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WTI Crude Oil Trading

  • #8,181
  • May 17, 2020 11:36pm May 17, 2020 11:36pm
18 May 2020


Looking for bullish continuation on any pullback....structural resistance taken out, and continaution on new highs and higher lows has got my most immediate target sitting at that $40 mark...

Looking at these levels for the day:
29.8
29.45
27.8
26.85
27.02


Green Pips.....
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4&1 All Time Profit: $37,496
  • #8,182
  • May 18, 2020 2:32am May 18, 2020 2:32am
Does anyone know how to check WTI oil prices under futures contracts? Because, I want to know if there really is a futures contract under 10 USD now
  • #8,183
  • May 18, 2020 2:33am May 18, 2020 2:33am
Quoting kavanto
Does anyone know how to check WTI oil prices under futures contracts? Because, I want to know if there really is a futures contract under 10 USD now
https://www.cmegroup.com/trading/ene...es_globex.html
persistence and determination alone are omnipotent
  • #8,184
  • May 18, 2020 5:41am May 18, 2020 5:41am
Hm.. if this uptrend will be sustainable, we can shave some serious bucks from it... I hope it will rise slowly without much surprises/corrections.. Will give it a few days before I lock my positions... or before daily trade/shave (of profits)
Can you afford to take that chance?
  • #8,185
  • May 18, 2020 6:16am May 18, 2020 6:16am
Quoting MzansiObi
18 May 2020 Looking for bullish continuation on any pullback....structural resistance taken out, and continaution on new highs and higher lows has got my most immediate target sitting at that $40 mark... Looking at these levels for the day: 29.8 29.45 27.8 26.85 27.02 Green Pips..... {image}
Looking at 50/60 dollars for summer hopefully
COT: The precious data ignored
  • #8,186
  • May 18, 2020 6:40am May 18, 2020 6:40am
If we rise another 1.5 dollars and stay above....my next big level of res is like 15 dollars away....potentially big rise
COT: The precious data ignored
  • #8,187
  • May 18, 2020 7:08am May 18, 2020 7:08am
Quoting kuroro001
If we rise another 1.5 dollars and stay above....my next big level of res is like 15 dollars away....potentially big rise
how do you manage swaps / rollovers?

My broker has rollover tomorrow (i know its strange) and i need to close my longs to avoid SWAP & rollover fees.
So basically i'm optimistc for OIL especially that here in Europe airlines start to take bookings from July and economics today re-opened another businesses as next stage. I just would like to ask you more experienced traders how do you deal with keeping positions in onger time frame

thanks

PS: I close my longs @ 36USD unless i will be forced to close before rollover and price still not there
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  • #8,188
  • May 18, 2020 7:14am May 18, 2020 7:14am
Quoting mario83
{quote} how do you manage swaps / rollovers? My broker has rollover tomorrow (i know its strange) and i need to close my longs to avoid SWAP & rollover fees. So basically i'm optimistc for OIL especially that here in Europe airlines start to take bookings from July and economics today re-opened another businesses as next stage. I just would like to ask you more experienced traders how do you deal with keeping positions in onger time frame thanks PS: I close my longs @ 36USD unless i will be forced to close before rollover and price still not there...
I don't trade CFD regarding oil, only ETF oil related. It has moved less slowly because ETF are based on longer term oil future contract.

And yes, i don't do Oil CFD because of bad daily swap and monthly roller which cost money all the time
COT: The precious data ignored
  • #8,189
  • May 18, 2020 8:42am May 18, 2020 8:42am
Starting to hate the New York session. It either barely moves or starts out with a bunch of fake moves or pullbacks to force you out
  • #8,190
  • May 18, 2020 9:03am May 18, 2020 9:03am
Damn $32
  • #8,191
  • May 18, 2020 9:55am May 18, 2020 9:55am
Quoting Kwame Freder
Starting to hate the New York session. It either barely moves or starts out with a bunch of fake moves or pullbacks to force you out
I have watched the news on tv yesterday, special news regarding the oil industry in texas.

People are getting fired everyday, oil rigs are being closed, they are cutting all the production, they said they can "survive" until september then its over.

If that Covid19 is resolved soon, and demand pick up....sick upside will come.

Safe way to trade is buy dips, Oil is still cheap at 32 dollars.
COT: The precious data ignored
  • #8,192
  • May 18, 2020 11:41am May 18, 2020 11:41am
Quoting mario83
{quote} how do you manage swaps / rollovers? My broker has rollover tomorrow (i know its strange) and i need to close my longs to avoid SWAP & rollover fees. So basically i'm optimistc for OIL especially that here in Europe airlines start to take bookings from July and economics today re-opened another businesses as next stage. I just would like to ask you more experienced traders how do you deal with keeping positions in onger time frame thanks PS: I close my longs @ 36USD unless i will be forced to close before rollover and price still not there...
Woooha! closed @35.20USD all longs. Still 1/3rd of deposit to earn-back from the market.
i will reopen LONGS on 20th May once new contract starts trading and some correction of the move.
Do you guys think it still has room to rise up to 40 in short term? Long term definitely yes.

What happened to those tankers heading to US from SAUDI ARABIA? Any date of arrival? That should have impact on WTI
  • #8,193
  • May 18, 2020 11:41am May 18, 2020 11:41am
getting a decent pullback now
  • #8,194
  • May 18, 2020 11:42am May 18, 2020 11:42am
Quoting Kwame Freder
getting a decent pullback now
Big time. I'm wondering if it's a pull back or a correction. As long as the futures contract stays above $30 it's probably safe to assume a pull back.
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We must learn who is gold, and who is gold plated
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  • #8,195
  • May 18, 2020 11:43am May 18, 2020 11:43am
Quoting mario83
What happened to those tankers heading to US from SAUDI ARABIA? Any date of arrival? That should have impact on WTI
Good call. I remember it being around 50M barrels and we haven't heard anything else on it.
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #8,196
  • May 18, 2020 11:46am May 18, 2020 11:46am
Any idea what this selloff is driven by?
  • #8,197
  • May 18, 2020 12:24pm May 18, 2020 12:24pm
Quoting tonny47
Any idea what this selloff is driven by?
it's moved up almost $8.00 without any retrace. I would expect some sort of pullback
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  • #8,198
  • May 18, 2020 12:49pm May 18, 2020 12:49pm
it was a great day

//last trade was mismanaged, due to delivery i had,,,,,luckily no postman died as the trade ended in +.


me + 2500 //after commission//

JimB2468 +4000
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  • #8,199
  • May 18, 2020 12:51pm May 18, 2020 12:51pm
Quoting EventsTrader
{quote} Good call. I remember it being around 50M barrels and we haven't heard anything else on it.


wow wow wow, that's huge! I read only heading and skiped the article before but just read it now.

https://www.bloombergquint.com/busin...u-s-oil-market

“If all the Saudi tankers unload, the crude they carry will offset during May almost all of the production reductions from March levels, effectively maintaining the current high storage filling rates,” Paola Rodriguez-Masiu, a senior oil market analyst at Rystad Energy, said in a note. Very Large Crude Carries, or VLCCs, heading for the U.S. Gulf include Shaybah, Hong Kong Spirit and Dalma, ship ship tracking data show. Tankers en route to the Pacific Coast include Sea Jade and Sikinos I. The vessels, mainly supertankers, will deliver over 45 million barrels of Arabian crude to Gulf buyers and at least 7 million to Pacific users. The volume of oil arriving in May and June is equal to nearly a third of all Saudi crude delivered to the U.S. last year.

If it happens WTI might see a huge hit.
  • #8,200
  • May 18, 2020 1:03pm May 18, 2020 1:03pm
Quoting Kwame Freder
{quote} it's moved up almost $8.00 without any retrace. I would expect some sort of pullback {image}
yeah, there should be. I'd be looking for fibo 50 / 61.8% levels


PS: One more:


n the meantime, 117 Very Large Crude Carriers are expected to unload up to 230 million barrels of crude oil to China over the course of the next three months. Most of this crude was bought in April against rock-bottom prices. Market watchers are now keeping a close eye on refinery run rates and margins in China as one of the first main indicators of real recovery in global crude demand.
A real recovery in crude markets will only materialize if Chinese oil imports continue to stabilize during 2020.
For now, early data on fuel consumption in both the Far East and the U.S. will show whether the optimism in oil markets was justified or not.
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