WTI Heading for $60

[William Edwards + 708]

1 minute ago, ATK said:

Basically we need to stop seeing weekly builds occurring, I'm not super hopeful seeing how the US added 13 more rigs last week

Don't hold your breath waiting for an inventory drop. OPEC just reported that for October two OPEC producers, UAE and Saudi Arabia, each replaced Iran's October drop. It only takes one replacement to hold inventories steady. Two replacements equals a build.

3 minutes ago, Oilfuturestrader said:

I hear the PIPE lines are all coming online now.. USA is a wash in oil.. Shit this might be a bear market til next year

And beyond!

 

[Rodent + 1,424]

2 minutes ago, William Edwards said:

Don't hold your breath waiting for an inventory drop. OPEC just reported that for October two OPEC producers, UAE and Saudi Arabia, each replaced Iran's October drop. It only takes one replacement to hold inventories steady. Two replacements equals a build.

And beyond!

 

Amen!

[Oilfuturestrader + 10]

4 minutes ago, William Edwards said:

Don't hold your breath waiting for an inventory drop. OPEC just reported that for October two OPEC producers, UAE and Saudi Arabia, each replaced Iran's October drop. It only takes one replacement to hold inventories steady. Two replacements equals a build.

And beyond!

 

Good feedback

[Dan Warnick + 6,100]

9 minutes ago, William Edwards said:

Don't hold your breath waiting for an inventory drop. OPEC just reported that for October two OPEC producers, UAE and Saudi Arabia, each replaced Iran's October drop. It only takes one replacement to hold inventories steady. Two replacements equals a build.

And beyond!

 

Aaaahh, a reasoned and simple voice in the wilderness.  Welcome back, William.

[Oilfuturestrader + 10]

I have been trading for over 10 years now and this is the 3rd time I seen this craziness where everyone runs from the market. Insane

[ATK + 355]

13 minutes ago, William Edwards said:

Don't hold your breath waiting for an inventory drop. OPEC just reported that for October two OPEC producers, UAE and Saudi Arabia, each replaced Iran's October drop. It only takes one replacement to hold inventories steady. Two replacements equals a build.

And beyond!

 

This guy FAs!

[Oilfuturestrader + 10]

Well at least we got 20 year demand coming in:

https://www.cnbc.com/2018/11/13/opec-expects-global-energy-demand-to-skyrocket-through-2040.html

[William Edwards + 708]

3 minutes ago, Dan Warnick said:

Aaaahh, a reasoned and simple voice in the wilderness.  Welcome back, William.

 

3 minutes ago, Oilfuturestrader said:

I have been trading for over 10 years now and this is the 3rd time I seen this craziness where everyone runs from the market. Insane

Typical trading-inspired action. Spend a year climbing the mountain. The trend adds believers along the way. Then the bubble bursts when buying stops and all jump off the cliff at the same time. Fundamentally-inspired supply/demand factors do not produce this profile.

[William Edwards + 708]

9 minutes ago, Oilfuturestrader said:

Well at least we got 20 year demand coming in:

https://www.cnbc.com/2018/11/13/opec-expects-global-energy-demand-to-skyrocket-through-2040.html

Actually, we have had rather steady demand growth for the past 150 years, and the inflation-adjusted price is still where it started. It can continue for awhile, but that fact says nothing about the price.

Edited November 13, 2018 by William Edwards

[ATK + 355]

1 minute ago, William Edwards said:

 

Typical trading-inspired action. Spend a year climbing the mountain. The trend adds believers along the way. Then the bubble bursts when buying stops and all jump off the cliff at the same time. Fundamentally-inspired supply/demand factors do not produce this profile.

Couldn't of said it any better myself! Iranian sanctions added a spat of irrational exuberance in the oil market and any seasoned trader saw that these upside moves were not based on market fundementals 

[William Edwards + 708]

15 minutes ago, Dan Warnick said:

Aaaahh, a reasoned and simple voice in the wilderness.  Welcome back, William.

Thanks, Dan.

[jonathan yoakum + 13]

Disappointing to read nonsense about too much oil because maintenance season shows typical builds. Does not anyone trading oil with price point opinions actually read EIA reports?

Please stop being so lazy and seek actual year totals. On the year there is no build compared to 2017. If anything price was dragged too high last run up. I recall warning traders to be careful because there was an unusual amount of overnight price jumps well over $1 based on nothing but algo pumping.

Just like the exaggerated price run to $74 this same bear nonsense will reverse just the same and everyone will be back to high price predictions and stating xyz is the reason. 

 

Dont bet on anyones opinion but your own. If anything never hold contracts unless you are heavy capitalized and understand how to trade the spreads.

You'll retain much more closing out daily gains while keeping a strong mental disposition for the next days battles.

 

Gltu

[ATK + 355]

10 minutes ago, jonathan yoakum said:

Disappointing to read nonsense about too much oil because maintenance season shows typical builds. Does not anyone trading oil with price point opinions actually read EIA reports?

Please stop being so lazy and seek actual year totals. On the year there is no build compared to 2017. If anything price was dragged too high last run up. I recall warning traders to be careful because there was an unusual amount of overnight price jumps well over $1 based on nothing but algo pumping.

Just like the exaggerated price run to $74 this same bear nonsense will reverse just the same and everyone will be back to high price predictions and stating xyz is the reason. 

 

Dont bet on anyones opinion but your own. If anything never hold contracts unless you are heavy capitalized and understand how to trade the spreads.

You'll retain much more closing out daily gains while keeping a strong mental disposition for the next days battles.

 

Gltu

Many of us here do in fact read the weekly EIA reports, I would say this move down is much more warranted then the move up to $76 ( 7 weeks of crude builds averaging 5 million barrels per week, Iran waivers being offered offsetting the bullish effects this rally strated on in the first place, US production jumping 400k barrels per day, global trade tensions still dampening demand). Yes things are starting to get oversold, but really aside from OPEC production cuts (which wouldn't even be finalized until December), what short of a few weeks of crude draws could reverse this downtrend? Now I'm saying reverse, not bounce, but reverse.

[DVP + 1]

I am new here, was reading this forum for month.  Decided to register. 

2 Premises.
1. Oil is what drives our energy needs, without oil we would be able to get groceries, no one will pay me to use their oil, without political pressure oil prices should go up.  
2. Oil markets are fixed by political tensions, fixed as in price fixings.  Technical analysis works for free markets, in fixed markets, technical analysis is useful only in the very short term thinking.

Thank you, for your attention

       

[Oilfuturestrader + 10]

Oil just hit 56.5 🙄

[ATK + 355]

4 minutes ago, Oilfuturestrader said:

Oil just hit 56.5 🙄

Indeed it hit the S3 Fib pivot point on the 4hr at $56.19, I'm impressed. Bears came to party lol

[Oilfuturestrader + 10]

Yeah man i'm tempted to buy but I should sit on hands until I see major signs of a reversal.

[ATK + 355]

4 minutes ago, Oilfuturestrader said:

Yeah man i'm tempted to buy but I should sit on hands until I see major signs of a reversal.

I'll probably make a scalp trade around here, we are oversold on the 1hr, 4hr, and daily and need some time to cool off

[Oilfuturestrader + 10]

It's very bearish to me.. The selling is actually accelerating

[Bradtech + 3]

Blown through $56 pretty quick. Already down to $56.37

[fOILed + 9]

55.93  i feel like this is silly

 

[ATK + 355]

7 minutes ago, Oilfuturestrader said:

 

 

2 minutes ago, Bradtech said:

Blown through $56 pretty quick. Already down to $56.37

$55 now! We might be heading towards the weekly fib pivot point at $54.19!

Edited November 13, 2018 by ATK

[Oilfuturestrader + 10]

Just now, ATK said:

Bears could be attempting to push this thing to the weekly fib pivot point of $54.19 

 

$55 now! We might be heading towards the weekly fib pivot point at $54.19!

I think they want 50 LEVEL NEXT!!

[ATK + 355]

1 minute ago, fOILed said:

55.93  i feel like this is silly

 

We could see an RSI of 10 on the daily at this rate lol

[Oilfuturestrader + 10]

3 minutes ago, ATK said:

We could see an RSI of 10 on the daily at this rate lol

Implied Voly is almost 55% .. Hisotircal levels