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WTI Crude Oil Trading

Quoting Jolita
Wti has stalled , looking at weekly trend is bearish and we are at resistance, but higher low is noticeable, can also be an early reversal, but only if $78 is taken. Gold also may retest the highs, closed my buy trade last night, leaving for now.. SMCI is my baby rn Good luck and happy Friday
hey Jolita,
Im shorting for gap close and buy after this for nice leg up
People don't plan to lose. They lose because they don't plan.
Hey, not convinced it's going much higher, placed a small sell, trend is still on a slippery slope, even I heard different story.
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Quoting Jolita
Hey, not convinced it's going much higher, placed a small sell, trend is still on a slippery slope, even I heard different story.{image} {image}
Good one
Quoting TMK0
{quote} Good one
It was a nice trade, just closed, but price could seek towards 65.30 next, +/-spread circa 40pips , so around $66 monthly EMA200.
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Entered long now for small bounce.
Ok, interesting area, what's next ?
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This is one of the most quiet threads on Forexfactory. Perhaps, because there is not as much Oil traders as there are currencies and Gold traders. I hope to make this thread more active through analysis, insight, trade ideas, and comments.

Oil is my most traded instrument, and I am looking forward to meeting other Oil traders here.
I expect WTI to maintain a range of $71. and $67. in the near to medium term. In the short term, holiday travel demand should compensate for a bit of the current supply conditions as we approach 2025. Baring any unexpected supply shocks, these levels should provide good range plays with Shorts at $71. and Longs at $67, a $2 stops for each direction provides attractive risk/return parameters.

NB: WTI chart is from Exness Broker.

Disclaimer: Financial markets trading carries high degree of risk, and can result in significant financial loss.
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Merry Christmas everyone. Enjoy your holidays. I am taking a break for the Christmas and Boxing Day holidays of 25th to 26th December. I would resume trading for the remaining days of 2024 by 27th December. Unless there is a notable event that impacts the Oil markets, we may not have moves out of the $67. - $71. range.

Some of the things to note as we end 2024 and approach 2025 are as follows:

1. Developments in the Chinese economy, growth expectations, and activity in manufacturing sectors.

2. Oil demand and supply conditions, and seasonal changes.

3. OPEC projections and decisions.

4. Geopolitical risks.

5. Donald Trump administration's energy policies and stance.

6. Global economy, and any possible destabilizers.

7. Crude Oil inventory data trend.


among other events and data that could move Oil price.

I wish us a profitable remainder of 2024, and an even more profitable 2025.

All the best.

- Finance.Papi
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U.S. Energy Information Administration report showed a higher draw in Crude Oil inventories for the week of 15th December to 20th December 2024.
WTI price reacted with a quick spike to a session top of circa $70.56 before giving up reaction gains to settle at $70.05, posting a daily gain of 0.77% while marking a low of $69.27 and a high of $70.56.

As the year draws to an end, possible fundamental price drivers in the near term include US policy towards Iran and whether Trump will try to eliminate Iranian barrels from the global market. With China being the main buyer currently that may prove to be a tall order.

NB: WTI chart is from Exness Broker, and prices may differ slightly across Brokers.
Great to see you here Alexcee, and happy holidays to you too!
Quoting alexcee
This is one of the most quiet threads on Forexfactory. Perhaps, because there is not as much Oil traders as there are currencies and Gold traders. I hope to make this thread more active through analysis, insight, trade ideas, and comments. Oil is my most traded instrument, and I am looking forward to meeting other Oil traders here.
One of the best threads is here, too many arguments elsewhere.

I trade a few different instruments, with wti beeing my favourite.

I will look forward for your posts.

Also I agree on your sentiment, so far the price is stagging and held for stability. I hold a few shorts and $68 would be nice to visit.

All the best, J
Quoting Jolita
Great to see you here Alexcee, and happy holidays to you too!
Thanks J. Wishing you a prosperous New Year ahead.
Quoting Jolita
{quote} One of the best threads is here, too many arguments elsewhere. I trade a few different instruments, with wti beeing my favourite. I will look forward for your posts. Also I agree on your sentiment, so far the price is stagging and held for stability. I hold a few shorts and $68 would be nice to visit. All the best, J
Looking forward to exchange of ideas, insights, and helpful information. Thanks buddy.
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I am taking a short from the $70.45 area with a stop at $71.00 and a target of $69.40. If the ISM Manufacturing PMI prints a softer figure, we may see a sharp decline in WTI price.

NB: WTI chart is from Exness Broker, and prices may differ slightly across Brokers.

Disclaimer: Financial markets trading carries high degree of risk, and can result in significant financial loss.
Why the sudden drop in crude?
$72.60-72.80 a large resistance -
previous monthly high and daily EMA 200.

Interesting, Dec 2023 wti closed near same price level $71.46.

Daily, updated, yesterday price broke through bearish trend line and retested, possibility may try to reach the circle.
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Quoting Bakker
Why the sudden drop in crude?
Possible reaction to the news on US oil production in Oct, also I saw a fe other headlines on Russia and Nat Gas.
Happy New Year all!
May this year bring you joy, success, and happiness. Wishing you good trade profits, plenty of green pips
On Friday, US issued sanctions on Russian Oil and this caused a significant in Oil prices as the rumor broke out earlier before the news hit the wires. This may add to the supporting factors for Oil which area already in play i.e Cold weather demand, Geopolitical uncertainty, signs of recovery in manufacturing activities in US and China.
The recent bullish momentum in WTI seems to be wearing out. This is a great price level to Short with Stops $78.60 and targets around $73.50.

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NB: WTI chart is from Exness Broker, and prices may differ slightly across Brokers.

Disclaimer: Financial markets trading carries high degree of risk, and can result in significant financial loss.
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