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  • #7,881
  • Apr 30, 2020 4:04am Apr 30, 2020 4:04am
Quoting auricforecas
{quote} It might even help us, although they will adjust that I am sure, since it is not in their interest to throw the OIL away right or to give it for free... They might just well of pump it back down (jk)… So it might help us preventing spikes (I much prefer the STEADY rise, for the good trendsurf, with higher leverage if possible, the steadier the higher the possible leverage for good profits), hopefully, because I really dislike strong SPIKES than to be dumped again... so hopefully no pump&dump, not this tump.. hah, literally...
i dont see reason for all the optimism but i guess there is a lot of people thinking the way you do so the price might actually keep going higher.
fact is that even with cuts, the storage problem doesn't go away and that in my mind means prices going down. but there are many factors involved so who knows
  • #7,882
  • Apr 30, 2020 5:26am Apr 30, 2020 5:26am
Quoting tonny47
{quote} i dont see reason for all the optimism but i guess there is a lot of people thinking the way you do so the price might actually keep going higher. fact is that even with cuts, the storage problem doesn't go away and that in my mind means prices going down. but there are many factors involved so who knows
Yup, that is trading. It is the perception of reality that is important and not necessary the reality itself (I am sure you are aware of certain markets that some perceive as worthless but some as gold)... We can discuss either this is good or bad as we want but trading wise, this is how it is... Unfortunately maybe but for trading it is important that we are on the right side... We will see confirmation/rejection of this rise soon enough (estimated next week).It rose quite good since my post(s). I really have no preference, just want to be on the right side, that is all... So let´s.. Also let´s continue tracking the corona news, some nice news in EU... in my country for example, the lockdown eased much, starting today.
Can you afford to take that chance?
  • #7,883
  • Apr 30, 2020 5:44am Apr 30, 2020 5:44am
WASHINGTON (Reuters) - President Donald Trump on Wednesday said his administration will soon release a plan to help U.S. oil companies, which Treasury Secretary Steven Mnuchin said could include adding millions of barrels of oil to already-teeming national reserves.

Mnuchin did not provide details on where the government might find the storage capacity as the global coronavirus pandemic crushes demand for gas.

“We’re also exploring potentially having the ability to store another several hundred million barrels, so we’re looking at lots of different options,”
Mnuchin said during a White House briefing on the coronavirus’ effects on industry.

A team made up of people from the Treasury and Energy Departments was working on the options, Mnuchin said.

The U.S. Strategic Petroleum Reserve (SPR) currently holds roughly 636 million barrels of crude, and has the ability to hold about 714 million barrels. Fuel demand has dropped by roughly 30% worldwide while supply has ballooned, so storage is dwindling.

Trump said that he sees helping the oil industry as a top priority. When asked when he would release a plan to help oil companies, Trump said: “I would say shortly.”
“It’s unbelievable. It’s prices that are so low, and in some cases we’re storing oil and getting paid for storage because we have a tremendous capacity for it,” Trump said. “So what’s happened with these strategic reserves is incredible.”

Oil prices on Wednesday surged 10% after U.S. crude stockpiles grew less than expected and fuel consumption seemed possibly poised for a uptick as some states, as well as European countries, ease coronavirus restrictions.

Reporting by Lisa Lambert and Eric Beech; Editing by Cynthia Osterman and Grant McCool
persistence and determination alone are omnipotent
  • #7,884
  • Apr 30, 2020 5:49am Apr 30, 2020 5:49am
Quoting Ll1979
WASHINGTON (Reuters) - President Donald Trump on Wednesday said his administration will soon release a plan to help U.S. oil companies, which Treasury Secretary Steven Mnuchin said could include adding millions of barrels of oil to already-teeming national reserves. Mnuchin did not provide details on where the government might find the storage capacity as the global coronavirus pandemic crushes demand for gas. “We’re also exploring potentially having the ability to store another several hundred million barrels, so we’re looking at lots of different...

after all its shows some signs to be positive on crude
  • #7,885
  • Apr 30, 2020 6:05am Apr 30, 2020 6:05am
Quoting Yogesh1981
{quote} after all its shows some signs to be positive on crude
There are some positive signs but overall market conditions are weak there are still major problems with the storage capacity. The virus is an unknown variable making the outcome unpredictable will there be a second wave when lock down is released.

One have to consider the distinction between trading Brent and WTI. WTI main problem is settlement against landlocked storage site in Cushing Oklahoma.

https://en.wikipedia.org/wiki/Cushing,_Oklahoma
persistence and determination alone are omnipotent
  • #7,886
  • Apr 30, 2020 7:39am Apr 30, 2020 7:39am
Personally I think there will be a speculation driven rally based on hopes and dreams, until the reality of having to sell the contracts into a world awash with oil sets in at which point it will come straight back down again as reality takes over. Even in the best case it will be at least a year before consumption returns - it's not like there is a backlog of use building up that will suddenly be released.
Every day where supply is greater than demand is more space filling up - even if there is another big beautiful hole in the ground that can be "discovered" to be environmentally sealed, that just pushes the problem down the road a bit.

Must be getting really expensive to ship Brent as there is more money in having your carrier used as storage, plus where are they taking it?
  • #7,887
  • Apr 30, 2020 7:52am Apr 30, 2020 7:52am
Quoting Wightoil
Personally I think there will be a speculation driven rally based on hopes and dreams, until the reality of having to sell the contracts into a world awash with oil sets in at which point it will come straight back down again as reality takes over. Even in the best case it will be at least a year before consumption returns - it's not like there is a backlog of use building up that will suddenly be released. Every day where supply is greater than demand is more space filling up - even if there is another big beautiful hole in the ground that can...
couldnt agree more. i actually shorted this morning but closed it with tiny profit. despite me being bearish, i dont want to be short in market that keeps going up on hopes and dreams (and it may very well go up temporarily on that basis).
  • #7,888
  • Apr 30, 2020 8:55am Apr 30, 2020 8:55am
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persistence and determination alone are omnipotent
  • #7,889
  • Apr 30, 2020 9:02am Apr 30, 2020 9:02am
Let’s see if we can break higher in the New York session. There’s a bit of resistance here but lots of bullish energy.
  • #7,890
  • Apr 30, 2020 11:31am Apr 30, 2020 11:31am
I want to sshort this bull run... probably on next monthly candle maybe..
Extreme gut feeling trader
  • #7,891
  • Apr 30, 2020 1:30pm Apr 30, 2020 1:30pm
what the heck was this spike few min ago???
  • #7,892
  • Apr 30, 2020 1:37pm Apr 30, 2020 1:37pm
myself observing as well. Then only idea i have is end of month and tomorrow cuts in OPEC are valid fot those who has not cut yet.
  • #7,893
  • Apr 30, 2020 1:38pm Apr 30, 2020 1:38pm
Quoting tonny47
what the heck was this spike few min ago???
just shorted from top... lost alot of times with this fake bull spike and trying long.......this time go with the flow...
Extreme gut feeling trader
  • #7,894
  • Apr 30, 2020 1:42pm Apr 30, 2020 1:42pm
Quoting mario83
myself observing as well. Then only idea i have is end of month and tomorrow cuts in OPEC are valid fot those who has not cut yet.
haha maybe one big trader was in coma for the past month and opened old newspaper

seriously though, it cannot be due to cuts, this was very fast move
  • #7,895
  • Apr 30, 2020 1:43pm Apr 30, 2020 1:43pm
Quoting montygoldy
{quote} just shorted from top... lost alot of times with this fake bull spike and trying long.......this time go with the flow...
well done, must have been a bit scary seeing it rise that fast but more often than not, it fades
  • #7,896
  • Apr 30, 2020 1:43pm Apr 30, 2020 1:43pm
Quoting tonny47
{quote} haha maybe one big trader was in coma for the past month and opened old newspaper seriously though, it cannot be due to cuts, this was very fast move
Yeah i saw it live. I was looking for Long entry and when i saw m15 closing thought of opening but also thought about long weekend and then booom. No news so far emerged netiher on trading station neither other live trading services.
  • #7,897
  • Apr 30, 2020 1:46pm Apr 30, 2020 1:46pm
Its brent chart on june contract.
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  • #7,898
  • Apr 30, 2020 2:10pm Apr 30, 2020 2:10pm
IMO if this thing spiked up with no news thats a pretty big indicator that i should be long rather than short.
  • #7,899
  • Apr 30, 2020 2:18pm Apr 30, 2020 2:18pm
Haven't found anything other than that.

https://www.bloomberg.com/news/artic...premium-europe

Georgia is small country so makes no difference.
  • #7,900
  • Apr 30, 2020 3:05pm Apr 30, 2020 3:05pm
Quoting Kwame Freder
IMO if this thing spiked up with no news thats a pretty big indicator that i should be long rather than short.
Yea I think everyone is getting a bit trigger happy, only takes a small up twitch and it's . on the buy button. Me, I have a chart littered with Buy and Sell stops because it'll all take off and I'll be walking the dog or making coffee....
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