WTI Crude Oil Trading

Great analysis in here guys. I just finished reading The Prize, which I picked up due to all the Iran stuff bubbling. I'm no proponent of war, but I'm trying to make a killing if one breaks out.

Thanks for the analysis been enjoying it!

BRN could be the one to watch today bullish over 58.20 WTI 54.43 bearish below

WTI poss 5th wave targ 55 H4 ...still think 57 area poss

My 2p
Good luck

Target 55 reached I think the smaller frames are looking a wee bit toppy but knowing my luck I'm out way too soon

Looks like Friday's high is resisting at 54.79

I think we could go 55.30, if this breaks 57 is on the cards I think

Sub 54.47 would stick a spoke in the bull wheel imo

Off to watch Poldark

A few scalps today, still watching 55.30 for a break

Good luck

WTI fails to resist above $ 55 mark ahead of API data
13 August 2019, 13:10

 

1. Oil weaker amid demand concerns, a potential rise in the US crude output.
2. Global growth concerns-led risk aversion also keeps the upside in check.
3. Markets await fresh US API Crude Stock data for fresh directives.

WTI (futures on Nymex) broke its Asian upside consolidation phase in Europe and reached fresh five-day highs at 55.28 before reversing sharply to now trade back below the 55 handle.

Risk-off dominates, drags down higher-yielding oil

The black gold failed to sustain another attempt above the 55 mark, as the bears returned amid a renewed bout of risk-aversion that gripped the European markets and dented the demand for the risk assets such as oil.

Poor German and Eurozone ZEW surveys aggravated the ongoing global economic growth concerns, eventually clouding the oil demand outlook and collaborating the latest leg down in the barrel of WTI.

Further, expectations of rising US output continue to undermine the sentiment around oil. The Energy Information Administration (EIA) showed in its latest forecast report, the US oil output from seven major shale formations is expected to rise by 85,000 barrels per day (bpd) in September to a record 8.77 million bpd, Reuters reports.

The immediate focus now shifts towards the American Petroleum Institute’s (API) weekly Crude Stock data, due at 2030 GMT, for fresh trading impetus, In the meantime, the commodity will remain at the mercy of the risk trends.

Smaller frames look a bit bearish at the moment

Crapped out what a break

57 still poss but I still have a neg slant on the smaller frames...not complaining

meanwhile @ the sponse residence

Anyone think oil is heading into a huge bull market ?

I think a break of the downward trend line around 57.50 could kick start it

maybe tomorrow's news will give a hint

News regarding trade deal boosted USD + OIL anything is possible

A euphoric surge today, but the larger downtrend from October remains intact.

Terrific !

United States API Weekly Crude Oil Stock climbed from previous -3.4M to -2.19M in August 9

Looks like some heavy data coming out tomorrow. The technical analyst in me looks at this economic chart and thinks we could have a surprise to the upside... last week was positive, and we usually get multiple positive months in a row.

That would be bad for oil prices.... and bad for my long position. But I can't bank on my crack analysis so I'm sticking to what I know.