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WTI Crude Oil Trading

  • #7,741
  • Apr 24, 2020 5:35am Apr 24, 2020 5:35am
I am already long in oil, time to go long
  • #7,742
  • Apr 24, 2020 6:34am Apr 24, 2020 6:34am
Me also. LONG from 10 for 5000 barrels. WOOOOOHOOOOOO!!!!!
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  • #7,743
  • Apr 24, 2020 7:16am Apr 24, 2020 7:16am
Holding till
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99.9% persistence
  • #7,744
  • Apr 24, 2020 7:35am Apr 24, 2020 7:35am
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yes yes yes
  • #7,745
  • Apr 24, 2020 7:42am Apr 24, 2020 7:42am
I still feel there is another leg down. Be careful out there this isn’t over quite yet
  • #7,746
  • Apr 24, 2020 8:26am Apr 24, 2020 8:26am
Quoting Kwame Freder
I still feel there is another leg down. Be careful out there this isn’t over quite yet
Storage levels are nearly full should have an effect
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persistence and determination alone are omnipotent
  • #7,747
  • Apr 24, 2020 8:46am Apr 24, 2020 8:46am
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  • #7,748
  • Apr 24, 2020 8:59am Apr 24, 2020 8:59am
once storage capacity is full, the oil prices will fall again right?? i believe the oil production cuts are not sufficient enough to set the prices back to normal
  • #7,749
  • Apr 24, 2020 9:19am Apr 24, 2020 9:19am
Quoting matthewcyx
once storage capacity is full, the oil prices will fall again right?? i believe the oil production cuts are not sufficient enough to set the prices back to normal
Imho it will take some time to see oil recover. If demand comes back online storage levels are decreasing. But demand must exceed supply.

The only way forward are shut-ins
persistence and determination alone are omnipotent
  • #7,750
  • Apr 24, 2020 9:24am Apr 24, 2020 9:24am
Very good pull back to go long in oil
  • #7,751
  • Apr 24, 2020 9:32am Apr 24, 2020 9:32am
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yes yes yes
  • #7,752
  • Apr 24, 2020 9:46am Apr 24, 2020 9:46am
i am expecting a bit of a sell off for the rest of the day and price going down to around $14 by the end of the next week. i don't see anything positive that would push price higher, although it has been trying couple of times to break above 18.

Sold at $17. Let's see
  • #7,753
  • Apr 24, 2020 10:06am Apr 24, 2020 10:06am
Little explanation ...

Inserted Video
  • #7,754
  • Edited 12:33pm Apr 24, 2020 11:52am | Edited 12:33pm
Great video Hutch

Anyone else think the rig count might be perceived as good news and give a temporary blip up? I've set a buy stop - I usually get the spacing wrong, but practice and all that

EDIT ... Or not, flat as an oil slick on glass
  • #7,755
  • Apr 24, 2020 1:41pm Apr 24, 2020 1:41pm
Quoting Ll1979
{quote} Storage levels are nearly full should have an effect {image}
yeah,,NIGERIA is in trouble,,,running out of it , if not already
making money in JimB2468 trading room
  • #7,756
  • Apr 24, 2020 1:44pm Apr 24, 2020 1:44pm
Quoting Wightoil
Great video Hutch Anyone else think the rig count might be perceived as good news and give a temporary blip up? I've set a buy stop - I usually get the spacing wrong, but practice and all that EDIT ... Or not, flat as an oil slick on glass
As LI1979 pointed out, it's not rigs but wells that matter
  • #7,757
  • Edited 2:35pm Apr 24, 2020 2:25pm | Edited 2:35pm
Turned out to be a great Friday.
Over $2000 for the day in my wallet.
Making it nearly $8000 for the week //Monday off, trading 3 contracts//.

JimB2468's profit was just under $20,000 for the week.
Cheers to all, enjoy the weekend.
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making money in JimB2468 trading room
  • #7,758
  • Apr 24, 2020 4:08pm Apr 24, 2020 4:08pm
Quoting patient pip
Turned out to be a great Friday. Over $2000 for the day in my wallet. Making it nearly $8000 for the week //Monday off, trading 3 contracts//. JimB2468's profit was just under $20,000 for the week. Cheers to all, enjoy the weekend. {image}
Congratulations. I guess trading futures is a lot better than trading cash WTI closed only $0.25 down from yesterday's close but had ample trading opportunities
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  • #7,759
  • Apr 24, 2020 5:47pm Apr 24, 2020 5:47pm
Oil Futures Explained.... in simple English, for the newbies

A great analogy explaining why WTI Crude Oil traded at minus -$37

Imagine the following...you pay $500 today and commit to receiving an escort at your house in 15 days when your wife will be traveling. This is called a futures contract.

Unfortunately, lockdown came and your wife will be home for the next 60 days.

You do not want this woman to show up at your house at all and try to pass this futures contract to someone else.

Only you cannot sell this commitment because nobody can receive the escort at home anymore. Everyone is in full lockdown with wife.

To make matters worse, not even the pimp has more room to receive girls because his house is crowded with girls.

So you will pay anyone just to take the girl off your hands.

Do you now understand why oil has a negative price when the contract is delivered?
  • #7,760
  • Apr 24, 2020 6:03pm Apr 24, 2020 6:03pm
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Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
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