Where is oil headed? 45 or 79?

[Osama + 248]

Where do you think oil might be headed from here? It is at 54. 

 

Trump has delayed the Mexican tariffs.. A bullish factor. Opec reiterating their support for cuts... Another bullish factor. 

 

So we might see a 58?

@Top Oil Trader @A/Plague

Edited June 9, 2019 by Osama
Editing

[A/Plague + 50]

while looking at 56 - 56.1

Edited June 10, 2019 by A/Plague

[Jan van Eck + 7,558]

Oil just dropped by 75 cents from noon to three pm here at E.S.T.

There is lots of oil attempting to elbow its way into the market.  Each producer wants to move its inventory, so buyers have lots to choose from. Who is going to drop his price to push away the next guy?  Well, they all do, so you have all this pushing and shoving in the market, and that signals a bear market coming up. 

WTI is headed for the forties.  Just watch.  (Just my idea; please do not make investment decisions on anything I post.)

[Top Oil Trader + 469]

When im on the road cant access the comments, but anyways

so Like i said, prices should hit about 51 which it did. Now up to 55 - 57 area, and then past 60.

Hang in there.

 

[Jan van Eck + 7,558]

WTI is now at 53.15   (3:45 p.m. EDT 6/11). 

It seems to be continuously dropping, JJ.  I cannot say that I see WTI going upwards anytime soon.  More likely to bust down into the forties soon enough. 

[J.mo + 165]

2 minutes ago, Jan van Eck said:

WTI is now at 53.15   (3:45 p.m. EDT 6/11). 

It seems to be continuously dropping, JJ.  I cannot say that I see WTI going upwards anytime soon.  More likely to bust down into the forties soon enough. 

Trading looks awfully still today. I'm waiting for that API report to drop the hammer! With another "surprise" build

[Top Oil Trader + 469]

so here are the numbers: Once 54.51 is taken out, looks like it will. 58 is next.

[Top Oil Trader + 469]

I could post a chart but it would not make any sense

[J.mo + 165]

Surprise surprise. when does it stop becoming a surprise? 

 

[Top Oil Trader + 469]

OIl only fell a couple of cents not what I call a fall. Oil as of this writing is 52.6 and headed for 60s, in coming months.

[Top Oil Trader + 469]

As long as 50.5 isn't taken out again, Oil will be headed up, bumps along the way.

[Top Oil Trader + 469]

AS i mentioned last month, when we where at 56 the large supply would bring oil down to about 51. 

[Top Oil Trader + 469]

yes 50.5 or so was the low before the move up... 

[Jan van Eck + 7,558]

6 hours ago, J.mo said:

Trading looks awfully still today. I'm waiting for that API report to drop the hammer! With another "surprise" build

You called it!   Oil (WTI) has sunk to 52.40 and dropping.  I predict it will continue to fall.  I would love to see the short positions on WTI, if there is substantial short out there, you are going to see a selling scramble as traders try (vainly) to stem their losses.  The question then is: where does that blood-letting lead us?  And will the burned shorts come back in to try to bottom-feed, or will they hide and lick their wounds? 

[Top Oil Trader + 469]

so unfortunately right now @ 52.2 crude is still weak and will try and take out 51. 

[Top Oil Trader + 469]

let me simplify this, as long as 54.5 is not taken out, Crude wont be able to hit 58 - 60.

[Top Oil Trader + 469]

And should crude take out 51, the next big support is 44. Only thing to stop oil crashing below 44, will be War between US / allies  and Iran. Like i explained when oil was in high 50s, there is an amazing oil glut in the world, not just in US, everyone and their grandmother is in on the game now. Not all of them will get rich, unless supply is decreased, one way to do that is take IRAN out of the game.

Edited June 12, 2019 by Top Oil Trader

[Top Oil Trader + 469]

Again Supply right now is 2 times the total demand oil prices should be at $25, unless they create an artificial supply drop.

[Top Oil Trader + 469]

Here is another reason why US is mad at Russia, and why if Russia continues could plunge prices down much further.

http://oilbrief.com/rosneft-finds-first-oil-field-offshore-eastern-arctic

There is about 90 Bill barrels of oil reserves there.

 

[Top Oil Trader + 469]

basically if 50.50 dont hold we could see 46.5 then 44. Its up to OPEC and US to contain prices spiraling down out of control.

All the countries are getting so efficient now in shale oil, and billions of barrels of new discoveries all raising supplies to record highs. 

Just saw an interview from when prices hit 65 in April from top NY Oil Analyst, who said then yes demand is rock hard, and supply has been cut which is why oil will continue to go up.  Well same genius said that when oil hit 74 last year and then dropped to 42 soon afterwards.

[Top Oil Trader + 469]

49.5 next.

[Top Oil Trader + 469]

actually more accurately 48.9 is next.

[Top Oil Trader + 469]

Another big reason for the oil glut.

We have shale producing record productions all over the world

Rosneft digs into 90 Bill of oil reserves.

http://oilbrief.com/iran-hasnt-cut-offshore-oil-nor-halted-exports-according-to-iooc

Wouldnt be surprised if oil eventually hits $15. 

 

Edited June 13, 2019 by Top Oil Trader

[Marc Weber 0]

I see support at $50.8 but I can be wrong and I hope so. At $54 I am still short. However as soon as I see high volume pushing prices up anywhere below $53 , I am getting out of my shorts. If it breaks $50.8 downside I see $48.8 and possibly $44 before we bounce up to settle at $59 barrel . It will take News though to reverse bearish trend.

  Please give me your thoughts.

[Top Oil Trader + 469]

The trend up could resume if 54.5 is hit. 50.5 must hold for it not to hit 48. I do think at 50 there will be major writers trying to protect their options they wrote on PUTS. And we could see some crazy random action as it tries to break 50. So  basically at 50 it could range for a while, taking out but new longs and short positions from the weak hands.

Edited June 13, 2019 by Top Oil Trader