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Sweet, sweet Oil

Novak's comments really sunk crude earlier:

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He said Russia has produced slightly more than they agreed to. That doesn't sound like a big deal since OPEC has a long history of this, but if you read between the lines I think he's suggesting production is too low. WTI is headed lower if they agree to raise production at the next meeting.
Self-sufficiency is the greatest of all wealth. - Epicurus
Exceptional analysis Eventstrader and ef5! I was perplexed as to why there was so much downward pressure in the midst of Dorian.

How pure technical traders trade, is beside me. How can one trade and not take fundamental factors into account?

The wishwashy production/supply commitments of the global oil hubs is laughable. Keep on pumping and dumping guys
My Medicine Return Today: na
Quoting C8H18
Exceptional analysis Eventstrader and ef5! I was perplexed as to why there was so much downward pressure in the midst of Dorian. How pure technical traders trade, is beside me. How can one trade and not take fundamental factors into account? The wishwashy production/supply commitments of the global oil hubs is laughable. Keep on pumping and dumping guys
Thanks C8!

Quoting EventsTrader
WTI will sell off hard in the next few days. If not, WTI might be breaking out.
It was Novak's production comments. So my call that crude was dropping was luck. The move lower is still potentially coming. I still think there could be further selling related to my theory about buying the rumor and selling the news on Hurricane Dorian. Last year, crude sold off as the hurricanes were dying out. So perhaps Monday or Tuesday crude sells off? Not sure but worth monitoring.

Also, this was just released: No production impact from Hurricane Dorian platform evacuations
We must learn who is gold, and who is gold plated
Quoting EventsTrader
Also, this was just released: No production impact from Hurricane Dorian platform evacuations
Sounds about right : )
Quoting EventsTrader
{quote} Thanks C8! {quote} It was Novak's production comments. So my call that crude was dropping was luck. The move lower is still potentially coming. I still think there could be further selling related to my theory about buying the rumor and selling the news on Hurricane Dorian. Last year, crude sold off as the hurricanes were dying out. So perhaps Monday or Tuesday crude sells off? Not sure but worth monitoring. Also, this was just released: No...
Yep, I think you're right. Although it doesn't look like we are totally done with Dorian, along with other storms forming that may affect production areas. Particularly, one in the gulf that I saw may hit a Mexican shale area.
Quoting nastynatty
{quote} Yep, I think you're right. Although it doesn't look like we are totally done with Dorian, along with other storms forming that may affect production areas. Particularly, one in the gulf that I saw may hit a Mexican shale area.
You make a good point, but Fernand is just a tropical storm:

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I'm not sure if a tropical storm is enough to interfere with operations.
Self-sufficiency is the greatest of all wealth. - Epicurus
Quoting Ef5
I'm not sure if a tropical storm is enough to interfere with operations.
I don't think so, for land operations. Just something to keep an eye on in case it develops any further!
Quoting nastynatty
{quote} I don't think so, for land operations. Just something to keep an eye on in case it develops any further!
Yeah and much more... watching traders reaction to certain news predicting doomsday whenever they notice some weather anomalies As I mentioned in other threads... I really love interactive animatios of hurricanes by NYT. Would recommend it for further tracking of further hurricanes... I found it to be the most recent, presentable, logical...

But more on the topic.. I am not sure If I wold be on the BUY side of the OIL... except for today, obviously... when we must not forget that usd has been falling slightly... for almost the last 2 days.. and it seems it will till "other" currency rebounds at least a little If I would have to choose right now... I would be shorting oil.. but after the usd regains its (slowly stronger by the day) trend... till end of OCT at least
Can you afford to take that chance?
CHEETAH LIVE TE Return This Year: na
What a day WTI had. I got lucky and hit my target on a short trade prior to today's rally. Now, I'm going to open a short position. Ripe for the taking! Whether you're bullish or bearish, it's tough to argue that it's due for a pull back. Let's go!
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We must learn who is gold, and who is gold plated
Looking for buy at 50.50
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Don't believe me just watch!
Quoting LCForex
Looking for buy at 50.50 {image}
$50.50 is a long way down. Are you short until then? Or are you just staying out unless you can get in that low? I'm short but only down to about $54 and change.
We must learn who is gold, and who is gold plated
Quoting EventsTrader
{quote} $50.50 is a long way down. Are you short until then? Or are you just staying out unless you can get in that low? I'm short but only down to about $54 and change.
I am not. Just waiting the price if I see this, I sell my mother in law and put moneu on it.
Don't believe me just watch!
Quoting LCForex
I sell my mother in law and put money on it.
If I read that right, that was some funny shit man.
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We must learn who is gold, and who is gold plated
Quoting LCForex
{quote} I am not. Just waiting the price if I see this, I sell my mother in law and put moneu on it.
How much leverage can you get on a trade like that?
Quoting helgastrxd
{quote} How much leverage can you get on a trade like that?
For my mother in law tongue i think 50/1
Don't believe me just watch!
Some resistance here... from two perspectives:
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I also see the China situation taking a temporary breather, which should bring us down a little. I'm short.
Quoting LCForex
{quote} For my mother in law tongue i think 50/1
She sounds like a real sweet lady
Quoting nastynatty
{quote} She sounds like a real sweet lady
Sure! Don't get me wrong, she is sweet because she has diabetes
Don't believe me just watch!
Quoting vpn
Some resistance here... from two perspectives:{image}I also see the China situation taking a temporary breather, which should bring us down a little. I'm short.
The market is just waiting for some cloudy economic news and oil will fall sharply. We did not see that news today.

Put your positions on soon gentlemen.
  • Post #600
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  • Edited at 10:56pm Sep 5, 2019 10:46pm | Edited at 10:56pm
Quoting LCForex
Looking for buy at 50.50 {image}
I'm not big into technicals (anymore), but that chart looks pretty bearish. Why don't you think the price is going into the 40s?

Historically oil has done well late cycle and this time its just barely hanging in there. We might see oil in the 20s during the next recession. That would entail huge losses for energy companies so they'll probably make for a great short.
Self-sufficiency is the greatest of all wealth. - Epicurus
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