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Oil(wti)

Steve's Gun2Head - Buying WTI Crude OIlTrade Idea: Buying WTI Crude Oil Reasoning: Bullish hammer formed on daily with price pushing back above 21-day sma. 4-hour bullish outside candle also helping with the short-term technical picture. Potential bullish flag on 1-hour chart. Entry Level: 115.09 Take Profit Level: 120.61 Stop Loss: 113.49 Risk/Reward: 3.45:1 Disclaimer – Signal Centre. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The technical analysis, like all indicators, strategies, columns, articles and other features accessible on/though this site is for informational purposes only and should not be construed as investment advice by you. Your use of the technical analysis, as would also your use of all mentioned indicators, strategies, columns, articles and all other features, is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness (including suitability) of the information. You should assess the risk of any trade with your financial adviser and make your own independent decision(s) regarding any tradable products which may be the subject matter of the technical analysis or any of the said indicators, strategies, columns, articles and all other features.
OLong
by Signal_Centre
1
USOUSD OIL,Yesterday's buyer fightback to push a new leg higher?Thanks for tunning in TradingView community. Today we're looking at USOUSD oil and wondering if yesterday's price rejection could lead to a new leg higher from buyers. So far this week, we have seen mixed trade with buyers coming close to breaking last week's high before sellers took hold and set up a two-day retracement. It would have been three, but buyers had other ideas yesterday, stopping sellers once they tested 112.75. Buyers quickly took price back up above 117 and posted a higher close for the session. Today so far price has been on the quieter side. If we can see a new move above yesterday's high, we will be looking for a new up leg, but if sellers can close below 115.14 this could be a warning that the current retracement could have further to go. If we do see a new leg higher would look for price to possibly get back into the 120/21 area if buyers can maintain momentum. Happy Friday, all. We hope everyone has a lovely weekend and good trading.
EIGHTCAP:USOUSDLong
by Eightcap
Crude Oil Hits Three-Month Highs Above $120 The barrel of Western Texas Intermediate (WTI) crude reached its highest level in three months above $123 and recorded a 2.3% gain on Wednesday following the release of U.S. crude inventories data by the Energy Information Administration. The barrel of Brent rose past $124 per barrel and scored a daily gain of 2.5%. On the supply side, EIA data showed that U.S. crude inventories fell 2 million barrels in the week ending June 3, while gasoline inventories fell by 800,000 barrels and inventories of distillates increased 2.6 million barrels. At the same time, prices were supported by the potential for a strike by Norwegian offshore oil workers next week, which could cause output shortages from the largest producer in Western Europe outside Russia. Both WTI and Brent have risen more than 30% since the Russian invasion of Ukraine on February 24, adding to inflationary pressures in major economies. On the demand side, the relaxation of Covid-related policies in China is another bullish factor for the crude prices, as it means higher demand from the world's largest importer. The short-term technical outlook for WTI remains bullish, according to the daily chart, after the price broke above the $120.00 threshold. The RSI has accelerated higher in convergence with the price and is close to overbought territory, while the MACD has printed a new green candle and continues to gain momentum. To the upside, the next resistance level is seen at $125.00, followed by the March 8 high at $129. On the other hand, immediate support is seen at the $120.00 level, followed by the 20-day SMA at $114.00 and then the $112.50 area.
TVC:USOIL
by Alex_Boltyan_FXAnalyst
WTI OIL heading to $160 long-termThis is not a new chart I'm sharing with you on WTI Crude Oil today, I've initially posted it 2 months ago, calling for a medium-term consolidation and then bullish break-out when the Resistance breaks, based on the striking similarities with the September 2020 - March 2021 pattern: It is time to update my thesis, as the Resistance broke and the similarities continue to be striking both in candle and RSI terms. The analysis is on the 1W time-frame, with the 1W MA50 (blue trend-line) and the 1W MA200 (orange trend-line) standing out. On the May 31 2021 1W candle, when the price broke and closed the week above the prior High/ Resistance, Oil eventually reached the 1.618 Fibonacci extension level. Currently that Fib level is at 159.00. With the 1W RSI well above its MA, it appears that WTI has enough momentum to break its prior High/ Resistance by July. This is a long-term thesis. I will be making updates on the 1D time-frame for shorter term trades. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
9
🛢️ CRUDE OIL - Wouldn't want to be short on this one⚡ ⚡ ⚡ 🍂Many of you ask about Oil (WTI Crude mainly) and surprisingly you are Short for some reason. Professor take a look at Oil: I wouldn't be Short on Oil, for reasons I have explained before: You hyad been warned: ''There are bigger reasons why the price could bounce back up next: War in Ukraine and Inflation . We are going LONG here. Do your own research and ride the Bull (or the Bear). Good luck to all. One Love, the FXPROFESSOR''
TVC:USOILLong
by FX_Professor
10
Crude on track to rocket up...It has been weeks (maybe months) since Crude had yet to commit to an up move (clearly) although it gave early indication of the imminent move. This past week was volatile and eventually closed the week relatively bullish. The weekly MACD crossed up and appears set to continue the momentum, slowly but surely. The daily chart shows an invasion into a gap area, forming a resistance. The week closed near the top of the range, but has not yet decisively cleared the resistance. Technicals are supportive of a breakout. Upside targets are maintained, but time adjusted for another 3-6 weeks buffer.
NYMEX:CL1!Long
by Auguraltrader
Trader Insights - Why you need Oil on your WatchlistOil Volatility is driving multiple markets and in this video we explain the transmission mechanism of how Oil gets through to the markets you trade. We look through US Yields, USD/JPY and US stock market relationships with Oil and provide the correlations you need to watch to trade successfully. easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration. “Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
EASYMARKETS:OILUSD
by easyMarkets
Could we see Oil retest 122?Thanks for stopping by. We hope the community is having a lovely Friday. Today our focus is on USOUSD (Oil) as price finished yesterday’s session with a commanding reversal bar. After trading over 2% lower, buyers not only took hold but ended the session with a solid 3.83% gain. Yesterday’s session appears to show that buyers are still very active, and for now, price is not comfortable trading below 114.77. The move maintains the current trend, but we want to see further confirmation to suggest that the trend is set to continue. If buyers can reverse today’s selling and beat 119.50 minor resistance, which also holds yesterday’s high, we will then be looking for the current trend to continue with a possible new test of 122 or above. A failure to break yesterday’s high and minor resistance in today’s session could be seen as a small warning to buyer strength. Good trading
EIGHTCAP:USOUSDLong
by Eightcap
Oil spikes above 2-month high as EU bans Russian crudeWTI crude surpassed the resistance level of $115.7 per barrel (highs of March 24) and reached an intraday high of $118 per barrel before retreating to $116 per barrel as of this writing. Earlier today EU leaders agreed to ban about 90% of Russian seaborne oil by the end of 2022, renewing worries of a tighter global energy market. Germany and Poland decided to stop buying Russian crude through the Druzhba pipeline by the end of 2022, but Hungary, the Czech Republic, and Slovakia were granted an exemption owing to their reliance on Russian pipelined oil and to avoid a deal failure. Today marks the crude 's ninth straight session of advances, with May set to close with a 15% increase, the greatest monthly performance since January 2022. The reopening of the cities of Beijing and Shanghai has boosted crude oil prices recently, as China is the world's second largest consumer, accounting for 15% of global demand. On the production front, the OPEC+ meeting next Thursday might see oil-producing countries declare additional increases starting at around 450,000 barrels per day, which is still quite low in comparison to Western countries' requests to ramp up output quicker. From a technical standpoint, the daily relative strength index (RSI), which gauges uptrend momentum, continues to rise, hitting the 65 mark, the highest since March 9, but is now approaching overbought territory. Bottom line, the European supply shock, increased global mobility ahead of the summer, and positive technicals may push the global oil market into a new period of tightness, with further upside risks for prices, while crude's main negative factor – a recession with slowing demand – is still a long way off. The psychological level of $120 is now the next major resistance, and beyond that, bulls might seek to attack $126.5 (March 8 highs). On the downside, $114 (highs of May 27) might act as a support.
CAPITALCOM:OIL_CRUDE
by Capitalcom
WTI Spikes On Large Draw In Gasoline InventoriesThe American Petroleum Institute (API) reported a small build this week for crude oil of 567,000 barrels. The draw comes even as the Department of Energy released 6 million barrels from the Strategic Petroleum Reserves in Week Ending May 20. U.S. crude inventories have shed some 75 million barrels since the start of 2021 and about 18 million barrels since the start of 2020, according to API data. In the week prior, the API reported a draw in crude oil inventories of 2.445 million barrels after analysts had predicted a build of 1.533 million barrels. Oil prices had a modicum of calm on Tuesday, with WTI trading flat with 0% movement from Monday at $110.30 per barrel on the day at 11:21 a.m. ET—down roughly $4.50 per barrel on the week. Brent crude was trading up 0.20% on the day at $113.70—and down nearly $1 per barrel on the week, with the spread between the two benchmarks now completely evaporated U.S. crude oil production rose to 11.9 million bpd in the week ending May 13. Crude production in the United States is down 1.2 million barrels per day from pre-pandemic times. This week, the API reported a large draw in gasoline inventories of 4.223 million barrels for the week ending May 20—on top of the previous week's 5.102-million-barrel draw. Distillate stocks also saw a draw in inventory, of 949,000 barrels for the week compared to last week's 1.075-million-barrel increase. Cushing saw a 731,000-barrel draw this week. Cushing inventories crashed to 25.839 million barrels in the week prior, as of May 13, according to EIA data—down from 59.2 million barrels at the start of 2021, and down from 37.3 million barrels at the end of 2021.
OANDA:BCOUSDShort
by DaveBrascoFX
Crude needs to bounce off retest support today...Previously bullish on Crude Oil, especially after it met expectations to break out of the triangle. However, it did meet resistance and failed with a gap down, pushing back to retest the triangle. At this point, pre-(US)market hours, Crude broke back into the triangle, which would be bearish in nature, expecting an exit on the other side to ensue in due course. So, in short, be the end of the trading day, Crude needs to spike back up above 18 May close. The OSL line is currently below the 55EMA. Will review again...
NYMEX:CL1!
by Auguraltrader
Failure To Implement Russian Oil Ban Could Send Oil To 65$ Several E.U. member states made it plain that they will veto any E.U. proposal to ban Russian oil (or gas) imports. Removal of oil ban ‘fear factor’ may significantly reduce risk premium in crude oil prices. Lack of clear leadership from Germany makes an effective oil embargo a long shot. A key factor in the upper band of the benchmark crude oil trading ranges over the past weeks is market concern over a ban of Russian oil exports to the European Union (E.U.). Prior to the invasion of Ukraine, Europe was importing around 2.7 million barrels per day (bpd) of crude oil from Russia and another 1.5 million bpd of oil products, mostly diesel. This fear, though, is vastly overblown for several reasons analysed below. The removal of this particular fear factor in the oil price will allow oil prices to move back over the course of this year to the level they were before the Russia-Ukraine ‘war premium’ began to be priced in by the smart money in September 2021, which was around US$65 per barrel (pb) of Brent. The primary reason why a meaningful E.U. ban on Russian oil (or gas) will not occur is that it would require the unanimous backing of all of its 27 member countries. Even before the E.U.’s 27 member states met on 8 May to discuss pushing forward with the ban on Russian oil, Hungary and Slovakia had made it clear that they were not going to vote in favour of it. According to figures from the International Energy Agency (IEA), Hungary imported 70,000 bpd, or 58 percent, of its total oil imports in 2021 from Russia, while the figure for Slovakia was even higher, at 105,000 bpd, equating to 96 percent of all its oil imports last year. Other E.U. countries also heavily reliant on Russia’s Southern Druzhba pipeline running through Ukraine and Belarus have also made it clear that they are not willing to support the ban on Russian oil exports, the most vocal of which have been the Czech Republic (68,000 bpd, or 50 percent or its 2021 oil imports came from Russia) and Bulgaria (which is almost completely dependent on gas supplies from Russia’s state-owned oil giant Gapzrom, and its only refinery is owned by Russia’s state-owned oil giant, Lukoil, providing over 60 percent of its total fuel requirements). Other E.U. member states that are also especially dependent on Russian oil imports are Lithuania (185,000 bpd, or 83 percent of its 2021 total oil imports) and Finland (185,000 bpd, or 80 percent of its total oil imports). Even compromise proposals offered by the E.U. of allowing Hungary and Slovakia to continue to use Russian oil until the end of 2024 (and the Czech Republic until June 2024) were not enough to remove their opposition to the idea of the E.U. ban on Russian oil. In fact, the only real flurry of activity in terms of a concerted effort by any group within the E.U. since Russia invaded Ukraine on 24 February has been to ensure that Russia did not stop supplying its member states with either oil or gas due to their not being able to pay in the way Moscow preferred. This followed the 31 March decree signed by Russian President Vladimir Putin requiring E.U. buyers to pay in roubles for Russian gas via a new currency conversion mechanism or risk having supplies suspended. According to an official guidance document sent out to all 27 E.U. member states on 21 April by its executive branch, the European Commission (E.C.): “It appears possible ,… E.U. companies can ask their Russian counterparts to fulfill their contractual obligations in the same manner as before the adoption of the decree, i.e. by depositing the due amount in euros or dollars.” The E.C. added that existing E.U. sanctions against Russia do not prohibit engagement with Gazprom or Gazprombank, beyond the refinancing prohibitions relating to the bank. Not only have several E.U. member states made it plain that they will veto any E.U. proposal to ban Russian oil (or gas) imports – and recall that all 27 E.U. member states must vote in favour of such a ban for it to come into effect – but also its own executive branch, the E.C., has been busy sending out crib notes on how best to continue to pay for Russian oil and gas imports, effectively to bypass any wider sanctions on them, including those from the U.S. Added to this is the lack of ideological surety emanating from the E.U.’s de facto leader, Germany, on the subject of the ban on Russian oil. There can be little doubt that the E.C.’s handy directive of 21 April on how to skirt sanctions on paying for Russian oil imports received the tacit approval of those responsible for such matters in Germany, otherwise, simply, it would not have been drafted or sent out. Germany is also set to be hit hard itself by any ban on Russian oil in the first instance, and gas later on, being the recipient in 2021 of the most crude oil from Russia of any country in the E.U. – an average of 555,000 bpd, or 34 percent of its total oil imports in that year, according to the IEA. Comments from German Economics Minister, Robert Habeck, that Berlin was prepared for a ban on Russian energy imports were overlaid with considerable detail about how Germany has still not been able to find alternative long-term fuel supplies for the Russian oil that comes by pipeline to a refinery in Schwedt operated by Russia’s state-owned oil giant Rosneft. He concluded that fuel prices could rise and that an embargo “in a few months” would give Germany time to organise itself in this regard. The lack of clear leadership in the E.U. from Germany is not just another reason why there will be no meaningful E.U. ban on Russian oil (and gas) any time soon, if ever, but also opens up the probability that even if there were such a ban then it would have more holes in it than a fine Swiss cheese, just like the earlier bans and sanctions on Iran. As analysed in depth in my new book on the global oil markets, Germany was at the forefront in the E.U. of a range of measures designed to circumvent the mainly U.S.-led sanctions before 2011/2012. Shortly after the U.S. announcement of its unilateral withdrawal from the JCPOA deal in May 2018, the E.U. moved to impose its ‘Blocking Statute’ that made it illegal for E.U. companies to follow U.S. sanctions. At around the same time, Germany’s Foreign Minister, Sigmar Gabriel, warned: “We also have to tell the Americans that their behaviour on the Iran issue will drive us Europeans into a common position with Russia and China against the USA.” Shortly after that, Germany was a key mover in the E.U. introducing a special purpose vehicle – the ‘Instrument in Support of Trade Exchanges’ – that would act as a clearing house for payments made between Iran and E.U. companies doing work there. All of this rhetorical flim-flam by Germany and the E.U. has resulted in an oil price that remains way above where it should be, given the confluence of multiple bearish factors currently at play. On the supply side there remain definite pledges from the U.S. Energy Secretary, Jennifer Granholm, to engineer a “significant increase” in domestic energy supply by the end of the year, with the U.S. also working to identify at least three million bpd of new global oil supply. There remains the prospect of further strategic petroleum releases as and when required both from the U.S. and from member countries of the IEA, and of a new ‘nuclear deal’ with Iran as the U.S. is still open to the idea. Additionally, the U.S.’s ability to pressure OPEC into increasing production has been increased by its resuscitating the threat of the ‘NOPEC’ Bill. On the demand side, there remains further likely destruction from the COVID-related lockdowns across China, and no prospect of its ‘zero-COVID’ policy being meaningfully relaxed, and of a series of U.S. interest rate hikes stifling economic growth elsewhere. It is apposite to note at this point that even without these bearish factors in play, Brent crude was trading at around US$65 pb before the real Russia-Ukraine war premium was kicked in by the smart money in September 2021 when U.S. intelligence officers started to notice highly unusual Russian military movements on the Ukraine border after the conclusion of the joint Russia-Belarus military exercises that had taken place.
OANDA:BCOUSDShort
by DaveBrascoFX
China To Offload 2 Million Barrels of Iranian Crude Despite SancAfter easing up on Iranian oil somewhat in favor of heavily discounted Russian crude, China is now set to receive nearly two million barrels of Iranian oil, Reuters reports, citing Vortexa Analytics tanker tracking data. The cargo, set to unload in south China later this week for pumping into the government’s reserves, is the third large cargo to come from Iran since December. The cargo is reportedly on board a tanker owned by the National Iranian Tanker Company, which indicates it will be officially recorded as a Chinese purchase of Iranian crude. As Reuters notes, China does not officially register all of its crude imports from Iran, with some masked to appear as if they are coming from other suppliers, including Iraq and Oman. Reuters estimates that unofficial Iranian crude imports to China are around 7% of China’s total crude imports. According to the Wall Street Journal, Iranian oil exports rose to 870,000 bpd in the first three months of this year, which represents a 30% increase over total 2021 exports. Nor is China expected to be hit by secondary sanctions by the U.S. for dealing with Iran “because Washington has its plate full with Russia,” a Kpler analyst told the Journal. While Iran may be optimistic following Washington’s move yesterday to ease some sanctions on Venezuela, so far, there are no indications of progress in the nuclear deal with Iran. On Tuesday, Washington said a deal was “far from certain” and the onus was fully on Tehran, which continues to make demands for conditions that the United States will not agree to. Despite a lack of agreement, Iran appears to be preparing for some form of sanctions easing due to supply pressure as a result of sanctions on Russia. According to Seatrade Maritime, the NITC has recently announced new construction of crude oil tankers and repairs to its aging fleet in an apparent preparation for re-entering the legitimate global oil market.
OANDA:BCOUSDShort
by DaveBrascoFX