"Just Oil"

Supply destruction which is what will bring oil up again... But it takes time. It is down trend now. I am not interested in oil at these levels though. i am watching gas and other markets. I am not stuck on one market.

Well that happened. Oil Below 31.

Yes, I am waiting for meaningful pull back. We cannot be sure that oil will drop much further. It is one probability. Hence, it is better to wait for better price in this case. I missed my chance. Shorted at around $42.50., But got spooked when price did not even touch previous multi weekly low and came back to my entry. basically it is a good idea to let price come back once as it might be only temporary pull back just like it happened.
Meanwhile I am trying to get something form other trending markets.
I guess I would be good idea to change this thread name as I am no longer trading only oil.

WTI reaches the 31.00 level again and this time if the bearish momentum accelerates, oil may reach the 30.00 level, putting more pressure on commodities, emerging markets, and oil producers currencies.

If I am not wrong oil already tested 29.70. I am not interested until there will be good pull back. but watching. I am waiting.

But we don't see the US rig counts drop. No one wants to cut the production. It might start to meet resistance at 25$ levels since Saudi-arabia will start to struggle with profitability. But remember we've yet to see the effects of Iran entering the global oil market.

Supply destruction takes time. People are being laid off. Yes, Iran is coming, so I believe this will add pressure on Canadian and American projects existing and potentially coming. Iranian oil is cheaper to extract. Saudis, Russia and Iran can take it as their oil is far cheaper costs wise. Fracking is being run on debt.

Indexes are going nuts. I am short both Russell2000 and S&P500. Not the first time. should have stayed with my original position which was above 2000s. hope it will develop into some substantial move.

Chikot posted:
If I am not wrong oil already tested 29.70. I am not interested until there will be good pull back. but watching. I am waiting.

i predict that it is going down to 20$ ,you know that is because of the saudies ,they flooded the market to kill us oil

I hope it will spike before droping to give some chance.
I think there has been overall large surplus in oil production including USA, but it was done in anticipation of economic growth which has not come. The crude is down so much not because of Saudis, but 1. Economy worldwide isi poor shape and getting worse = demand is not there
2. Too much oil on the markets now.
So, supply destruction via price down trend. Weak hands will leave the game.

25 coming i guess...

Ohhh, I am afraid from the looks of that slop it might overshoot.
Generally trends are in retracement mode.

Waiting time now. Brent by the way has already retraced $4 against major trend. Gas has been giving me fits. i closed the whole freaking trade by mistake. this is what getting up at night can do. what a pain. now gonna wait.

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Chikot posted:
Waiting time now. Brent by the way has already retraced $4 against major trend. Gas has been giving me fits. i closed the whole freaking trade by mistake. this is what getting up at night can do. what a pain. now gonna wait.

Ouch, that's happened to me too a few times. Which is why I have a firm rule not to trade during the night.

Seems that people are following Kuwait's OPEC Governor Nawal al-Fezaia hint that the oil-rich nation is ready to cut production (ready to cooperate if the rest of the oil producing countries will too). Doubt this will have any real effect on the oil markets. As we've heard a lot of talk before (from counties like Iran, Venezuela, Nigeria), and little action. And people are jumping in on a short term rally.

A possible production cut has made oil rally, the WTI may try to break above the 35.00 level.

alexforex007 posted:
A possible production cut has made oil rally, the WTI may try to break above the 35.00 level.

But OPEC denied it. It still didn't fall back to the levels before the news. There is lot of news, but little action. It might continue to rally a bit, but I wouldn't be too optimistic in the long run.