Trading With Linorth
on an unrealted note, Iran has been selling its oil for $57 per gallon and the recent petrol price hike was to cover the government's budget which it no longer can cover by selling oil due to sanctions. this peace of information is important because it shows…
WTI Crude #Oil > $58.50
Trading With Linorth
My internet might get shutdown by the government again (I live in Iran) so I wanted to talk about oil prices before I get cut off. Today is the beginning of another wave of protests in Iran and the chaos of people protesting all over middle east (Iraq, Iran…
WTI Crude #oil > $62
European oil refineries are pulling out their employees of Basra, Iraq. #oil could reach $75 per barrel (edit: changed 80 to 75 which is a more realistic goal for trades due to technicals. And changed gallon to barrel which was a typo 😅)
my chart and small orders on WTI Crude #oil
as you can see, price jumped up and reached my desired area and after collecting the profit, now that I'm following the news of IRGC Iraqi branch (Hashad Alshabi) fighting US in Iraq, I'm sure over the weekend we will get more news on the conflict and next week we might see a big gap upwards.
I have entered two small 0.1 orders and have placed pending order to let the fluctuations till midnight activate as many of them as possible and then hold them for the target of 74 (or 65 if news isn't that heavy!)
obviously I expect the price to even reach 58 price range (bottom of my channel) but if somehow price reaches there, I'm going to add to my positions and hold for a retouch of 61.61 price and average out.
be careful and trade it on your own risk if you want to trade it.
have a nice weekend.
as you can see, price jumped up and reached my desired area and after collecting the profit, now that I'm following the news of IRGC Iraqi branch (Hashad Alshabi) fighting US in Iraq, I'm sure over the weekend we will get more news on the conflict and next week we might see a big gap upwards.
I have entered two small 0.1 orders and have placed pending order to let the fluctuations till midnight activate as many of them as possible and then hold them for the target of 74 (or 65 if news isn't that heavy!)
obviously I expect the price to even reach 58 price range (bottom of my channel) but if somehow price reaches there, I'm going to add to my positions and hold for a retouch of 61.61 price and average out.
be careful and trade it on your own risk if you want to trade it.
have a nice weekend.
Roumors of Israeli fighter jets bombing Hashad al-shabi bases (militia affiliated with Iran) are going around Twitter.
#oil
#oil
Abdulaziz bin Salman's (Saudi Energy Minister) reaction to #oil prices plummeting 7 percent last week:
"We carefully monitor the events related to the spread of the corona virus.
We have full confidence that the Chinese government and the international community can overcome the spread of the virus and control its consequences.
We in the Saudi government and in the members of OPEC+ have the power and potential to respond immediately to current developments to stabilize the oil market and prices!"
seems like the saudis want to prevent the fall from going below 48-50. they need oil at $80+ per barrel to balance their budgets, so its likely for them to cut exports to balance the prices and keep them from falling further down from coronavirus panic.
"We carefully monitor the events related to the spread of the corona virus.
We have full confidence that the Chinese government and the international community can overcome the spread of the virus and control its consequences.
We in the Saudi government and in the members of OPEC+ have the power and potential to respond immediately to current developments to stabilize the oil market and prices!"
seems like the saudis want to prevent the fall from going below 48-50. they need oil at $80+ per barrel to balance their budgets, so its likely for them to cut exports to balance the prices and keep them from falling further down from coronavirus panic.
Trading With Linorth
Saudis already have called trump's claim of reducing 10M barrels an exaggeration. I think now that they have pulled the trigger on selling oil on huge discounts, they will keep going until they can at least win back the market share from Russia and US. I…
#oil - 4H
despite all the news of talks between US, Russia and Saudis to control the oil market.. and despite trump tweeting in full force in support of American companies in energy sector, we only had a small jump in price of crude.
After Saudis now Kuwait, UAE and Iraq are joining in on the oil war. Kuwait has announced they will start exporting 3.5M barrels starting in April which is a historic move for them.
I think for crude, we won't see anything more than ranging between $20 and $40 price for the rest of 2020 (and that's being optimistic!)
despite all the news of talks between US, Russia and Saudis to control the oil market.. and despite trump tweeting in full force in support of American companies in energy sector, we only had a small jump in price of crude.
After Saudis now Kuwait, UAE and Iraq are joining in on the oil war. Kuwait has announced they will start exporting 3.5M barrels starting in April which is a historic move for them.
I think for crude, we won't see anything more than ranging between $20 and $40 price for the rest of 2020 (and that's being optimistic!)
#WTI #Oil
After much negotiations, Opec+ members finally agreed to 9.7M barrels reduction in their productions and heads of G20 also agreed to 3.2M barrels per day reduction.. together that is 12.9M barrels reduction which is a significant number and can support prices and bring them to a place where major players in the oil market can still stay in business (+30$ per barrel).
of course we have to wait and see how much this can lift prices in the face of low demand caused by coronavirus.
After much negotiations, Opec+ members finally agreed to 9.7M barrels reduction in their productions and heads of G20 also agreed to 3.2M barrels per day reduction.. together that is 12.9M barrels reduction which is a significant number and can support prices and bring them to a place where major players in the oil market can still stay in business (+30$ per barrel).
of course we have to wait and see how much this can lift prices in the face of low demand caused by coronavirus.
#WTICrude #Oil
Despite the 20m barrel cuts from the 35m extra to demand the oil prices kept falling to their historic lows. Today the future contracts will expire and most exchanges have increased their rates a lot (some to even $7 per barrels)
So we should wait to see what happens tomorrow once these contracts are settled and we get close to 1th of May (the deadline for the agreement of opec+ coming into effect) and see how different the spot price and futures of oil are going to get.
Despite the 20m barrel cuts from the 35m extra to demand the oil prices kept falling to their historic lows. Today the future contracts will expire and most exchanges have increased their rates a lot (some to even $7 per barrels)
So we should wait to see what happens tomorrow once these contracts are settled and we get close to 1th of May (the deadline for the agreement of opec+ coming into effect) and see how different the spot price and futures of oil are going to get.