Oil demand, driven by China is an area of strength, but a slowing Chinese economy could weaken this. However, OPEC’s resolve to keep markets tight is strong. Petroleum product markets – heating oil and gasoline – are especially tight with inventory significantly below normal and prices have hit ‘golden crosses’ : technical analyst parlance for bullish conditions....
The last time we had numbers like that was shortly after the lockdown, beginning to mid from April 2020.
Do we have this high inventory numbers of 19m against expected -2m and an initiative upmove in oil because everybody is expecting China to open the doors again?
Or what is happening here...?
Often the day after the inventories is the day where the market...
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The increase in Dark Pool Quiet Rotation™ as Buy Side Institutions lower inventories of CSCO shares has weighed heavily on the stock price in the past few weeks. This does not bode well for the CSCO earnings report.
Pushed by institutional inventories after a plunge from the yearly high, crude oil slightly broke upside the previous supply level @60.000. The energy security has been calmly ranging for two days while the long-institutions and short-retailer holding volumes are increasing. In another hand the daily traded volume is decreasing : We shall still experience a...
Oil settled at the resistance zone by testing the institutional level of @60.000. The EIA inventory report showed a massive cut of 12M barrels last week while Russia and China agreed to extend their cuts on a 9-months span. Prices remain bullish and we might expect a bullish continuation : However a strong pullback from Friday June 28th exalts us to remain...
The last trade we got stopped out on with Crude Oil, as it came down to lower fib levels and bounced off the 100EMA, now if oil can stay above both of these levels we can see a move towards $70 and aiming for $78
Use the fib or the suggested levels for a SL, will update as the week goes in, watch out for this upcoming inventories...
Wed 24th at 3:30pm we have US...
Crude Oil at resistance level, going above 61.535 opens the upside to 63.60/64. Buy on daily close above 61.535. Attention to fundamentals, inventories, and OPEC before decision is made.
Yesterday WTI closed above 200 MA on the daily candle and the reports for EIA about a possible deficit due to the OPEP cuts on the production with the first lower inventories in USA backed this view on the fundamental side.
Ocean Rig UDW Inc.(NASDAQ:ORIG)
$ORIG POSSIBLE BULLISH SETUP, 5TH WAVE ABOVE 0.75 INCOMING
August 12, 2016
Shares of Ocean Rig UDW Inc. ORIG, were nearly halved in premarket trade Friday, after the oil services company said it would continue to explore reorganization strategies that could include bankruptcy given the continuation of "extremely negative" market...
Today promises to be moved into the WTI, with the possibility of wide ranges of price day. The underlying trend is bullish, but a cut after sharp rises is very healthy.
www.fxstreet.com
Using $42.50 as a support level, a bounce off that level would be considered bullish, but if prices fail to hold, a return to $37.50 seems probable. This implies a negative 200 day SMA cross, which suffice it to say, would be a return to the bearish int term trend. This, in concert with a low energy demand season approaching and several refiner outages expected in...
