WTI Crude Oil Trading

Quoting kuroro001

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{quote} I guess its the case of most people. Most were scared that after the dump and the bounce, we'd have the same scenario in may I'll only think of shorting with oil at 50/60 dollars

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Quoting mario83

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{quote} i had the same situation. Lost lot of money on long positions and had to cut them off on huge loss to avoid another margin call and didnt want to add more to the account as scenarios were really bad. Jumped in back with 30% of the initial position and now gain back just 1/3 ... still 2/3 to get back from the market. anyways, happy for everyone who gained on that rally. Trump also is happy as he tweeted seing pirce rising ))

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Quoting tonny47

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i was determined to hold oil till 0 because, it cant get any worse, right?! I was already trading June contract when i saw May contract going negative. that made me realise that my losses could be lot larger than thought. that really paralyzed me. if i had stuck to my original plan, I would have made a lot. thats life i guess

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Quoting tonny47

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{quote} 50/60? you dont really think price is going to go that high anytime soon?!

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Ryan Sitton, the Texas Railroad Commissioner who first floated the idea of state-mandated oil production cuts, has thrown in the towel after failing to convince his two co-commissioners of the need for mandatory cuts.
Sitton first suggested that Texas could join OPEC and other producers in curbing oil production purposefully in March. However, the industry had a mixed reaction to the proposal. While some backed it, such as Parsley Energy and Pioneer Natural Resources, others were firmly against it, notably the supermajors Exxon and Chevron, which have more abundant cash resources to hold out during the oil price crisis.
Yet it seems the industry is already cutting production at fast enough rates that would negate the need for a mandatory output curb.

“This is dead,” Sitton told Reuters about his production cut plan. “What we should have done six weeks ago now would no longer have the right impact. We lack the leadership between the three commissioners to get that done.”
In April, as the Commission was discussing the cuts, Oilprice.com’s Tom Kool noted that all three Texas Railroad Commissioners lacked any experience with mandatory cuts, and there were too many questions to answer before making a decision.
Many shale companies, meanwhile, are already cutting production. In North Dakota, production has fallen by as much as 400,000 bpd since the start of March, Reuters reported this week, which is almost a third of the state’s total. More well shut-ins are expected as oil prices remain lower than breakeven levels.

Production cuts are underway in the Permian, too. Bloomberg reported this week that companies were preparing to reduce their output there by between 10 and 40 percent and suspend all drilling operations. Some of these companies were among the staunchest opponents of a mandatory production cut, Bloomberg’s Rachel Adams-Heard and David Wethe noted.
Even Exxon, Conoco, and Chevron are cutting: the three supermajors plan to reduce their combined production by 660,000 bpd by the end of June.
The total production cut across the U.S. was 1 million bpd in late April.
By Irina Slav for Oilprice.com
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Quoting kuroro001

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{quote} Sure it can. Even though you can see everybody was looking at oil near 0, they weren't prepared. And when it went negative they weren't suprised. Break even for most countries is above 50 dollars. All of them are in deep pain, and closing oil shops.

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Quoting tonny47

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{quote} the problem with storage still didnt go away though? it piling up slower but still piling up. thats why i dont see it going too high

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Quoting tonny47

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{quote} the problem with storage still didnt go away though? it piling up slower but still piling up. thats why i dont see it going too high

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Quoting Yogesh1981

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Quoting Ll1979

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expecting some resistance near ma200 (red line) {image}

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Quoting EventsTrader

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Another day of gains for crude oil. I'm not saying it's not justified with the easing of lockdowns, it's just hard to have confidence in it with such little volume. {image}

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Quoting DMA Trader

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{quote} i was looking at the same thing. shorted a little below 25. stops should be above 27. very interesting. 25 R

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Quoting Suryananda

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{quote} Threema is not free. There is no need to waste money unnecessarily. .

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