Patience.
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Oil benchmarks shrugged off the bearish US inventory report released yesterday and jumped to five-month highs in Asia.
Brent oil rose to $69.84 per barrel, the highest level since early November, and is currently changing hands at $69.81 per barrel, representing a 2.8 percent gain on the weekly opening price of $67.90.
Meanwhile, WTI is currently trading at $62.84 per barrel, having hit a four-month high of $62.89 soon before press time.
US crude oil inventories unexpectedly rose by 3 million barrels last week, the American Petroleum Institute said on Tuesday. Oil prices, however, have shrugged off the bearish inventory report, and continue to cheer the OPEC-led supply cuts.
The Cartel's oil production in March 2019 fell to 30.4 million barrels per day (bpd) last month, down by 280,000 bpd compared to February and the lowest level since February 2015.
The drop in OPEC's oil output to four-year low, coupled with the upbeat China PMIs (released this week) and improved risk appetite will likely keep oil benchmarks better bid during the day ahead.
The Energy Information Administration (EIA) data due later today is expected to show the US crude inventories dropped 100,000 barrels last week. A bigger drawdown could end up pushing WTI higher to $63.59 (resistance of the June 2018 low as per the weekly chart).
Dislikedshorted WTI based on weekly resistance (cammarila H5) + RSI overbought on several timeframes (H4 chart for example) {image} {image}Ignored
Disliked{quote} Trendline broken hope this speed things up .... it 's taking ages and i want to exit before the Crude Oil Inventories {image}Ignored
Disliked{quote} Hi, It can touch 63.00 - 63.50 before goes down, be careful I have 3 sell positions too, but this current move and breaking the line is more like an ugly correctionIgnored
The upbeat sentiment around crude oil remain unchanged for the time being, pushing the barrel of WTI to new YTD tops in the $62.80 region, albeit receding somewhat afterwards.
WTI firmer, now looks to EIA
Prices of the barrel of the American benchmark for the sweet light crude oil are extending the up move for yet another session today despite shedding some ground after hitting 2019 highs near the $63.00 mark.
The selling bias around the greenback and a generalized upbeat mood among traders following optimistic results in the Chinese economy has been lending extra support to the rally. Chinese data has, in turn, helped mitigating concerns over a slowdown in the Asian economy, considered the largest oil importer.
Later in the session, the DoE will publish its weekly report on US crude oil supplies during last week ahead of Friday’s report on US drilling activity by Baker Hughes.
What to look for around WTI
WTI has recorded fresh multi-month tops just below the $63.00 mark per barrel today. The ongoing rally remains well supported by traders’ sentiment in line with an improved mood surrounding the risk-associated complex. In addition, the underlying bullish view in crude oil is expected to persist propped up by the so-called ‘Saudi put’, tight conditions in the US markets (amidst US net imports in historic low levels and the rising activity in refiners ahead of the summer session), the current OPEC+ agreement to cut oil output and ongoing US sanctions against Iranian and Venezuelan crude oil exports. In addition, speculators increased their long exposure in oil during the week ended on March 26, taking net longs to the highest level since late October 2018. Further out, the OPEC+ could announce an extension of the current agreement to curb oil production at the cartel’s meeting in June.
WTI significant levels
At the moment the barrel of WTI is losing 0.16% at $62.28 and faces the next support at $61.56 (200-day SMA) followed by $58.84 (21-day SMA) and then $57.91 (low Mar.25). On the flip side, a breakout of $62.79 (2019 high Apr.3) would open the door for $63.74 (61.8% Fibo of the October-December drop) and finally $68.06 (low Oct.29 2018).
Disliked{quote} 62 only? If it starts to go down first stop is 60 at leastIgnored