DislikedAnyone in the SHORT right now? Seems a good SHORT position atmIgnored
I am short now again from 59.05. I did not trade oil since may I guess cause i just want to buy, but I said friday wtf.
Don't believe me just watch!
2
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DislikedAnyone in the SHORT right now? Seems a good SHORT position atmIgnored
Disliked{quote} I made some today {image} I am short now again 59.05. I did not trade oil since may I guess cause i just want to buy, but I said friday wtf.Ignored
Disliked{quote} I made some today {image} I am short now again from 59.05. I did not trade oil since may I guess cause i just want to buy, but I said friday wtf.Ignored
Disliked{quote} Yes, if Trump tweets bring real hopes on trade deal with China , otherwise, the price is ranging narrowlyIgnored
Crude oil prices came under modest selling pressure during the early trading hours of the European session and the barrel of West Texas Intermediate dropped toward mid-$58s before gaining traction in the last hour. As of writing, the WTI was up 0.4% on the day at $59.25.
Signs of life in the European economy
The upbeat ZEW survey, which showed the Economic Sentiment both in Germany and the eurozone improved sharply in December, seems to have provided a boost to crude oil prices by easing concerns over the potential negative impact of a deep economic slowdown in the euro area on the energy demand.
Meanwhile, Goldman Sachs announced that it raised the 2020 Brent oil average price forecast to $63 from $60 following the OPEC+ decision to deepen the oil output cuts by 500,000 barrels per day. Similarly, Russia's Gazprom Neft CEO Alexander Dyukov noted that the additional supply curbs would help support oil prices at $55-65 per barrel in the first quarter, as per Interfax news agency.
Later in the day, the American Petroleum Institue will be releasing its Weekly Crude oil Stock data.
Oil was a touch firmer on Tuesday with West Texas Intermediate crude up 0.56% to $59.49/bbl on the day. However, elsewhere, the market's were less active as investors wait for bigger fish to fry later in the week. There have been the usual conflicting trade headlines which markets seem to have started to ignore.
The latest came in the Wall Street Journal which stated that unnamed officials from both sides of the negotiations were reporting that they were laying the groundwork for a delay in a fresh round of tariffs set to kick in on the 15th December. The WSJ reported that both sides were continuing to “haggle over how to get Beijing to commit to massive purchases of US farm products President Trump is insisting on for a near-term deal.”
OPEC is a bullish development for energy markets
Meanwhile, deeper production cuts by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, which were agreed last week in Vienna, remains a bullish outcome for the energy markets as reflected in the reaction in the price of oil. An extra 500,000 barrels a day from oil production beginning in January will be taken off the market, which brings total cuts to 1.7 million barrels.
Analysts at TD Securities explained that "energy markets have found their footing in the aftermath of OPEC's 'beautiful surprise'. While the cartel ultimately managed to deliver a positive surprise — thereby decreasing the market's expectation for oversupply — inventories are still set to grow in the coming quarters."
WTI levels
The price is rising in an ascending channel and beyond a 50% mean reversion of the September swing highs and early October swing lows in the 58.60s. A continuation opens the confluence of a 78.6% retracement of the same range and the July peaks around 60.80. A break to the downside, however, opens the 200-day moving average and that 50% retracement confluence around 57.20.
Disliked{quote} Hope you have more luck than me. Took a tick but price isn't moving much lower at least i earned a big mac menu {image}Ignored
WTI oil prices are flashing red in the Asian session with buyers sitting on the fence, possibly due to the surprise inventory buildup in the US.
At press time, a barrel of WTI is changing hands at $58.90, representing a 0.50% drop on the day.
The American Petroleum Institute (API) on Tuesday estimated an inventory build-up of 1.41 million barrels for the week ended Dec.4 compared to expectations of a 2.763-million-barrel drop in inventory.
The inventory report, which applied brakes to the oil rally near $59.50 in the overnight trade, is likely keeping the black gold on the defensive at press time.
While the benchmark is currently reporting losses on the day, it is still up more than 6.5% on a month-to-date basis.
Oil prices are expected to remain bid in 2020, courtesy of the recent decision by the OPEC and Russia to deepen production cuts. Goldman Sachs has increased the WTI spot price outlook to $58.5 per barrel for 2020 from $55.5. The bank has also revised its Brent spot price forecast to $63 per barrel for 2020, up from a previous estimate of $60.
Technical levels
The short-term trend would turn bearish if prices close below $58.54 on Wednesday, validating Tuesday's spinning top candle.
DislikedThey tried their hardest to get me off my short this morning. Closed already, sentiment still bullishIgnored
Disliked{quote} Nice trading champ WTI (CL 01-20 contract) bounced on weekly pivot point {image}Ignored