020 8:11am
Quoting Moty
3612203 {image}
Moty, I love your bullish enthusiasm all the way!

Who know there could be some positive short term development
  • #7,528
  • Apr 21, 2020 8:15am Apr 21, 2020 8:15am
Quoting kuroro001
{quote} From what most twitter trader elite guys are saying....its heading to negative again in june. So you'll see big fall But its just words from "i'm looking for followers" guys
I would think it would go down closer towards the expiry because storage is likely to be an issue in coming month as well. Maybe a lot more physical traders are hedging their physical oil by selling futures early (?). i dont think this is all just speculators
  • #7,529
  • Apr 21, 2020 8:20am Apr 21, 2020 8:20am
Quoting tonny47
{quote} I would think it would go down closer towards the expiry because storage is likely to be an issue in coming month as well. Maybe a lot more physical traders are hedging their physical oil by selling futures early (?). i dont think this is all just speculators
Producers went short last week, hedging their physical oil. They know their thing.

Lets see if this week they clear they short hedge or add more
COT: The precious data ignored
  • #7,530
  • Apr 21, 2020 8:24am Apr 21, 2020 8:24am
Quoting montygoldy
{quote} i dont think so... i dont think this time it will break this...go more below 19$.... i may be wrong...
I saw this coming..sometimes candle show u the right way...
Extreme gut feeling trader
  • #7,531
  • Apr 21, 2020 8:31am Apr 21, 2020 8:31am
seems like USO cannot buy more for now (?) until they get approval. that's a bit of a blow considering they own like 30% of all contracts

https://www.forexlive.com/news/!/uso...hares-20200421
  • #7,532
  • Apr 21, 2020 8:43am Apr 21, 2020 8:43am
Quoting tonny47
seems like USO cannot buy more for now (?) until they get approval. that's a bit of a blow considering they own like 30% of all contracts https://www.forexlive.com/news/!/uso...hares-20200421
https://www.zerohedge.com/energy/uso...tf-may-implode
persistence and determination alone are omnipotent
  • #7,533
  • Apr 21, 2020 8:44am Apr 21, 2020 8:44am
Slept through the big move down. I always miss the Big moves and catch the sideways crap. Seems like $10 even $9 is possible and would expect a massive bounce if that happened
  • #7,534
  • Apr 21, 2020 8:47am Apr 21, 2020 8:47am
There's a lot of buying volume down there....interesting
COT: The precious data ignored
  • #7,535
  • Apr 21, 2020 8:54am Apr 21, 2020 8:54am
Quoting Ll1979
{quote} https://www.zerohedge.com/energy/uso...tf-may-implode
so major buyer is gone basically
  • #7,536
  • Apr 21, 2020 8:57am Apr 21, 2020 8:57am
damn it, had an buy limit order at $13.78 but no time to monitor so cancelled. would be a perfect entry given price went down to 13.71 would be quick 2 dollars
  • #7,537
  • Apr 21, 2020 9:01am Apr 21, 2020 9:01am
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yes yes yes
  • #7,538
  • Apr 21, 2020 9:04am Apr 21, 2020 9:04am
Quoting Moty
{image}
i think it will go to 10-11 in next day or two
  • #7,539
  • Apr 21, 2020 9:04am Apr 21, 2020 9:04am
Yep, I bet most of us have regrets about this day that we will have to live with, or at least things that we could handle better Lets learn from mistakes to become better traders in the future. Cheers
  • #7,540
  • Apr 21, 2020 9:32am Apr 21, 2020 9:32am
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persistence and determination alone are omnipotent
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