{quote} Most news have no impact on oil. Now, the main fundamental news are the russian agression in Ukraine. Till the troops in Ukraine, the price will fall, in order to cut the russian earnings/ BTW the sunctions against the energy sector (GAZPROM, ROSNEFT)
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Production, demand and us currency strength move oil, texas just is fracking more oil than saudi output. Russian affairs mean shit by comparison. Must be bonkers to go long in this market, unless your using a
Hi. Imo, us crude oil will bottom around 71/b. opec convene on 27th nov. then the saudis will cut production, and be the catalyst for a move back up to 90+/b. cheers
still looking for a good entry on BCO, missed the 76 thinking it was going down more. Still pondering about if I should enter now for long, or still wait...
OPEC must announce some very substantial supply cuts for the bulls to succeed at this point onwards. US oil production and inventories are very strong and can easily blunt any half-hearted attempt by OPEC to maintain or push the prices higher.
The US Energy Information Agency, (EIA), released its weekly inventory data this morning. The numbers showed an unexpectedly large build in crude oil stocks of some 1.9 million barrels. To give you an idea of this why this is a surprise, most analysts were expecting a slight fall of 100,000 barrels and those in the minority were saying at best a 400,000 rise.
This is the largest amount of crude oil sitting in storage since June 27th of this year.
Taking a closer look and focusing on Cushing which is the delivery point for all NYMEX crude oil contracts, there are now 24.6 million barrels sitting out there. That is the largest number since April 25.
Also U.S. crude production will rise to 8.57 million barrels a day this year, up from 7.46 million last year. Output is projected to climb to 9.42 million barrels a day in 2015, the most since 1972!!
IMO unless there is some big arrangement announced at tomorrow’s OPEC meeting that the market views as credible and there is verifiable reductions in OPEC output, crude will be heading lower.
lets not forget saudi discounted rates to US and Europe... Loads pf huge wells coming out of the US!! I doubt any production cut but price will be between 75-70 i doubt we will see oil at 6x range!! maybe the spikes but final price wouldn't be around that range!! lets not also forget it hit back at 80 2 days ago...
No wonder most traders lose money... This is going down .
why would the Saudis give up market share to risk other countries not fulfilling their agreements when they could bump them off instead and gain market share in a longer time frame......
It's like going bear when the Boj injects 800 billion $ in the economy.... WELl, the US just surpassed the Saudis in supply! Of course the price is going down
i doubt we will see oil at 6x range!! maybe the spikes but final price wouldn't be around that range!! lets not also forget it hit back at 80 2 days ago...
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Oil in 60's now. The World is currently awash in oil supply
Trading Crude Oil with price action + indicator
