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Brentcrude

UKOIL / BRENT CRUDE OIL Market Money Heist Plan on Bullish SideHaaiii!! My Dear Robbers / Money Makers & Losers, 🤑 💰 This is our master plan to Heist UKOIL / BRENT CRUDE OIL Market based on Thief Trading style Technical Analysis.. kindly please follow the plan I have mentioned in the chart focus on Long entry. Our target is Red Zone that is High risk Dangerous level, market is overbought / Consolidation / Trend Reversal / Trap at the level Bearish Robbers / Traders gain the strength. Be safe and be careful and Be rich. Entry : Can be taken Anywhere, What I suggest you to Place Buy Limit Orders in 15mins Timeframe Recent / Nearest Low Point. Stop Loss 🛑 : Recent Swing Low using 2h timeframe Attention for Scalpers : If you've got a lot of money you can get out right away otherwise you can join with a swing trade robbers and continue the heist plan, Use Trailing SL to protect our money 💰. Warning : Fundamental Analysis news 📰 🗞️ comes against our robbery plan. our plan will be ruined smash the Stop Loss. Don't Enter the market at the news update. Loot and escape on the target 🎯 Swing Traders Plz Book the partial sum of money and wait for next breakout of dynamic level / Order block, Once it is cleared we can continue our heist plan to next new target. Support our Robbery plan we can easily make money & take money 💰💵 Follow, Like & Share with your friends and Lovers. Make our Robbery Team Very Strong Join Ur hands with US. Loot Everything in this market everyday make money easily with Thief Trading Style. Stay tuned with me and see you again with another Heist Plan..... 🫂
FX:UKOILSPOTLong
by Thief_Trader
Will the World's Most Vital Artery Become Its Achilles' Heel?In the intricate dance of global energy markets, few factors wield as much influence as the Strait of Hormuz. This narrow waterway, often overlooked in daily discourse, stands as a silent titan, controlling the ebb and flow of 21% of the world's daily oil consumption. As geopolitical tensions simmer in the Middle East, the stability of this crucial chokepoint hangs in delicate balance, challenging us to confront a stark reality: how vulnerable is our global economy to disruptions in this single maritime passage? The potential for conflict to spill over into the Strait of Hormuz presents a fascinating study in risk assessment and market psychology. Despite the looming threat of supply disruptions that could send oil prices soaring to unprecedented heights—some analysts project as high as $350 per barrel—the market remains surprisingly sanguine. This dichotomy between potential catastrophe and current calm invites us to explore the complex interplay of factors that shape oil prices, from geopolitical maneuvering to the subtle influence of alternative supply routes. As we stand at this crossroads of energy security and global trade, we are challenged to think critically about the future of oil markets and international relations. The Strait of Hormuz serves not just as a geographical feature, but as a mirror reflecting our world's intricate dependencies and the delicate balance of power that underpins global stability. In contemplating its significance, we are invited to look beyond the immediate concerns of oil prices and consider broader questions of energy resilience, diplomatic strategy, and the evolving landscape of international trade in an increasingly uncertain world.
FX_IDC:USDBROLong
by signalmastermind
UKOIL "BRENT" Market Money Heist Plan on Bullish Side.Hola! My Dear Robbers / Money Makers & Losers, 🤑 💰 This is our master plan to Heist UKOIL "BRENT" Market based on Thief Trading style Technical Analysis.. kindly please follow the plan I have mentioned in the chart focus on Long entry. Our target is Red Zone that is High risk Dangerous level, market is overbought / Consolidation / Trend Reversal / Trap at the level Bearish Robbers / Traders gain the strength. Be safe and be careful and Be rich. Entry : Can be taken Anywhere, What I suggest you to Place Buy Limit Orders in 15mins Timeframe Recent / Nearest Swing Low Stop Loss 🛑 : Recent Swing Low using 2H timeframe Attention for Scalpers : If you've got a lot of money you can get out right away otherwise you can join with a swing trade robbers and continue the heist plan, Use Trailing SL to protect our money 💰. Warning : Fundamental Analysis news 📰 🗞️ comes against our robbery plan. our plan will be ruined smash the Stop Loss. Don't Enter the market at the news update. Loot and escape on the target 🎯 Swing Traders Plz Book the partial sum of money and wait for next breakout of dynamic level / Order block, Once it is cleared we can continue our heist plan to next new target. Support our Robbery plan we can easily make money & take money 💰💵 Follow, Like & Share with your friends and Lovers. Make our Robbery Team Very Strong Join Ur hands with US. Loot Everything in this market everyday make money easily with Thief Trading Style. Stay tuned with me and see you again with another Heist Plan..... 🫂
FX:UKOILLong
by Thief_Trader
How to Trade Crude Oil: Trading StrategiesHow to Trade Crude Oil: Trading Strategies Learning how to trade crude oil requires a nuanced understanding of its fundamental aspects, instruments, and trading strategies. This comprehensive article offers insights into the critical elements that affect crude oil prices, the range of instruments available for trading, and specific strategies traders use in this market. The Basics of Crude Oil Crude oil, often referred to as "black gold," is a fossil fuel derived from the remains of ancient organic matter. It serves as a crucial raw material for various industries, including transportation, chemicals, and manufacturing. Two primary types of crude oil traded on global markets are West Texas Intermediate (WTI) and Brent Crude. WTI is primarily sourced from the United States and is known for its high quality and low sulphur content. On the other hand, Brent Crude originates mainly from the North Sea and serves as an international pricing benchmark. The Organization of the Petroleum Exporting Countries (OPEC), which includes members like Saudi Arabia, Iran, and Venezuela, plays a pivotal role in determining global oil supply. By adjusting production levels, OPEC influences crude oil prices significantly. Additionally, other countries like Russia and the United States contribute to the world's oil supply, further affecting market dynamics. What Time Does the Oil Market Open? Like forex markets, crude oil trading hours are nearly 24/5. They’re typically highly liquid and offer traders multiple opportunities across a given day. For example, the New York Mercantile Exchange (NYMEX) opens for trading from Sunday evening to Friday afternoon, with a brief daily trading break. Activity is most intense during the US session, which runs from 9:00 AM to 17:00 PM EST, and the European session, from 2:00 AM to 11:00 AM EST. These periods coincide with peak market activity and are generally the most volatile, with the overlap between the US and European sessions (between 9:00 AM and 11:00 AM EST) offering the greatest volatility and trading activity. Factors Affecting Crude Oil Trading In oil trading, economics is a fundamental aspect that traders need to grasp to make educated decisions. Several factors drive the price of crude oil, and here are some of the most significant: - Supply and Demand: At its core, the price of crude oil is determined by how much of it is available (supply) versus how much is wanted (demand). An oversupply can depress prices, while high demand can cause prices to spike. - Geopolitical Events: Conflicts, wars, and diplomatic tensions in oil-producing regions can disrupt supply chains, affecting prices. For instance, sanctions on Iran or instability in Venezuela can push prices higher. - Currency Fluctuations: Oil prices are generally quoted in US dollars. A strong dollar can make oil more expensive for countries using other currencies, thereby affecting demand. - Seasonal Changes: During winter, demand for heating oil can rise, pushing crude oil prices up. Conversely, a mild winter might result in lower demand and prices. - Technological Advances: Innovations in extraction methods, such as fracking, can alter the supply landscape, making it easier to extract oil and thereby affecting prices. - OPEC Decisions: As previously mentioned, OPEC has a significant influence on oil prices. Their production quotas can tighten or flood the market, causing price swings. - Economic Indicators: Data like unemployment rates, manufacturing output, and interest rates can indicate the health of an economy, which in turn can affect oil consumption and prices. - Environmental Policies: Increasing regulations and policies aimed at reducing carbon emissions and promoting renewable energy sources can impact the demand and supply of crude oil, thereby influencing prices. - Natural Disasters: Events such as hurricanes, earthquakes, and other natural disasters can disrupt oil production and supply chains, leading to fluctuations in crude oil prices. - Global Economic Growth: The overall growth of the global economy plays a critical role in crude oil demand. Economic booms often lead to higher energy consumption, driving up oil prices, while economic slowdowns can reduce demand and lower prices. How Is Crude Oil Traded? When learning how to trade oil, traders have a variety of instruments to choose from. CFDs Contracts for Difference (CFDs) are popular instruments when trading crude. CFDs are used by traders to speculate on price movements without owning the underlying asset. Essentially, a CFD is a contract between a trader and a broker to exchange the difference in price from the point the position is opened to when it is closed. One of the key benefits is the use of leverage, which means traders can control a larger position with a smaller initial investment, amplifying both potential returns and losses. Margin requirements vary by broker but are typically lower for CFDs on oil compared to some other instruments. This makes it appealing for crude oil day trading strategies, where traders aim to capitalise on short-term price movements. However, managing risk effectively is crucial, as the leveraged nature of CFDs can result in significant losses if the market moves against you. At FXOpen, we offer both CFDs on WTI Crude oil and Brent Crude. Head over there to explore a world of trading tools and other assets beyond crude oil. Futures Futures contracts are another well-established avenue for trading crude oil. Unlike CFDs, futures are standardised agreements to buy or sell a specific quantity of oil at a predetermined price at a set date in the future. They are traded on regulated exchanges, providing an added layer of transparency and security. Spot Market In spot trading, one buys or sells crude oil and takes immediate delivery and ownership. Unlike futures and CFDs, there's no leverage in spot trading, making it a less risky option. However, the absence of leverage requires a higher initial investment. While retail traders often avoid spot trading due to storage and transportation challenges, it's commonly used by entities directly involved in production or consumption. This method is more straightforward but demands the logistical capabilities that individual traders usually lack. ETFs Exchange-traded funds (ETFs) offer an alternative for those interested in the crude oil market without dealing with futures contracts or physical ownership. Crude oil ETFs typically track the price of oil or related indices by holding futures contracts or a blend of oil company stocks. This allows investors to indirectly gain exposure to oil price movements with less complexity. Investing in a crude oil ETF can provide a degree of diversification, as these funds may also include assets like bonds or other commodities in their portfolio. However, it's essential to be aware of the management fees and potential tracking errors in the ETF's performance compared to the actual commodity. Stocks Another route to gain exposure to the crude oil market is by investing in the stocks of companies involved in the industry. This includes major producers, refineries, and even transportation companies. By owning shares in these businesses, investors are indirectly influenced by crude oil prices. To use an example, a rise in oil prices often boosts the profitability of oil-producing companies, potentially leading to stock price appreciation. Unlike trading futures or CFDs, investing in stocks means actually owning a piece of the company, often with the added benefits of dividends. However, conducting thorough research is crucial, as these stocks can be affected by company-specific risks in addition to oil price movements. Crude Oil Trading Strategies Given the volatile nature of crude oil prices, traders employ specific strategies to capitalise on price fluctuations. Here are some strategies that may be useful for crude oil trading: Trend Following with Moving Averages The trend is your friend, especially in commodities like crude oil. This is a well-known technique but it may be very useful for commodity trading. One effective way to follow the trend is by using moving averages, such as the 50-day (blue) and 200-day (orange). When the 50-day crosses above the 200-day, it's generally a bullish signal, and vice versa for a bearish trend. However, as with all technical analysis tools, moving averages can sometimes trigger false signals. Range Trading Due to supply-demand dynamics and geopolitical factors, crude oil prices often fluctuate within a specific range. Identifying these ranges can be useful for short-term trading. Traders buy at the lower end of the range and sell at the higher end, applying technical indicators like RSI or Stochastic Oscillator for entry and exit signals. News-Based Trading In crude oil markets, news about OPEC decisions, US oil inventory data, geopolitical tensions, and technological advancements can dramatically impact prices. Traders keeping an eye on oil news can take advantage of sudden announcements or an economic release likely to push prices in a particular direction. Given the high leverage commonly available in CFD trading, this strategy can be effective but also comes with significant risk. Trade Crude Oil at FXOpen Trade WTI and Brent Crude oil CFDs at FXOpen to take advantage of our competitive spreads, high liquidity, and lightning-fast execution speeds. We offer four different trading platforms, MetaTrader 4, MetaTrader 5, TickTrader, and TradingView, each with desktop, web-based and mobile versions for access anytime and anywhere. Take advantage of advanced technical analysis tools, including many trading tools and expert advisors for automated trading. Traders can rest easy knowing that FXOpen is also regulated by the FCA in the UK, CySEC in Cyprus, and is licensed to provide financial services in Australia: AFSL 412871 – ABN 61 143 678 719. Start trading oil and gas commodity CFDs with confidence at FXOpen and explore a world of trading opportunities across more than 600 markets. To access Crude Oil markets with competitive spreads and rapid execution speeds, consider opening an FXOpen account today and step confidently into the world of crude oil trading. The Bottom Line In crude oil trading, having the right strategies and tools is essential. By understanding the fundamentals, market dynamics, and utilising specific trading techniques, you are now equipped with the knowledge you need to get started! FAQ How to Trade Brent Crude Oil? To trade Brent Crude oil, you can use various instruments such as futures contracts, CFDs, ETFs, or stocks of oil companies. Most retail traders use CFDs, which provide a way to speculate on price movements without owning the asset. CFDs also allow for leverage, which can amplify both potential gains and losses. What Is the Brent Oil Trading Strategy? A common Brent oil trading strategy involves trend following using moving averages. For instance, traders use the 50-day and 200-day moving averages to identify bullish or bearish trends. Range trading and news-based trading are also popular strategies. What Hours Does Crude Oil Trade? Crude oil trades nearly 24/5. The New York Mercantile Exchange (NYMEX) operates from Sunday evening to Friday afternoon with a daily break. The most active trading occurs during the US session (9:00 AM to 2:30 PM EST) and the European session (6:00 AM to 11:00 AM EST). What Is the Best Time to Trade Brent Crude Oil? According to theory, the best time to trade Brent Crude oil is during the overlap of the US and European sessions, from 9:00 AM to 11:00 AM EST, when market liquidity and volatility are highest. However, you should consider fundamental factors as they can lead to unexpected price movements. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Editors' picks
FXOPEN:XBRUSDEducation
by FXOpen
6
BRENT CRUDE OIL may drop in price by as much as -65%Today we would like to share my opinion on the possible price of Brent Crude Oil in the coming years, analyzing the chart on a monthly timeframe The war in Ukraine is not just a war between the two countries, it is a geopolitical problem that will affect all world economies. The world's economies have not yet recovered from the Covid-19, and here is another blow. Expensive energy will stop buying due to the excessive cost of production of "everything", the purchasing power of the population falls. Declining demand for oil will bring down the price. The fall in the price of Brent oil -25% in the coming months in the area of ​​$78-80 per barrel will be just the beginning. But looking at the schedule, is striking the price zone of $36-46 to be a strong mirror level and this is -65% of the current price Maybe this is a fair price for oil, from where a total restart of the world economy can take place by purchasing cheap energy resources. Perhaps this is symbolic, but for the first time on the historical price chart of Brent, the zone of $36-46 was established as important when there were powerful geopolitical world changes: 1979-1980 - the Islamic Revolution and 1990-1991 - the collapse of the USSR
Editors' picks
TVC:UKOILShort
by P_S_trade
110
Brent Crude Oil Price Is DecliningBrent Crude Oil Price Is Declining Amid De-Escalation in the Middle East On 8th July, we noted that oil prices were forming a large narrowing triangle, originating from 2022-2023, with its upper boundary being a significant resistance point. As shown on the Brent oil price chart (XBR/USD), bulls have since failed to overcome the upper boundary resistance around $87. Subsequently, the price: → turned downwards, breaking the blue upward trend line; → eventually breached the support level at $84, which we highlighted on 8th July; → Formed a descending channel (indicated in red). Bearish sentiment is driven by: → news of increased oil inventories; → reduced tensions in the Middle East. Israeli Prime Minister Benjamin Netanyahu stated that an agreement with Hamas on hostage release is "maturing." What’s next? Technical analysis of the Brent oil price chart indicates: → The price is at the lower boundary of the red descending channel, which may provide support. → The accelerated decline since Friday has resulted in a loss of over 4%, potentially prompting bears to take profits. In the short term, a bullish correction to the median line of the red channel is possible. The holiday season, currently in full swing, could also support oil demand. What about the long term? Reuters reports an oil price forecast from Morgan Stanley analysts, according to which, although there is a clear deficit in the oil market, they expect that supply and demand will reach equilibrium by the fourth quarter, and by next year there could be a surplus, resulting in prices for grade oil Brent will fall closer to $70 per barrel. If accurate, this would mean the current narrowing triangle would be broken from the top down. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XBRUSD
by FXOpen
Brent Crude is showing major upside to come to $96.00Ascending Triangle has formed on Brent Crude. We saw the price continue to knock up the resistance until it broke above. Price>20 and Price>200 So the target is likely to hit $96.00 When the US Dollar depreciates, it often leads to a rally in Brent Crude prices for several interconnected reasons. 1. Commodity Pricing Global Benchmark: Brent Crude is a major global oil benchmark. Oil prices, including Brent Crude, are typically denominated in US dollars on international markets. So when the US Dollar weakens, oil becomes cheaper for holders of other currencies. This increased affordability can lead to higher demand, pushing prices up. 2. Investment Flows A weaker dollar drives investors towards commodities like oil as alternative investments, contributing to price rallies. 3. Economic Implications Dollar depreciation often signals global economic growth, boosting energy consumption and pushing up oil prices. 4. Inflation Expectations Oil is purchased as a hedge against inflation when the dollar weakens, raising demand and prices for Brent Crude. 5. Energy Sector Investments A depreciating dollar lowers operational costs in the energy sector outside the US, potentially tightening supply and elevating oil prices.
ICEEUR:BRN1!Long
by Timonrosso
UKOIL (Brent) Technical Analysis - VideoIn my previous post, I shared my analysis on Brent crude oil. Here's a video explaining the reasoning behind my trade idea: Currently, Brent is trading within a daily range-bound channel. It's pushing against the upper boundary, which hints at a possible retracement to test previous lows. Interestingly, historical data over the past decade suggests that March tends to be a bearish period for Brent. Disclaimer: Remember, this analysis is based on technical factors and should not be seen as direct financial advice. Trading commodities is inherently risky. Before making any trades, always consult with a qualified financial professional and carefully consider your own risk appetite.
TVC:UKOILShort
by tradingwithanthony
UKOIL (Brent) Technical AnalysisBrent crude oil is presently confined within a daily range-bound channel. The price is currently testing the upper bounds of the range, suggesting a potential retracement to retest previous lows. This analysis incorporates a seasonal perspective – historical data over the past decade indicates a tendency for Brent to experience declines during the month of March. Disclaimer: This analysis offers a technical viewpoint and does not constitute direct financial advice. Trading commodities carries inherent risk. Always consult a qualified financial professional and carefully evaluate your individual risk tolerance before making investment decisions.
TVC:UKOILShort
by tradingwithanthony
Oil upward move!Hi all, been away for a while now. really had to take a step back and rethink my whole take on this market and especially the oil market. Cant figure out where the market had to go and why it did not respond to all the news and macros in the market. But here is my take on where the oil prices have to go for the next couple of weeks/months. I have the following points on the graph and with the current conditions in the market, the war in the Middle east, missles in the Bab al-Mandab Strait which have resulted in several ships stopping their travel through the strait. TP1: 81-82 TP2: 93.5-94 Good luck!
TVC:USOILLong
by Hvalp
UK Brent 4H : Still trades at the bearish channel UK BRENT OIL New forecast The price of Brent crude futures rose sharply in the past sessions, reaching the top of the descending channel and confirming the continuation of the dominance of the downward trend in the immediate term, paving the way for achieving additional gains starting at 80.00 and extending to 78.87. Therefore the downward scenario will be remain valid and effective during coming period and the moving average 50 still support the price to decline , taking into account that stabilized above 82.11 will force the price to get out of bearish channel and will start a positive trades . The expected trading range for today is between support 78.87 and resistance 82.11 . Be careful because of the war between Palestine and Israel, we may witness unexpected movements . support line : 80.00 , 78.87 resistance line : 82.11 , 83.05 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
TVC:UKOILShort
by Arazmajeed
6
UKOil Brent Technical Analysis And Trade IdeaIn this video, we embark on a comprehensive analysis of UKOil, with a specific focus on the prevalent bearish sentiment observed in the 1-month (1M) and 1-week (1W) timeframes. Notably, our charts reveal that Brent has approached a critical support level, a pivotal juncture. Throughout this presentation, we delve into the fundamental tenets of technical analysis, encompassing essential components such as evaluating the current market trend, price dynamics, market structure, and other indispensable aspects of technical analysis. As we progress through the video, we meticulously scrutinize a potential trading opportunity in Brent Oil. It is imperative to stress that the insights shared in this content are exclusively intended for educational purposes and should not be misconstrued as financial advice. Participating in the foreign exchange market trading carries a significant level of risk. Therefore, it is vital to prudently incorporate robust risk management strategies into your trading plan to navigate these challenges effectively.
TVC:UKOILShort
by tradingwithanthony
Oil Brent - H4Oil Brent *Updating the idea and how to act* Long - ABC correction structure has come to an end - You can observe an impulse rebound after the fall, which can lead to further growth and the 5th wave on W1 The nearest target is at 95.90 This scenario is best used to exit the triangular formation on H4 when the level of 87.85 is broken - with the cancellation of this movement and without increasing risks if the breakout turns out to be false at the level of 85.09 Short - If the price does not continue to move upward, and this was a full-fledged reversal, in the continuation of the 5th wave on D1, the nearest targets will be at the level of 74.30 In this scenario, you can consider selling from the level of 85.09 - with the cancellation of this movement and without increasing risks if the breakout turns out to be false at the level of 87.85. What to expect now? Waiting for the breakout of the level for Long - 87.85, local target 95.90 - 98.10 When opening a position, it is best to exit the position from the level of 85.09, if this scenario does not materialize. Waiting for the breakout of the level for Short - 85.09, local target 77.77 - 74.30 When opening a position, it is best to exit the position from the level of 87.85, if this scenario does not materialize. Long Targets 90.17 - 92.49 - 94.63 - 98.10 Short Targets 82.28 - 79.30 - 77.77 - 74.30
TVC:UKOIL
by Trade_Hive_Signals
The increase in Brent Crude ⛽️Oil⛽️ prices due to the WAR🚀➕15%😔Unfortunately, in recent days, there has been a war between Israel and Palestine, and I hope that this war will end as soon as possible.🙏🙏🙏 🧐Now, how can the effect of this war show itself in the oil chart❗️❓ 💡At the same time, as geopolitical tensions increase throughout the Middle East , oil prices are likely to rise even more. Meanwhile, US Strategic Petroleum Reserves (SPR) are down to just 17 days , the lowest in history. This is almost half the historical average of 33 days dating back to 1990 . 💡In addition, OPEC this week reaffirmed its commitment to voluntarily cut production to a ceiling of more than 1.5 million barrels per day. 💡In the days when Russian crude oil exports are limited, and the world's largest oil producers are also at war. 😱There's never been a worse time to have an unloaded SPR than today. 📈In terms of technical analysis, Brent Crude Oil is moving near the bottom of the ascending channel , 🟡 Price Reversal Zone(PRZ) 🟡 and SMA(100) . 🔔I expect that starting next week, the trend of Brent Crude ⛽️Oil⛽️ will rise and at least reach the 🔴 Resistance zone($100.48_$95.80) 🔴 again( ➕15%) . ⛽️Brent Crude Oil⛽️Analyze (USDBRO), Daily time frame ⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy; this is just my Idea, and I will be glad to see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
FX_IDC:USDBROLong
by pejman_zwin
24
Crude trader - trying to price certainty in conflict The high on our Brent crude price has been $89.68 – hit at midday – but while our clients are long of crude (65% of open interest is held long), we’re seeing better sellers in the broader market, as we roll towards EU trade. The early rally felt reasonably orderly, but a lot of questions were being asked and without many immediate answers to obtain the certainty we crave as market participants - so naturally in this backdrop we get outsized moves, as a lack of clarity causes dispersions in price. When it comes to knowledge most market participants are now military experts and have quite poor knowledge of Middle East relations – again this makes it harder to price risk. Our US crude price sits up 3.8%, off the earlier highs of $87.45 and holds the 50-day MA – should EU/UK traders come in and buy the slight intraday dips then $89.03 is the level to watch topside for supply. It could go either way, but on balance I favour selling into intraday rallies. Today been some reversal after the recent drawdown in crude into $82 – positioning played a big part in that run, but we had seen signs that the Saudis may look at increasing production at year-end. We had even seen positive steps at a geopolitical level; brokered by the US, an agreement that Saudi would recognize Israel and as MBS said, forge “the biggest historical deal since the end of the Cold War”. Instead of this positive backdrop, we have seen a 180-degree turn with Hamas's attack on Israel, with the market now questioning if we could see engagement with Hezbollah and Lebanon. With President Biden standing firm with Israel, the view is Iran’s oil exports which have been growing will be cut. If we look at Crude ‘time spreads’ – that is, front-month crude futures – June 2024 futures - we see this +$0.97, so modestly higher – if we really felt like Saudi production was going to get impacted by the unfolding situation then this would higher still. If in doubt, switch gears and head to Nat Gas which is building on the recent breakout and looks like it may start to bull trend.
PEPPERSTONE:SPOTCRUDE
by Pepperstone
BRENT OIL ( UK OIL ) LONG term Trade AnalysisHello Traders In This Chart UK OIL HOURLY Forex Forecast By Forex Planet today UKOIL analysis 👆 🟢This Chart includes_ (UKOIL market update) 🟢What is The Next Opportunity on UKOIL Market 🟢how to Enter to the Valid Entry With Assurance Profit This Video is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts.
TVC:UKOILLong
by ForexPlanet20