RUSSIAN MOBILISATION - BRENT - LONGThis graph is a representation of my point of you of the futures market (USD).
Brentcrude
US BULLISH PRICES - WINTER NEAR - BRENTThis graph is a representation of my point of you of the futures market (USD). First SHORT as people will stock up before winter and hold then LONG once winter hits Europe and fear of lack of Russian oil supply will stop in December.
OIl on up On the weekly chart, there is ether a strong Falling Wedge in the making.
If the price breaks up and out of the Falling Wedge, we can expect the price to move up to $155.000
If Brent Crude forms an M formation (Double top), it's possible for Brent Crude to be bearish and on the way down. But we need the double top to form first.
What are your thoughts...
UKOILHello guys this is my trading idea about UKOIL .
IF you like my work please like and follow
Thank you TURTLE TRADER 🐢
Brent: Territory 🐻The bears have their territory under control and plan to extend it further, more precisely, till the blue lake between $76.67 and $70.61, where they should fish for the end of wave 3 in blue. However, there is a 38% chance that the bulls could make an appearance and challenge our furry friends. This challenge, though, should only be successful if they can make it above the resistance at $107.64. And even if they can assert themselves, their influence should merely last through the turquoise zone between $109.81 and $118.58. Then, the bears should regain power.
UKOIL back to Prices before February 24th? This graph is a representation of my point of you of the futures market (USD).
Brent oil breakoutBrent oil breaking out after a very long down trending period, now targeting $112 a barrel.
Brent: You Can Do It!On its way down, Brent got stuck at the support line at $97.56. However, we expect it to struggle through and to make it into the blue zone between $94.50 and $89.73, where it should finish wave 5 in blue and wave a in turquoise. Then, Brent should move upwards, crossing even the resistance at $107.64, above which it should complete wave b in turquoise. Afterwards, Brent should resume the downwards movement and drop back below $107.64 as well as below $97.56.
Brent Crude Oil - Elliott wave theoryHave we just completed Elliott wave 1 of a crude oil bull market which I would argue started in November 2021 with Pfizer vaccine news?? Others may say it started from June 2020 after the May 2020 crash low touching zero or below briefly.
I have a question for viewers if Elliott waves up to 5 does indeed play out again for oil (and commodities in general) how can one have any clue how much time this will take?
Please refer to March 1999 (just before dot com crash) through to June 2008 (onset of GFC) Brent crude oil price chart to see how Elliott waves 1, 3 & 5 up-moves happened with waves 2 & 4 corrections.
Don't worry crude will cool to $60Brent crude completed its 'A' wave after a WEDGE break-out.
It reached 76.8% of wave 'A'@$115.60, and started to fall
Economical slow down will not support its way up,
the result is formation of wave 'B' downwards until 61.8% of wave' A' ($60)
the maximum time as per Neo wave is june24
Oil Futures Settle Lower On Demand WorriesDespite concerns about a potential recession, oil prices were still around $114 a barrel today as supply concerns outweighed concerns about a potential decline in demand. In the latest developments, workers in Norway went on strike, which is expected to cut the country's oil production by around 130,000 barrels a day.
Despite the global economic recovery, oil prices are still up more than 50% this year as the conflict in Ukraine and the lack of supply from other producers such as Russia have raised concerns about the supply of oil. OPEC+ has also been struggling to boost its production due to various factors. In addition, the Federal Reserve's aggressive monetary policy has also triggered a sell-off in commodities.
Investors are also closely monitoring the situation in China, where the country is still experiencing sporadic outbreaks of the virus.
Brent & Natural Gas PricesBrent Crude is around $111.36, as investors grew concerned about a potential global recession and the tight supply of crude. Data from the Organization of the Petroleum Exporting OPEC Countries showed that its output fell by about 100,000 barrels per day in June.
Libya's oil exports have dropped to between 365 and 409 thousand barrels per day, which is about 865 thousand barrels below the level that was normal. Also, a planned strike in Norway will reduce the country's oil production by about 130 thousand barrels per day. Despite the recent rise in oil prices, the market is still expected to remain weak in the coming months due to the global economy and the lack of supply.
Natural gas prices in Europe started July at around 150, which is a level not seen since early March. The rising prices are expected to continue due to the tight supply of gas. A strike by workers in Norway this week is also expected to reduce the country's gas output by around 292,000 barrels per day. This could threaten the European Union's efforts to increase its storage capacity.
Due to the reduction in Russian gas flows through the Nord Stream pipeline, Germany, which is the EU's largest economy, has enacted the second phase of its emergency gas plan. It involves increasing the monitoring of the market and the restart of coal-fired power plants.
UK OilI'm proud of this because it has taken me over 50 forecasts on oil to get 1 right (Even though it was shy a few pips). But I guess the older traders were right in saying "Always believe in your analysis". Just to show how crazy it is, Look at even how I drew the pullback.🥲🥲
USDBRO SELLHi fellow traders, Brent crude oil is completing the flag correction in WXY formation. We can look for downside from here. Target 90 area. Goodluck!
Short Term Oil Crash UnfoldingShort Term Oil Crash is Unfolding... As per my counting, we just finished 1,2,3,4,5 and are on the way to finishing C wave of ABC.
Only for educational purposes!
Brent: Knock, Knock!After it has knocked at the resistance line at $112.43 already twice, we expect Brent to rise above this mark and into the white zone between $113.88 and $123.14 to finish wave (2) in white. Afterwards, Brent should fall below the support lines at $104.67 and $97.56. There is a 28% chance, though, that Brent could soar through the white zone and climb above the resistance at $123.71 until the bottom of the pink zone between $133.80 and $137.40 first before moving downwards.
Brent crudeBrent crude at the harmonic retracement area, with the importance of maintaining a clear closing below 110.90
BCOUSDCount for Brent Crude oil (BCOUSD) starts from covid low at $17.52 in April 2020
Vessels of oil where turned back at sea during lockdown. Supply was enormous, drove crude oil prices to negative territories which made headlines- something beautiful to have witness. LOL
Five wave up from April 2020 low to March 8 2022 high
March 8 2022 high of $135.84 is holding up strong, so far am tracking 1-2 formation decline which seems to suggest a zig-zag correction 5-3-5 (too early to call)
High prices in crude oil may/could/should have peaked.
Consumers may be looking forward to some relieve in the near term as price seems to cool off.
Zig-Zag correction means bears are coming in strong and if formation holds true it means the market likes whatever is been done to fix the high oil price at least in the near term.
decline below Wave B at $100.35 confirms high at 127.02 is in place
ideal entry would be price below $100.35 with stops slightly above 127.02
Disclaimer: We accepts no liability whatsoever for any loss or damage that may result, directly or indirectly, from any forecast or opinion, information or omission, whether negligent or otherwise, within this report
Gas prices to rise 5-10%Due to the lack of supply from the OPEC and the US' production slowdown and the Russian invasion of Ukraine, the prices of gas have increased significantly.
In the next couple of weeks, the prices of gas are expected to increase by 5-10%. This will continue to increase throughout the summer of 2022. China's demand for crude oil is expected to rise as the Covid Lockdowns come to an end.
Crude Oil Prices are likely to remain above $115 for the rest of the year.
Oil After Saudi Hikes Crude PricesBrent crude futures were trading at around $121 a barrel on Monday, after Saudi Arabia raised its oil prices for July. The country's official selling price for light crude was also raised. While it kept the premium for US barrels steady, it also raised prices for other products .
The gains were largely due to last week's decision by the Organization of Petroleum Exporting Countries (OPEC+) to increase its output by about 600,000 barrels per day in July and August. However, markets are still questioning the group's ability to meet the demand. At a time when the US is experiencing a spike in demand, China's easing of its Covid lockdowns is also helping to boost oil consumption.
As the US looks to increase the supply of crude oil to make up for the loss of Russian supplies, some traders noted that tUS might allow more Venezuelan and Iranian oil to be imported.
Oil Breaking outOil in very tight range for last few days. It can break out from here. Buy order placed above the high of yesterday.
