WTI Heading for $60

[William Edwards + 708]

11 minutes ago, Oilfuturestrader said:

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

Think: stops are being hit and how many contracts are being converted to market orders? Then ask "How kind will the buyers be to a panicky seller?"

[Oilfuturestrader + 10]

2 minutes ago, William Edwards said:

Think: stops are being hit and how many contracts are being converted to market orders? Then ask "How kind will the buyers be to a panicky seller?"

Yeah man Fear is wild.. Accounts being blown up left and right

[fOILed + 9]

like mine😂

 

[A/Plague + 50]

 

 

Edited December 14, 2018 by A/Plague

[ATK + 355]

1 minute ago, A/Plague said:

closed the shorts ... look at the top 😎

Awesome trade! Congrats!

[Oilfuturestrader + 10]

ATK I think OPEC will do an emergency CUT for sure now!! 80% chance.. All those countries are crying right now...

Edited November 13, 2018 by Oilfuturestrader

[ATK + 355]

1 minute ago, Oilfuturestrader said:

ATK I think OPEC will do an emergency CUT for sure now!! 80% chance.. All those countries are crying right now...

They will, but December is still a little while a way, plenty of time for bears to do more damage lol

[Oilfuturestrader + 10]

1 minute ago, ATK said:

They will, but December is still a little while a way, plenty of time for bears to do more damage lol

Indeed my friend.. That's why cramer 40 target is not so far fetched

Edited November 13, 2018 by Oilfuturestrader

[Rebel44 + 7]

I am glad I sold my long position at $74 (WTI)

Because of risks (in case something happens with supply, a price can jump a lot) I don't like shorting oil, so I will wait for signs that we have reached the bottom before I open any new position.

Edited November 13, 2018 by Rebel44

[Oilfuturestrader + 10]

20 minutes ago, Rebel44 said:

I am glad I sold my long position at $74 (WTI)

Because of risks (in case something happens with supply price can jump a lot) I don't like shorting oil, so I will wait for signs that we have reached the bottom before I open any new position.

Why did u get out? Tell me?

[Rebel44 + 7]

3 minutes ago, Oilfuturestrader said:

Why did u get out? Tell me?

Stockpiles were building up too quickly + there were some indications that Iranian oil exports won't be affected as much as earlier predicted.

[Rebel44 + 7]

WTI at $55.69 

OPEC will IMO need to cut their production a lot more than discussed 1M bbl/day to restore some balance and raise prices to a range that would be OK for their budgets without hurting the economy (around $65 IMO).

I think OPEC will either need to announce cutting more than 1.5M bbl/day, or the US will have to significantly reduce waivers for export of Iranian crude before we see any significant bounce up.

Edited November 13, 2018 by Rebel44

[ATK + 355]

People might be capitulating right now! Grabbing my popcorn to watch this lol

[ATK + 355]

https://www.google.com/amp/s/www.marketwatch.com/amp/story/guid/C485955B-FBE7-4A8F-8E6C-698DC8E8E66E

US oil industry setting themselves up for another bust cycle, EIA forcasting US production set to increase by another 113,000 bpd in december

[William Edwards + 708]

3 minutes ago, ATK said:

https://www.google.com/amp/s/www.marketwatch.com/amp/story/guid/C485955B-FBE7-4A8F-8E6C-698DC8E8E66E

US oil industry setting themselves up for another bust cycle, EIA forcasting US production set to increase by another 113,000 bpd in december

And it will.

[AMR + 6]

Iranian sanctions hype started when WTI was on $45 now there is no sanctions impact and the price reversal is in progress..

[DVP + 1]

right now WTI is at the levels that I anticipated it would bottom out 2-3 weeks ago.   But just before it reached this level today, I canceled my buy order, from 2-3 weeks ago. 

Ohh and Don't listen to me, many people here seem to be more knowledgeable and experienced then me. 

Some-one mentioned Jim Craimer,  in my experience doing opposite of what he suggest will make me money.

My expectation is that WTI will stay around 55 this week and show reversal, while Blue Chip index will drop a little bit more.  If I am wrong and there is a bigger selloff then I am expecting, then it's bad. 

 

[jonathan yoakum + 13]

3 hours ago, DVP said:

right now WTI is at the levels that I anticipated it would bottom out 2-3 weeks ago.   But just before it reached this level today, I canceled my buy order, from 2-3 weeks ago. 

Ohh and Don't listen to me, many people here seem to be more knowledgeable and experienced then me. 

Some-one mentioned Jim Craimer,  in my experience doing opposite of what he suggest will make me money.

My expectation is that WTI will stay around 55 this week and show reversal, while Blue Chip index will drop a little bit more.  If I am wrong and there is a bigger selloff then I am expecting, then it's bad. 

 

Cramer is such a profiteerig fading douchebag calling $40 oil. I think he should join Trumps staff and they can try to tweet oil down together.

FWIW imho trading oil is a horrible idea going into these next reports. Also not sure why anyone would bother with December contract expiry soon and contango in drivers seat. You also have options expiration and a big holiday coming. Just so many reasons to not waste money on stop outs and let the market show its hand. Crude either ranges into consolidation or things could become penultimate whore face before the current drama is over.

[Tom Kirkman + 8,860]

Some longer term perspective, 1861 to 2017:

[oilfutures + 39]

8 hours ago, jonathan yoakum said:

Cramer is such a profiteerig fading douchebag calling $40 oil. I think he should join Trumps staff and they can try to tweet oil down together.

FWIW imho trading oil is a horrible idea going into these next reports. Also not sure why anyone would bother with December contract expiry soon and contango in drivers seat. You also have options expiration and a big holiday coming. Just so many reasons to not waste money on stop outs and let the market show its hand. Crude either ranges into consolidation or things could become penultimate whore face before the current drama is over.

That is important to point out contango is back if you are playing the ETFs e.g. USO.  Unlike the past year, futures will perform better than the ETFs while ETFs will take a hit between now until it gets out of contango.  When CL was trading at this price a few years ago, USO was worth nearly double where it is today.  Granted, we had an extended period of contago - it can see how much contango can impact price. 

[ATK + 355]

1 hour ago, oilfutures said:

That is important to point out contango is back if you are playing the ETFs e.g. USO.  Unlike the past year, futures will perform better than the ETFs while ETFs will take a hit between now until it gets out of contango.  When CL was trading at this price a few years ago, USO was worth nearly double where it is today.  Granted, we had an extended period of contago - it can see how much contango can impact price. 

This is why I suggested against buying later date options for things like USO, you are ultimately going to pay a higher premium only for it to decrease even more in value as your expiration date approaches. 

[Rodent + 1,424]

20 hours ago, fOILed said:

like mine😂

 

Sorry for your loss

[Oilfuturestrader + 10]

Looks like some covering started here.. The big question is? A PAUSE or A BOUNCE

[ATK + 355]

12 minutes ago, Oilfuturestrader said:

Looks like some covering started here.. The big question is? A PAUSE or A BOUNCE

I'd say just a bounce, analyst expecting an 8th week of crude builds

[Rodent + 1,424]

1 minute ago, ATK said:

I'd say just a bounce, analyst expecting an 8th week of crude builds

agreed.