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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.
TVC:UKOIL
by bbitar
WTICOUSD (RESISTANCE ZONE)Hey guys! How are you guys doing! O hope from the previous analysis, the daily fake out from DAILY timeframe got you guys a confirmation and brought toward more downside. What I'm seeing now is that it shall go back and test 110.70 zone and probably bring more downside to 105, 103 and possibly to 95 range. However, shall it break the resistance zone with a strong candle, it will be bring us to a greater height. As oil is a very volatile commodity and can easily go up/down a few dollars so do trade with minimal risk and not overtrade! let me know how you guys think!
OANDA:WTICOUSD
by shiyishiyi
Crude oil analysis points to bullish turnaround Crude oil experienced a significant drop in price over the past two weeks. This week, however, it appears the energy commodity is bouncing back to the bullish side. The fall in the price of oil since May was triggered by the fear of a recession, in the US in particular, and numerous central banks’ moving against inflation with rate hikes, leading to slowing economic growth. This, however, has been mitigated by the fact that the global economy is now facing a lack of supply on the energy front. As global demand closes in on pre-pandemic levels there are indications of further support in demand for fuel. Supply concerns have cropped up as a result of Saudi Arabia and the UAE running at near oil production capacity and the political unrest occurring in both Ecuador and Libya. Given that these countries are some of the few that could fill the void left by the Russian sanctions, any hint of disruption may play a role in supporting or surging oil prices. On the other hand, US President Joe Biden last week called on Congress to suspend the Federal gasoline tax for 3 months. President Biden, in calling for gas tax holiday, further stated he wants merchants to pass on the entire reduction to consumers and the industry to refine more crude oil into gasoline to increase supply. On the technical side of Crude oil, after the conclusion of the OPEC meeting, we might see an increase in volatility in oil prices. On the daily chart, we can see a clear uptrend as the price bounces around its trend channel. Price made a rebound at around 104.0 on the lower trendline creating a bullish structure. As the price heads towards a minor resistance of 114.70, a break above this area could potentially send price towards 120.20 and possibly retest 124.9 before bouncing back around the upper channel for a possible price correction respecting the current trend indicator. One could also notice a bullish hidden divergence on the RSI as it creates a lower low while the candle stick chart creates a higher low on the daily time frame signaling for a potential turn to the upside. Any shift in fundamental factors, however, might negate this bullish indicator.
BLACKBULL:WTI
by BlackBull_Markets
Caps on russian oil is likely to come Insider: G-7 talks with India and China on oil price brake positive G-7 talks with India and China on a plan to cap the price of Russian oil have been positive, according to an insider. The two buyer nations have incentives to comply, a person familiar with the discussions says. A cap on the price has not yet been set, he said. However, it would have to be high enough for Russia to continue producing anyway. Currently, Russian oil sells at discounts of between $30 and $40 per barrel (159 liters) compared to market prices of up to $120 per barrel. Source: Welt Zeitung What impact would the price cap have on prices in Germany and the other G7 countries? In the ideal case, oil prices would fall; in the less good case, at least they would not rise any further. However, precise forecasts are difficult to make. The petroleum industry association Fuels und Energie already explained in the discussion about the EU oil embargo that market and price developments depend on many factors, including the dollar exchange rate and decisions by the major producing countries. Source: n-tv Opinion: I see the price cooling down slowly rather than continuing to climb, probably going towards 70$ in the next 6-10 months. To force russia to sell all its oil below market price, will make most countries of the world (which are not part of G7) to buy it off for a small price, leading to an overall relaxation of the oil market price. Also OPEC is ramping up efforts to increase output for the next months! This is not an investment advise! Do your own research! This is NOT a recommendation to buy or sell oil shares and this is NOT a recommendation to short or to long oil!
TVC:UKOILShort
by Lobotto
1
The oil goes overboard (2030-2040)Today's energy crisis is not a sign of strength of the oil companies, it is rather witness to the fact that the world economy has a very high productivity, still partly based on fossil fuels, but now moving towards properly renewable and alternative resources. I believe that the tops we will reach in the next few months will only accelerate the transformation into properly renewable energies. Oil demand will drop rapidly in the next decades, altough the demand will remain for some products (plastics, mechanics, etc.). This is not a trading recommendation, nor an advise to buy or sell anything.
TVC:UKOILShort
by Lobotto
OIL SHORT :(As I mentioned 10 months ago about the worst World Crisis of 2023. I wanted to share this analysis on the price of OIL and its derivatives, as well as gasoline, it will be affected and is being affected along with oil. There are many indicators that indicate the coming crisis of 2022-2023... This crisis, the worst of all, "The crisis of everything" creates a gigantic DOMINO effect. MASSIVE MONEY PRINTING, Inflation, Oil inflation, transport price rise, food price rise, real estate inflation and exorbitant prices, etc.... It's very simple: when the first "domino" falls and begins to push the rest (the bubble bursts), and I reach the "domino" of oil, there will be a SUPPLY SHOCK in Oil and its derivatives, obviously. People will not be able to afford the exorbitant and INFLATIONARY prices of Oil and derivatives. There will be no time nor will it be possible to reduce the SUPPLY in advance, because by reducing the SUPPLY at this moment, as there is a high level of demand right now. The price of oil and gasoline will rise shamelessly... It would be UNSUSTAINABLE and would produce new bubbles ("refilled with oil") distributed by all the oil companies, gas stations, and in turn throughout the world. Where they are, they WILL BURST IMMEDIATELY "when exposed to transportation traffic." I also wanted to talk to you about the Gas Stations and their arrangements with the Bank... Banks hold Oil as well as Gold and other financial assets. Imagine that a bank has a paper that says that it has $1B dollars in oil, and this oil was provided by a gas station and/or its relations and suppliers of this gasoline / oil. When the gas station goes BANKRUPT, the paper that the bank owned will become "Wet Paper"... Please think about it... The number of gas stations that can go bankrupt and the number of producers of oil and its derivatives that can be greatly affected. As you can see in the graph this is my analysis and I think that Oil will not be saved from this crisis... I AM NOT RESPONSIBLE OR A FINANCIAL ADVISOR, PLEASE DO YOUR OWN INVESTIGATION IF YOU WISH TO INVEST. Thank you very much for reading and a like will be appreciated ;)
TVC:USOILShort
by TheWaterBottle
Oil Short via Direxion's Inverse $DRIPI have entered a leveraged (2X) short in #oil, via Direxion's Inverse $DRIP ETF. NOTE: This post shows "LONG" because I have BOUGHT $DRIP; #Oil, as the asset class - I am viewing as a SHORT. Not much else to say, other than the #oil #selloff is underway after forming what I see as a double top (see WTICOUSD) and a good risk/reward entry to short. I will continue to provide updates on this one, and as usual, the chart will dictate how to manage the trade. You may recall, I bought oil, via Direxion's $GUSH ETF back in September 2021 (returning over 50%); I officially closed the oil-long ($GUSH) position in April 2022. Let’s see if the oil selloff translates at the gas pump. God Bless!
AMEX:DRIPLong
by ChiefMacro
2
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
OANDA:BCOUSDShort
by Ola250
Crude Oil Short / Long SetupLong or Short game plan: Short Order: ✔️ Entry: $120.25 ⛔ Stop: $122.34 🤑 Profit: $116.26 By all means I would have shorted the level here, but what worries me is the massive amounts of shorts that have piled up. If price bounces off the $119.19 level and then starts trending up, going through the upper trendline of $122.10, we may very well see a short squeeze. With that being said, if price does go up a little bit, giving me a better Risk:Reward ratio, then I will take my chances.
CAPITALCOM:OIL_CRUDEShort
by Quant_
1