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🛢️ CRUDE OIL - New Rally Inbound? 💀Oil could be up for a new rally. Recession worries might cause questions for demand but inflation combined with War seem heavier and most likely to push the price higher again this year. In any case, we follow the chart: Support worked nicely the same way that resistance was calculated perfectly (check our previous ideas below). The price has exited the wedge and checked it as support.. We are Bullish here, again. One Love, the FXPROFESSOR
TVC:USOILLong
by FX_Professor
1
Will US Oil go higher? “West Texas Intermediate” (WTI) oil is another benchmark used by oil markets, representing oil produced in the U.S. It is based on oil at a large tank and pipeline hub in Cushing, Oklahoma. Like Brent oil, WTI is priced as a light oil, but it doesn't have the same global reach. OUR MISSION STATEMENT: Our goal is to help everyone find information and ideas about investing, asset ownership and wealth creation. We believe in a free exchange of ideas for investing, income generation, and wealth building. We boast an A-list of industry analysts, writers, and experts who contribute to our research. While we do not offer investment advice, We do provide our readers with a wealth of information from multiple sources to help them complete their due diligence. This forward-thinking approach allows us to deliver unique viewpoints and investment ideas to our readers... Viewpoints and ideas that you just won’t find anywhere else. Our readers count on us to deliver perspectives on the markets and the economy they won’t find in the mainstream media. Our publication was created to help our readers identify the best opportunities for building wealth... Our mission is simple – to provide the world with the latest ideas on investment trends and opportunities... There is always a bull market somewhere. As you know, making massive gains from investing is easier said than done. Like so many of our readers, you see the “investment experts” talking about their huge wins and successes… You see the “legendary” stock picks that got 1000% returns in one day, and “The One Device” that’s going to “change everything.” So, like some of our readers, you may have paid for those products… And then you may have received something that doesn’t fulfill the promises they made to you… Every investor in the world loses money sometimes. No matter how famous. No matter how successful… And if someone isn’t transparent with you about their losses, they’re basically not helping you learn from their mistakes. So if an “expert” isn’t willing to show you their losses… and therefore protect you from making the same mistakes they did… How and why are they going to help you? It’s common sense. We believe you should demand transparency when it comes to something as important as your investments.
TVC:USOIL
by UnknownUnicorn38289576
$USEG Next Target PTs 13-18 and higherU.S. Energy Corp., an independent energy company, focuses on the acquisition, exploration, and development of oil and natural gas properties in the continental United States. It holds interests in various oil and gas properties in the Williston Basin in North Dakota; the Permian Basin in New Mexico; and Texas. As of December 31, 2021, the company had an estimated proved reserves of 1,344,626 barrel of oil equivalent; oil and natural gas leases covered 89,846 gross acres and 5,757 net acres; and 146 gross producing wells. U.S. Energy Corp. was incorporated in 1966 and is based in Houston, Texas.
NASDAQ:USEGLong
by BADQOMOCAWGOWLD
1
Bearish News Is Mounting For Oil18 hours ago,I read:CHINA-Lockdown and I shorted immediately all my positions in crude,brent and WTI.In some I took the losses,other Break even or profits. The fact is :My decision was King.Our Jobs as Traers is to be flexible and adapt as soon as possible to the market circumtances.Sosometimes News catalysts like these help to decide immediately. Although our system tells us the oppositite:THE SYSTEM FOLLOWS THE MARKET PRICE ACTION. And price action are made by the smart money. Sofollowthe money.Be alwaysflexible and have an edge beide your trading system.Such as News catalyst. Oil prices remained fairly stable this week, with ICE Brent balancing slightly above the $100 per barrel mark. Fears of Russian supply disruptions were temporarily put on the back burner by the vast IEA-coordinated inventory release that greatly helped in flattening out the futures curves of all three key crude benchmarks. The extensions of COVID lockdowns in China, especially in Shanghai, have also helped the bearish cause, however it remains to be seen how long will it take for disruption fears to resurface again. IEA to Release 60 Million Barrels of Strategic Stocks. Above and beyond the US’ 180-million-barrel stock draw, IEA countries agreed to release 60 million barrels over the upcoming six months, with Japan taking a prime role amidst the relatively timid commitments of others, pledging to release 15 million barrels. EU to Ban Russian Coal, with Delay. According to media reports, the European Union’s approval of a ban on Russian coal imports would take full effect from mid-August, following internal lobbying from Germany to extend the deadline as far out as possible to allow usual buying in the four-month wind-down period. Chile Sues Mining Giants over Atacama Water Use. The government of Chile is suing mining majors BHP (NYSE:BHP) and Antofagasta (LON:ANTO) over alleged environmental damage caused by their operations in the Atacama desert, draining the area’s aquifer by increased exploitation. US EPA Denies 36 Refinery Biofuel Waivers. The US Environmental Protection Agency declined 36 exemption waivers coming from oil refiners for the 2018 compliance year, confirming a 2020 court decision that significantly narrowed the criteria on who could be eligible for blending exemptions. Canada Approves $12 Billion Bay du Nord Project. The Canadian government approved the $12 billion offshore Bay du Nord project that would be operated by Equinor (NYSE:EQNR), having found no adverse environmental effects, marking the country’s first deep-water project that took years to greenlight. Tight Oil Markets Are Sending Fuel Margins Through The Roof The oil price rally has really cooled down over the past two weeks, with oil prices declining to levels last seen prior to Russia's invasion of Ukraine. Brent oil (CO1:COM) prices fell ~2% Thursday to trade below $100/b, while the price for a barrel of Brent for June 2022 delivery has fallen from $127/b one month ago to $99/b today. Pandemic-related lockdowns in Shanghai, slowing U.S. oil demand growth, and a historic strategic petroleum reserve release have all contributed to the selloff. Interestingly, medium-term prices have hardly budged as near-term oil prices have fallen by over 20%, indicating a still-bullish longer-term outlook. That said, whereas it's crude markets that have been hogging the limelight, the most dramatic action in global oil markets has been happening in a more hidden corner of the market: distillate fuels. The price of diesel and jet fuel in Europe hit a record in early March amid unusually tight supplies. Both commodities have since pared some of their gains, but refiners are still making a killing. Indeed, in another sign of impending distillate fuel shortages, jet fuel traded at ~$320/b in New York on Monday ($7.61/g), a massive ~$200+ premium to crude feedstock prices. The jet fuel premium is currently ~10x larger than any premium seen in the past 30yrs. High Fuel Margins To Last There's a good chance that high fuel prices will ultimately lead to demand destruction. However, Goldman Sachs says distillate fuel demand is likely to remain strong and margins to remain high due to these factors: Diesel and jet fuel stocks are at historic lows, and seasonally-adjusted inventory draws are large and accelerating. Jet fuel consumption is poised to accelerate into summer with a return to international travel. High natural gas prices will lead to "gas-to-oil" switching in Europe and Asia. The Russia / Ukraine war will reduce distillate supply, as Russia exports ~900kb/d of diesel fuel and ~900kb/d of residual feedstocks, which are largely upgraded into diesel by European and Chinese refiners. Refinery operating costs are increasing, particularly in Europe. In fact, Goldman sees current record margins sustaining through at least year end. In the U.S., names like Par Pacific (NYSE:PARR), Valero Energy Corp. (NYSE:VLO), Marathon Petroleum Corp. (NYSE:MPC )and Phillips 66 (NYSE:PSX) stand to benefit from higher refining margins while in Europe, Saras (OTCPK:SAAFY) is most exposed. Meanwhile, during its Q1 earnings preview, Shell (NYSE:RDS.A) mentioned improving refining margins, with indicators nearly doubling quarter over quarter. Falling Russian Exports Another reason to be bullish about fuel margins: falling Russian exports. Russia is a key source of distillate fuel for Europe and the world. Shortly after the war began, BP Plc (NYSE:BP) and Shell (NYSE:RDS.A) stopped selling spot diesel in Germany. Last week, Argentina’s YPF Sociedad Anónima (NYSE:YPF) cited diesel "scarcity" in the seaborne market. Jet fuel margins in New York harbor rose to $200/b earlier in the week, a ten-fold increase from historic averages. Attempts to measure the impact of self sanctioning on Russian exports have seen mixed results, with some studies suggesting that exports have largely continued to flow unchanged while others say they could have declined by as much as 3.0mb/d. Thus far, the only measurable impact on exports has come from a terminal outage—a terminal that primarily carries Kazakhstani crude to market. So far, Russia's pivotal energy sector has been largely spared from sanctions. But damning evidence of serious war crimes coming from Ukraine suggests that Russia could very well face more severe sanctions, including a ban on its oil by European nations. Related: Oil Rises As Videos Emerge Of Attack On Saudi Oil Facility Since Russian forces withdrew from northern Ukraine, turning their assault on the south and east, grim images from the town of Bucha near Kyiv, including a mass grave and bound bodies of people shot at close range, have prompted international outrage. Commodity analysts at Standard Chartered estimate that a move towards explicit EU sanctions on Russian oil imports would keep Russian output below 8.5mb/d for several years, good for a 3mb/d decline compared to pre-invasion levels, and introduce further downside to already low expectations for Russian oil output. According to StanChart, the EU's most likely immediate measure--i.e., imposing sanctions on coal--will do little to placate member states and public opinion for a significant ratcheting up of the pressure on Russia. Further, EU sanctions on Russian oil and gas would send a strong signal that Russian oil is unlikely to regain its former market in Europe for an extended period, if ever. EU sanctions will also likely increase the pressure on key countries, and particularly India, not to increase their imports from Russia above pre-invasion levels; up to now, part of the pushback from other users of Russian oil has been that they could not be expected to refrain from extra purchases if EU governments were not explicitly limiting their own use. In other words, fuel margins might remain elevated for many months, if not years.
OANDA:BCOUSDShort
by DaveBrascoFX
1
OIL to 150?????Oil on the massive monthly picture looks like a falling wedge that can take us to 150 still. In the short term there's two ways you can look at it and they are both bullish. Either we are in a falling wedge that is going to take us to 118 at least. OR, what I think is most likely, we are in this symmetrical triangle consolidating to make our final move to 150. Both bullish cases imply negative consequences to the economy. Most likely another escalation in the economic war/ or military war with Russia is coming soon.
TVC:USOILLong
by BTC-HONDA
Historical oil movementLet's be practical. 4 times ONLY since 2008 projection of downside was above $50 of movement as a true possibility. 2008 2014 2018 2020 And now. Connecting weekly lows many times is underestimated by traders. Shoring USOIL from the weekly breakout down December 2019 allowed swing traders to enjoy tens of dollars of movement within a week to weeks. During July 2008, close to $100 down was a catch made by traders in just 8 weeks. Oil at current levels is overpriced and stretched. Currently, a weekly close below highlighted square area currently ongoing, would confirm very high probability of similar downside potential as the previous 4 times 2008, 2014, 2018 and 2020. A rising wedge pattern stretched over a year of movement, which is bearish, appears on chart. 2 horizontal levels of 38, 63 are realistic targets within weeks. Fundamental support to the simple technical idea shown is Joe Biden suggesting 1 Million barrels a day in supply. Major oil corporations also hold similar capabilities (Canada, Gulf area). Do your own research and make a calculated decision if you decide to trade the idea. Thank you.
TVC:USOILShort
by Exactus
UKOIL potential for a bounce! | 8th April 2022Prices are approaching a pivot . We see the potential for a bounce from our buy entry at 100.83 in line with 127.2% Fibonacci extension and 78.6% Fibonacci retracement towards our Take Profit at 109.49 in line with 127.2% Fibonacci Projection . RSI is at levels where bounces previously occurred. 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, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
FX:UKOILSPOTLong
by FXCM
BCO soon again 120 AND OIL READY FOR 150 BEFORE TACKLING 220USDOil Could Rise to $120-150 Range in Next Few Months Oil price forecast April 2022 and beyond: Will prices test $140? Oil prices eased slightly on Friday, robust US data and weekend risk supporting prices, while US SPR releases as well as yet to be determined ones from other IEA members capped gains. A UN-brokered two-month ceasefire between Saudi Arabia and Yemen’s Houthi rebels has had no noticeable impact on prices today. The China holiday is definitely muting trading volumes in Asia today, leaving Brent crude unchanged at USD 104.50, and WTI unchanged at USD 99.35. With mainland China, Hong Kong and Taiwan all on holiday tomorrow, I expect the first part of the week in Asia to be quiet. Overall, I still expect Brent to trade in a choppy USD 100.00 to USD 120.00 range, with WTI bouncing around in a USD 95.00 to USD 115.00 a barrel range. The US SPR and monthly OPEC+ production hikes balanced out by geopolitical tensions elsewhere. Nearly five weeks after Russia’s invasion of Ukraine, there is no sign of the oil market's increased volatility abating anytime soon. Dollar Unlikely to Lose Dominance Due to Sanctions -- Market Talk 1435 GMT - Claims that the dollar could lose its dominance in the global economy due to western sanctions against Russia appear exaggerated, Capital Economics says. The sanctions imposed on Russia will accelerate the development of bilateral trading blocs that use alternative currencies but this won't rival the scale and reach of the dollar, Capital Economics says. The dollar remains the world's leading reserve currency but its role as the dominant currency for settling cross-border transactions is more important from the perspective of geopolitical influence, it says. "Foreign demand for dollar assets creates the deep and liquid markets that underpin the dollar's global dominance WEAK USDOLLAR IS POWER BOOSTER FOR THE OIL PRICE as many countries use the weak USD to buy more oil beacuase they are afraid of further sanctions and paying more for expencieve oil. If you knew that 12months from now one barrel oil willcost 300USD,wouldn´t itbe a nice situation to buy oil right cheaper as it cots now? Think Big. Oil prices shot up to $100/barrel (bbl) on the day Russia invaded Ukraine (24 February 2022) and continued to rise in the first week of the conflict. On 7 March, international benchmark Brent oil futures hit nearly $140 per barrel (bbl), while US oil futures West Texas Intermediate (WTI) reached $130/bbl. The prices spiked after the US and its European allies sought to ban the purchase of oil from the Russian Federation amid the conflict in Ukraine. Since then, Brent and WTI have retreated due to several factors, including concerns about demand as a fresh Covid-19 flare-up forced China – the world’s largest oil importer – to impose a large-scale lockdown. However, prices have remained above $100/bbl. Will oil prices hold at their current level of above $100 for the rest of this year? Dive into the impact of the ongoing Russia–Ukraine conflict and other factors on the oil price projections and read the latest on oil prices 2022 from analysts. Oil steadies as IEA prepares details of reserve release Oil prices have pulled back considerably since peaking last month in the early days of the invasion. Declines over the last couple of weeks have been aided by lockdowns in China and a massive SPR release by the IEA, the details of which should become known early this week. The US has already made its contribution known which will go some way to easing the tightness in the market and supply shock from Russia, where sanctions are biting. This is only a temporary solution but offers a buffer over the next six months as producers ramp up production, including OPEC+ which has until now refused to accelerate its efforts in any significant way. Oil prices remain high but they’re certainly at more sustainable and less economically threatening levels. WTI slipped below USD 100 and could remain there depending on the full details of the IEA release and the length of Chinese lockdowns but the war in Ukraine remains a significant upside risk. Gold holding up as recession signals flash Gold is holding up fairly well in the face of multiple super-sized rate hikes being priced into the markets and risk appetite remaining fairly strong. The inflation risk is seemingly providing plenty of support which is why we’re seeing so many rate hikes being priced into the markets, along with the downside economic risks that continue to mount. One thing that has come with these super-sized hikes is recession risks, as evident by the inversions we’re now seeing on the US yield curve. The 2-10 inversion is now clear for all to see and has previously been a fairly reliable recession indicator. Of course, it doesn’t offer any kind of specific timeline and there are doubts about its reliability in an enormous Fed balance sheet world. The economic data may also provide some comfort. But gold is holding firm and is actually up marginally on the day. It appears to have consolidated just above USD 1900 over the last few weeks with brief dips below being quickly bought into. Equally, it’s not making any real headway to the upside, making it quite a choppy market at the moment that offers little in the way of directional clues. Oil rose for a third day as support grows for a European Union ban on Russian crude. Expectations of a further escalation of the war is also helping to drive prices higher. Oil products price forecast update April 2022 Crude oil prices typically fluctuate based on seasonal demand and supply. Most recently, the COVID-19 pandemic caused crude price changes through a drop in demand. While economic recovery is underway, oil prices continue to be affected by global uncertainties. Key Takeaways The EIA forecast that Brent crude oil prices will average $82.87/b in 2022. WTI is forecast to average $79.35/b in 2022, up from $68.21/b in 2021 . Oil prices are rising due to an increase in demand and a decrease in supply. OPEC is gradually increasing oil production after limiting it due to a decreased demand for oil during the pandemic. Current Oil Prices There are two grades of crude oil used as benchmarks for other oil prices: the West Texas Intermediate (WTI) at Cushing and North Sea Brent. WTI at Cushing comes from the U.S. and is the benchmark for U.S. oil prices. North Sea Brent oil comes from Northwest Europe and is the benchmark for international oil prices. Internationally, Brent crude oil prices averaged nearly $75 per barrel (/b) in December 2021, down $6/b from November's average. Prices increased in January, up to $87/b, but they are expected to average $82.87/b in 2022, according to the U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook released on Feb. 8, 2022. West Texas Intermediate averaged $71.71 per barrel in December 2021, and rose to $79.39/b on Jan. 4, 2022.1 The EIA forecasts that WTI prices will average $79.35/b in 2022, up from $68.21 in 2021.2 Oil prices are affected by several factors that include everything from weather to economic and political instabilities. It also estimates that global oil and liquid fuels demand was 101.08 million b/d in December 2021. That's an increase of 5.52 million b/d from December 2020, but only 0.24 million b/d lower than December 2019. However, the EIA expects demand to average 100.52 million b/d in 2022.3 2021 Oil Prices Brent crude oil prices started low in 2021, averaging $54.77/b in January.4 But they rose in the second quarter, closing at $67.73/b in April 2021. West Texas Intermediate (WTI) at Cushing in the United States performed similarly, closing at $63.50/b in April. The third quarter saw massive hikes in prices, with Brent prices increasing to a height of $84.52/b in early November, and WTI reaching $85.64/b in late October. By the end of 2021 Brent sold at $77.24/b, and WTI at $75.33/b.56 Oil Price Forecast 2025 to 2050 The EIA predicts that by 2025 Brent crude oil's nominal price will rise to $66/b. By 2030, world demand is seen driving Brent prices to $89/b. By 2040, prices are projected to be $132/b. By then, the cheap oil sources will have been exhausted, making it more expensive to extract oil. By 2050, oil prices could be $185/b. WTI per barrel price is expected to rise to $64 per barrel by 2025, increasing to $86 by 2030, $128 by 2040, and $178 by 2050.7 The EIA assumes that demand for petroleum flattens out as utilities rely more on natural gas and renewable energy. It also assumes the economy grows around 1.9% annually, while energy consumption decreases by 0.4% a year.8 Future oil prices will depend greatly on innovations in energy, transportation, and other industries as societies work to become less fossil fuel dependent. Always understand.the oil companies shareholders want only one thing: HIGHER OIL PRICES! HIGHER PROFIS! Reasons for Today’s Volatile Oil Prices Oil prices used to have a predictable seasonal swing. They spiked in the spring as oil traders anticipated high demand for summer vacation driving. Once demand peaked, prices dropped in the fall and winter. Oil prices are more volatile today due to many factors, but four are the most influential. 1. US Oil Supply The coronavirus pandemic and natural events are still affecting oil demand and supply. The U.S. experienced a drop in production following Hurricane Ida in September as the storm shut at least nine refineries. The EIA estimates that U.S. crude oil production will average 11.8 million b/d in 2022 and 12.41 million b/d in 2023.9 2. Diminished OPEC Output Oil price increases also reflect supply limitations by the Organization of the Petroleum Exporting Countries (OPEC) and OPEC partner countries. In 2020, OPEC cut oil production due to decreased demand during the pandemic. It gradually increased oil output through 2021 and into 2022. Supply chain disruptions in late 2021 affected global trade as well. At its most recent meeting in December 2021, OPEC stated it would continue to gradually adjust oil production upward by 0.4 million barrels per day (mb/d) in January 2022.10 3. Natural Gas Countries in Asia have relied on coal to generate power, but recent shortages have turned them to natural gas. Higher temperatures in parts of Asia and Europe have led to high demand for natural gas to generate power. COVID-19 has hampered Europe's natural gas production, and a colder-than-expected heating season in early 2021 reduced supplies further. As a result, natural gas prices soared in 2021 and are expected to remain high in 2022, and affected countries have turned to gas-to-oil switching to reduce power generation costs.2 4. Global Inventory Draw As a reduction in oil production continues globally, countries are forced to draw from their stored reserves (not including the strategic petroleum reserves). This steady draw of oil is contributing to the increase in prices, because inventories are decreasing. How Biden’s Huge Strategic Oil Release Could Backfire President Biden’s huge SPR release announcement has pushed WTI prices back below $100. SPR release may calm crude prices only in the short term. U.S. SPR may need to be replenished at higher oil prices. This week, the Biden administration revealed that it will release as much as 180 million barrels of crude oil in a bid to calm oil prices, which have remained above $100 per barrel for an extended period of time. The International Energy Agency, meanwhile, is coordinating a smaller but international reserve release of some 60 million barrels and has called an emergency meeting to discuss how exactly to go about it. It remains unclear whether part of the 180 SPR release in the United States will be a completely separate endeavor or if some of these barrels will be part of the IEA release. Earlier this year, the U.S. had agreed to release 30 million barrels as part of the IEA push. What is clear is that the success of these releases in calming down oil prices is quite unlikely. The United States last year announced the release of 50 million barrels in an effort to bring down prices t the pump, which were eroding Americans’ purchasing power and weighing on the President’s approval ratings. This pressured prices for a few days before they rebounded, driven by continued discipline among U.S. producers, equal discipline in OPEC+, and a relentless increase in demand for the commodity. Then Russia invaded Ukraine, and the U.S. banned imports of Russian crude and fuels. It also sanctioned the country’s financial system heavily, making paying for Russian crude and fuels too much of a headache for the dollar-based international industry. Prices soared again before retreating some, but remain firmly in three-digit territory. Related: Why We Cannot Just “Unplug” Our Current Energy System As of mid-March, the Department of Energy said, some 30 million barrels of crude from the strategic petroleum reserve had been sold or leased. That’s more than half of the 50 million barrels announced in November, and it appears to have had zero effect on price movements. But the new reserve release is a lot bigger, so it should make a difference, shouldn’t it? It amounts to some 1 million bpd over several months, per reports about White House plans in this respect. Unfortunately, but importantly, oil’s fundamentals have not changed much since November. U.S. shale oil producers, the companies that a few years ago prompted talk among analysts that OPEC was becoming increasingly irrelevant, have rearranged their priorities. They no longer strive for growth at all costs. Now they strive for happy shareholders. This has given more opportunities to smaller independent drillers with no shareholders to keep happy. Yet these have also run into challenges, mainly in the form of insufficient funding because the energy transition has had banks worrying about their reputations and their own shareholders. Pandemic-related supply disruptions have also affected the U.S. oil industry’s ability to expand output. Frac sand, cement, and equipment are among the things that have been reported to be in short supply in the shale patch. Now, there’s a shortage of steel tubing, too. Meanwhile, OPEC is doing business as usual, sticking to its commitment to add some 400,000 bpd to oil markets every month until its combined output recovers to pre-pandemic levels. Just this week, the cartel approved another monthly addition of 432,000 bpd to its combined output despite increasingly desperate calls from the U.S. and the IEA for more barrels. OPEC has been demonstrating increasingly bluntly that its interests and the interests of some of its biggest clients may not be in alignment right now. It has refused to openly condemn Russia for its actions in Ukraine and has not joined the Western sanction push. Related: U.S. Oil Demand Has Been Vastly Overestimated On the contrary, OPEC is gladly doing business with Russia. And Saudi Arabia and the UAE, the two OPEC members that actually have the capacity to boost production beyond their quotas, have deemed it unwise to undermine their partnership with Russia by acquiescing to the West’s request for more oil. In this environment, releasing whatever number of barrels from strategic reserves could only provide a very short relief at the pump. Then, it may make matters even worse. As one oil market commentator on Twitter said about the SPR release news, the White House will be selling these barrels at $100 and then may have to buy them at $150. Indeed, one thing that tends to get overlooked during turbulent times is that the strategic petroleum reserve of any country needs to be replenished. It’s not called strategic for laughs. And a 180-million-barrel reserve release will be quite a draw on the U.S. SPR, which currently stands at over 580 million barrels. If oil’s fundamentals remain the same, prices will not be lower when the time to replenish the SPR comes. This seems the most likely development. The EU, the UK, and the United States have stated sanctions against Russia will not be lifted even if Moscow strikes a peace deal with the Ukraine government. This means Russian oil will continue to be hard to come by for those dealing in dollars or euros. According to the IEA, the shortfall could be 3 million barrels daily, to be felt this quarter. OPEC+ is not straying from its course. In some good news, at least, U.S. oil production rose last week for the first time in more than two months, by a modest 100,000 bpd.
OANDA:BCOUSDLong
by DaveBrascoFX
Brent Crude May Form a Big Bullish TriangleA few days ago, America announced the uncapping of strategic oil reserves, which are now at the lowest level in the last 20 years - about 570 million barrels. Regular sales of 1 million barrels per day of oil will lead to their reduction by another third. But today oil quotes are getting more expensive again, as the sale of oil from the US strategic reserve will not compensate for the Russian oil that has fallen out if the calls of French President Emmanuel Macron are heard and EU countries impose an embargo on imports from Russia. These new sanctions should target coal and oil, Macron said. Some European governments insist on imposing additional sanctions against Russia. I will not claim that Europe is hearing Ukraine to provocations and has already chosen Russia in advance as the culprit. The problem is that governments do not want to admit to themselves that the rejection of Russia's hydrocarbons is a big damage to the EU. Russian gas accounts for about 40% of natural gas imports to the EU, and oil accounts for about 25%, Sky News writes. The Germans have revised their views on "green energy" (abandoning nuclear power plants, switching to wind power). According to many economists, the ban on Russian energy supplies will lead to a reduction in German GDP by more than 5%. This decline will be the second largest since the Second World War. The German Economic Institute stated that the imposition of an embargo on oil and gas would lead to incalculable risks. In my opinion, the chances of introducing new sanctions are quite high, which means that oil prices will not only not fall, but may also continue to grow in the medium term. I assume the formation of a large bullish triangle on the daily chart with the stability of the growing trend, which started from the beginning of December 2021. A breakthrough for the maximum on March 24 will be an unambiguous signal for further price growth. Although the first signal to increase will be received if the triangle resistance line is overcome, which falls in the area of $ 117-118 per barrel. PS Does America really want to suppress the rise in gasoline prices? or is she confused about her plans?
OLong
by scavoanastasiia
ENSV When to Pull OutSo, if you've read anything I've written, you'll know I've been in ENSV for a little time now, averaged in price of 3.38. What I'm looking for in my exit if I end up taking a loss will be over the next couple of days. I am examining how well the stock maintains the ripster clouds and how well the MACD holds up. We currently have a cross over on the MACD and if continues to have a strong looking histogram to the downside as it does now, then I'll take an exit and hopefully without getting burned too badly. If it weakens, we are looking at the upside as we were before.
E
by thephysicsguy1
1
WTI REMAINS INDECISIVEWTI prices remain highly volatile and highly responsive to the news following the russian invasion in Ukraine. After some progress in the peace talk between Russia and Ukraine in Istanbul, the price of WTI fell with 2% in Tuesday, but the situation there is far from over, so writing off some future rally due to new developments is out of the question. OPEC+ countries are expected to stick to their plan of gradually increasing oil production despite the high prices and will not give up to the pressure from Western countries to increase the supply. On the other hand, the lockdown in Shanghai and the new COVID measures in China might decrease its demands for oil. China currently ranks as the second largest consumer of oil in the world. On a technical note, a descending triangle pattern is formed by the price movement with support at 93 USD. If the price keeps falling, it will test that support level. If it continues to rise, it will test its previous high of 115 USD and after that its high of 126 USD. Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carry a high-risk level. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and such sites. Furthermore, one understands that the company carries zero influence over transactions, needs, and trading signals. Therefore, it cannot be held liable nor guarantee any profits or losses.
BLACKBULL:WTI
by legacyFXofficial