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Crude Oil testing 2008 and 2014 key areas cont.The top of the 2014 volume area continues to hold price and will need to do so for price to continue higher In the last week, the volume point of control has shifted up from 91.6x to 107.6x with the increase in volume due to buying Question on timing: Has a low been put in place the week of 21-June or will price drift for several more weeks. The 45-period lookback on the 1st, 2nd, and 3rd STD LR has seemed to have tight boundaries. I’m not sure if price will drift right several more weeks touching bottom of the 2nd STD LR before continuing up. Although options are expensive, could be opportunity for Oct/Nov 2022 calls. R4 traditional pivot for 2022 is close to the 2008 high so that would be my first target to close any Oct/Nov calls
NYMEX:CL1!
by mxb1961
USOIL 30th JUNE 2022The Organization of the Petroleum Exporting Countries and allied producers are expected to confirm as a mere formality their decision to expand oil production by 650,000 barrels per day in July and August. The OPEC+ group of producers including Russia, began two days of meetings on Wednesday, though sources said there was little prospect of agreement to pump more oil. The net drop in crude oil inventories was flattered by SPR (Strategic Petroleum Reserve) releases, while the gasoline stock jump is because U.S. refineries are running at over 95% capacity
TVC:USOILShort
by DNP-FX
CRUDE OIL (WTI) Your Detailed Trading Plan For This Week🛢 As you remember, traders, we spotted a confirmed bearish breakout of a rising parallel channel on WTI last week. Now, we see its retest. Watch a minor rising trend line on 4H. Its bearish breakout will be your confirmation to short. You need a 4H candle close below that to confirm the breakout. The market will most likely drop to 102.8 / 100.0 levels then. ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
TVC:USOILShort
by VasilyTrader
22
USOIL 27th JUNE 2022World crude oil prices tended to be bearish, continuing the correction a week earlier, amid the aggressive United States central bank in raising its benchmark interest rate. Oil prices have been rising since last year and hit a record high this year on March 8, 2022 when Russia invaded Ukraine. The weakening of oil prices is the uncertain demand prospect from China. Although the spike in Covid-19 cases has been contained, it is still unclear how quickly Chinese businesses will be able to recover. USOIL H1 USOIL D1 - JUNE
TVC:USOILShort
by DNP-FX
BEARS ATTACK THE MarketSo now, it is not just oil and oil products that trade way above historical averages, natural gas is way above the norm, too. Meanwhile, oil prices plunged on Friday morning as recession fears soared. White House Considers Export Caps to Tame Fuel Prices. According to Bloomberg, the Biden Administration is looking into capping fuel exports out of the US, with gasoline outflows already rising to 750,000 b/d this year, a topic that is most probably going to be raised at Energy Secretary Granholm’s meeting with oil refiners next week. Nord Stream 1 Goes Down with Throughput Issues. Russia’s gas giant Gazprom (MCX:GAZP) declared it had to cut throughput in the Nord Stream 1 pipeline to Europe, saying delays in Siemens equipment repairs force it to run at just 40% capacity, a claim disputed by the German government as spot prices soar. OPEC+ Admits Huge Underproduction, Again. As reported by Reuters, OPEC+ produced 2.695 million b/d below its production target in May, bringing total levels of deal compliance to 256%, with several African producers stuck in force majeure events and Russia seeing sanctions-driven production declines. US Pressures Iran By Sanctioning Chinese Firms. For the second time in less than a month, the US Treasury has imposed sanctions on Chinese and Emirati companies that helped export Iran’s petrochemicals, stepping up the pressure on Tehran but also squeezing buying possibilities for Asian buyers. Freeport LNG Aims for Full Return by Year-End. The largest US LNG liquefaction facility, Freeport LNG, said that it would remain fully offline until September following a pipeline blaze last week, with only partial operation expected through year-end. Chinese Refining Sees Steepest Fall in a Decade. Chinese refinery runs fell 11% year-on-year, the steepest such change in more than a decade, to average 12.7 million b/d as continuous COVID-19 lockdowns depressed domestic demand and despite weak refining led to inventory builds across the country. ExxonMobil Wants to Drill More in Guyana. US oil major ExxonMobil (NYSE:XOM) sent a development plan to Guyana’s environmental authorities that covers a 12-well drilling campaign in the Canje and Kaieteur blocks, both adjacent to the discovery-prolific Stabroek, despite having found no commercial oil there previously. Houston Refinery Fire Underscores US Refinery Fragility. A blaze that took out the coking unit of LyondellBasell’s 270,000 b/d Houston refinery as become a timely reminder of the capacity losses that US refining has seen over the past decades, with the fire potentially bringing forward the refinery’s end-2023 shutdown. South Africa Wants to Join Russia Buying Spree. Inspired by India’s soaring purchases of Russian crude, South Africa’s energy minister said the country’s refineries should start buying Russian oil to curb rising fuel prices and alleviate the pressure on state coffers as the government ramped up energy subsidies. Australia’s Power Crunch Gets Worse. Australia’s power market operator suspended all spot market trading this week amidst widespread outages and coal-fueled power plants, aggravated by several generating companies curbing output as the government-mandated price cap of A$300 per MWh did not cover their production costs. Saudi Aramco Wants to Take Trading Arm to IPO. Saudi Aramco is planning to merge its two trading units, Aramco Trading and Motiva Trading, before reportedly carrying out an initial public offering of the trading group which mostly trades third-party volumes that are not covered by Aramco. Argentina Signs Pipeline Deal to Move Gas from Key Shale Play. Argentina’s state firm Energia Argentina signed a deal with pipeline company Tenaris (BIT:TEN) to build a 350-mile gas pipeline that would increase by 25% the capacity of gas currently moved from Vaca Muerta towards key consumption hubs in Buenos Aires. Germany Mandates States to Allocate Wind Farm Sites. The German government approved a bill that requires its 16 states to allocate a set minimum of land to onshore wind farms, with the target of hitting at least 2% of land allocated for wind farms by 2032. Saudi Aramco Develops a Liking for Solar. Saudi Arabia’s oil firm Saudi Aramco (TADAWUL:2222) plans to invest in 12 GW of solar and wind capacity, it vowed in its first-ever sustainability report, whilst also pledging to reduce upstream carbon intensity by 15% by 2035 and investing heavily into blue ammonia.
OANDA:WTICOUSDShort
by DaveBrascoFX
1
WTI Crude Oil Short Setup on Daily Time FrameWe can see the price breaks below a major trend line after finding a resistance. We can wait for a pullback and see if it will go above the trendline. If trendline became a resistance, it is safe to say we have a short opportunity to short if goes below the latest low on the daily timeframe. The DMI also looks good and trending upward going above 25 level. If the -DI remains above the ADX, it will be a strong indicator to short.
TVC:USOILShort
by UnknownUnicorn13326052
2
WTI Oil - New Highs to Come?It is incredibly difficult to analyse this commodity fundamentally so let's see what technical analysis may suggest? Technical Analysis (Elliott Waves): Since the sharp fall of March 2020 it is likely that we are observing the development of a global zig-zag ABC Five waves of the first impulse A completed in July 2021 Wave B took shape of a complex Running Correction WXY finishing in November 2021 And since then we can see formation of another impulse in wave C Waves 1 to 3 of this impulse culminating in March 2022 are quite clear which have been followed by a flat correction in the shape of Double Threes WXY The crux of the analysis is developing right now when the price started moving in a very choppy way The previous scenario still stands and it is very likely that we are observing development of an Ending Diagonal in wave 5 (see educational post below about the structure of this wave) Waves 1-3 have formed and we can expect correction of wave 4 to last at least until end of June / fist week of July to the level of $103, followed by the last zigzag to top the high of $129 This is quite complex scenario so it needs to be monitored against all the rules of Ending Diagonal. What do you think about WTI Oil and its short term prospects? Also let me know if you would like to see other stocks, indices, Forex or Crypto analysed using Elliott Waves. Thanks Educational post on Ending Diagonal
TVC:USOILLong
by vitalalyt
1