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  • #8,981
  • Nov 2, 2020 2:16pm Nov 2, 2020 2:16pm
Quoting Kwame Freder
Yeah the lockdowns are creating downward pressure but you also have other forces that do not want oil at this level. We willl probably get swings both ways
With the lockdown I would think that the price would go up because there is more people at home some freezing their butts off. But then with businesses temporarily closed their buildings and offices require less heating. On the other hand I like swinging both ways WTI had a nice up swing of $1.35 today.
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  • #8,982
  • Nov 2, 2020 10:15pm Nov 2, 2020 10:15pm
Quoting Hutch
{quote} With the lockdown I would think that the price would go up because there is more people at home some freezing their butts off. But then with businesses temporarily closed their buildings and offices require less heating. On the other hand I like swinging both ways WTI had a nice up swing of $1.35 today. {image}
Not that much is used for heating. I think it falls under 3% bucket as Residential. It's mostly about transport
https://www.eia.gov/energyexplained/...use-of-oil.php
  • #8,983
  • Nov 3, 2020 6:59am Nov 3, 2020 6:59am
wonder how the election results will impact oil or if it will even matter. may get a holding pattern today until later
  • #8,984
  • Nov 3, 2020 2:25pm Nov 3, 2020 2:25pm
WTI continued its uptrend gaining up $1.04 today but it was a lousy trading day except at the beginning of the trading session.
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  • #8,985
  • Nov 4, 2020 7:46am Nov 4, 2020 7:46am
Inventory -8 mln what now? will it reach 40$ or the lockdowns in EU will stop it ?
  • #8,986
  • Nov 4, 2020 7:48am Nov 4, 2020 7:48am
looks like oil wants to rip north. kinda surprised by how aggressive it is
  • #8,987
  • Nov 4, 2020 2:15pm Nov 4, 2020 2:15pm
WTI continued its uptrend again gaining $1.02 today but unlike yesterday it was a good trading day.
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  • #8,988
  • Nov 5, 2020 2:17pm Nov 5, 2020 2:17pm
WTI continued its uptrend gaining 40¢ today and it was another good trading day despite the low ATR.
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  • #8,989
  • Nov 6, 2020 7:01am Nov 6, 2020 7:01am
seems like any positive news for Biden sends the oil market down but there is an underlying bullishness that is ready to strike when it gets to certain levels. expecting this to continue into next week
  • #8,990
  • Nov 6, 2020 12:36pm Nov 6, 2020 12:36pm
Quoting Kwame Freder
seems like any positive news for Biden sends the oil market down but there is an underlying bullishness that is ready to strike when it gets to certain levels. expecting this to continue into next week
wouldnt Biden win help oil price to go up? he wants to go relatively green as far as I understand it so not good for US industry - which means less competition and higher oil prices. i am aware that he would consider lifting Iran oil sanctions but those are relatively small relative to oil industry damage he would cause in the US. Am i missing anything?
  • #8,991
  • Nov 6, 2020 1:49pm Nov 6, 2020 1:49pm
Quoting tonny47
{quote} wouldnt Biden win help oil price to go up? he wants to go relatively green as far as I understand it so not good for US industry - which means less competition and higher oil prices. i am aware that he would consider lifting Iran oil sanctions but those are relatively small relative to oil industry damage he would cause in the US. Am i missing anything?
well if you go green means u have no use for oil and it’s value would therefore decrease no?
  • #8,992
  • Nov 6, 2020 2:12pm Nov 6, 2020 2:12pm
Quoting Kwame Freder
{quote} well if you go green means u have no use for oil and it’s value would therefore decrease no?
in a long run (10 years), yes. in a short run, I would expect price to go up because supply will decrease because US government would stop subsidizing oil companies which means less competition for OPEC
  • #8,993
  • Nov 6, 2020 2:27pm Nov 6, 2020 2:27pm
Quoting tonny47
{quote} in a long run (10 years), yes. in a short run, I would expect price to go up because supply will decrease because US government would stop subsidizing oil companies which means less competition for OPEC
well in the short run Biden is expected to lock down the country again to deal with covid
  • #8,994
  • Nov 6, 2020 2:50pm Nov 6, 2020 2:50pm
WTI went down $1.05 or 3% but it was a good trading day with a lower than average ATR.
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  • #8,995
  • Nov 6, 2020 3:28pm Nov 6, 2020 3:28pm
Quoting Hutch
WTI went down $1.05 or 3% but it was a good trading day with a lower than average ATR. {image}
Hutch, do you use 10 or 11 brick size for WTI?
  • #8,996
  • Nov 6, 2020 3:51pm Nov 6, 2020 3:51pm
Quoting Olarion1975
{quote} Hutch, do you use 10 or 11 brick size for WTI?
I always trade using 10 brick size but if I cannot see the whole day when I post I will change the brick size in order to see the whole day. Brick size of 10 to 12 don't make much difference.
  • #8,997
  • Nov 7, 2020 1:51am Nov 7, 2020 1:51am
Quoting Kwame Freder
{quote} well in the short run Biden is expected to lock down the country again to deal with covid
Just too many moving pieces so hard to tell
  • #8,998
  • Nov 7, 2020 2:12pm Nov 7, 2020 2:12pm
Quoting Kwame Freder
{quote} well in the short run Biden is expected to lock down the country again to deal with covid
This will only be in 2 1/2 months a lot can change until then. Lockdowns are not good for the economy but if it saves lives it's the right thing to do. After all the economy doesn't function with sick and dead people.
  • #8,999
  • Nov 9, 2020 9:03am Nov 9, 2020 9:03am
Very heavy volume on buying CL after the vaccine news hit the wires this morning.
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  • #9,000
  • Nov 9, 2020 2:18pm Nov 9, 2020 2:18pm
WTI went up $2.39 or a massive 6% with more than double the average ATR. The news that the Pfizer Covid-19 vaccine will most likely be available within the next 2 months means no lockdown but, instead, will lead to an economic upside and this will require more oil.
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