I think API Weekly Crude Oil stock will decide the next destination of the Commodity
DislikedBased on the crude inventory data the past few weeks I’m going to start reviewing my strategy to trade it early next week. I think that should give me time before Wednesday rolls around. The forecasts have been way off recently so I’d bet this next one is trade-able too. Anybody else want to contribute opinions about this next one?Ignored
Disliked{quote} I'm looking to predict the number and already be in a position when the data drops. That's what you're thinking? Or looking for more of a straddle?Ignored
DislikedI'm still in this long position from last week. My confidence level is pretty low, but WTI does look like it wants to rally. Anybody have some conviction on this market? {image}Ignored
Disliked{quote} API, the day prior, should give us a better idea about what to expect. I'll be looking at it closer next week. Monday, Russia's unemployment figures come out. It's one of the most closely watched out of Russia and could move crude, but short-term. All assets risk-related are at the mercy of the US-China trade way, ECB unscheduled announcements, Brexit, and don't forget about Iran tensions. Tomorrow, we have OPEC's monthly report. It's usually a non-event though.Ignored
Disliked{quote} I was at least going to take the straddle route as I am expecting the forecast to be off again.Ignored
DislikedHas anyone else noticed how deep CL is in backwardation? {image} That seems pretty bearish if you ask me. Definitely not pricing in any conflicts or other supply shortages. I did see OPEC is forecasting a glut into 2021, but I'm a little surprised to see traders pricing in a 10% drop over the next two years.Ignored