USOIL - THE MAIN PROBLEM IS STILL INCREASING COVID !
SHORT DESCRIPTION:
- Nothing has changed! We are still inside DOWN TREND channel (long and short term)!
- During Monday trading a huge "HANGING MAN" candlestick has formed, which is a BEARISH SIGNAL!
- (Bloomberg) "Oil slipped with the rapid resurgence of COVID-19 in India and other countries casting a cloud around a return to normal consumption, even as OPEC+ projected a strong global demand recovery this year."
- (Bloomberg) "Indian Oil Corp. is looking to sell gasoline into the spot market -- a potential indication of weak domestic demand. The country’s refiners are being forced to postpone planned shutdowns for maintenance at some plants as workers are either fleeing or falling ill."
- Overall we are still VERY BEARISH!
GLOBAL OUTLOOK (nothing has changed):
- Record COVID cases in INDIA (the world’s third-largest oil importer) could threaten Global Oil Demand!
- The biggest cities in INDIA are on lockdown again this month!
- India’s combined demand for diesel, the most used fuel in the country, and for gasoline is set to plunge by as much as 20% (!) this month compared to March, officials from refiners and fuel retailers told Bloomberg.
- Also rising COVID cases in JAPAN (the world’s fourth-largest oil importer)!
- Japan has declared a state of emergency (shutdown) for Tokyo, Osaka, Kyoto and Hyogo from April 25 till 11th May to stop people from travelling and spreading the virus during Japan’s Golden Week holidays from late April through the first week of May!
- And last but not least GERMANY (the world’s sixth-largest oil importer) faces lockdown (curfew) until June as curbs fail to push down cases!
- And not to forget, on April 1, OPEC+ said it would gradually lift daily oil production by 350,000 barrels in May, 350,000 barrels in June, and 441,000 barrels in July and holding back around eight million barrels a day of output!
- All in all, globally it don't look good for oil demand within the next months!
- Nothing has changed! We are still inside DOWN TREND channel (long and short term)!
- During Monday trading a huge "HANGING MAN" candlestick has formed, which is a BEARISH SIGNAL!
- (Bloomberg) "Oil slipped with the rapid resurgence of COVID-19 in India and other countries casting a cloud around a return to normal consumption, even as OPEC+ projected a strong global demand recovery this year."
- (Bloomberg) "Indian Oil Corp. is looking to sell gasoline into the spot market -- a potential indication of weak domestic demand. The country’s refiners are being forced to postpone planned shutdowns for maintenance at some plants as workers are either fleeing or falling ill."
- Overall we are still VERY BEARISH!
GLOBAL OUTLOOK (nothing has changed):
- Record COVID cases in INDIA (the world’s third-largest oil importer) could threaten Global Oil Demand!
- The biggest cities in INDIA are on lockdown again this month!
- India’s combined demand for diesel, the most used fuel in the country, and for gasoline is set to plunge by as much as 20% (!) this month compared to March, officials from refiners and fuel retailers told Bloomberg.
- Also rising COVID cases in JAPAN (the world’s fourth-largest oil importer)!
- Japan has declared a state of emergency (shutdown) for Tokyo, Osaka, Kyoto and Hyogo from April 25 till 11th May to stop people from travelling and spreading the virus during Japan’s Golden Week holidays from late April through the first week of May!
- And last but not least GERMANY (the world’s sixth-largest oil importer) faces lockdown (curfew) until June as curbs fail to push down cases!
- And not to forget, on April 1, OPEC+ said it would gradually lift daily oil production by 350,000 barrels in May, 350,000 barrels in June, and 441,000 barrels in July and holding back around eight million barrels a day of output!
- All in all, globally it don't look good for oil demand within the next months!
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