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Opec

WTI Crude - An End to the Price War?Market has high expectations for OPEC+++ The stand-out event today is undoubtedly the OPEC+++ meeting, where producers will attempt to find agreement on output that addresses the collapse in demand and crude prices. No one is winning in this environment but, as ever, each are losing to different degrees and have a different ideas on how it should be resolved. I don’t think a grand deal is as nailed on as markets would have us believe but, as ever, common sense should prevail. If a substantial deal is going to get over the line, the US must play a part in some form. It is currently hoping that a market-driven, forced production cut will be enough to convince other producers to cut but I’m not sure that will be enough. Other assurances will be necessary to get Russia on board, which is the biggest risk to a deal. That said, traders have heavily bought into this potential deal, following President Trump's tweet last week. The risk now is not just whether a deal is done but, if it is, will it be enough? I'm not sure a 10 million barrel cut will be enough to hold the gains and even 15 million may just about given the demand destruction we've seen. Should we see above 15 million barrels, it could give the oil price a big boost, with the break of $30 in WTI potentially being the catalyst for another big move higher. The next notable level above here is $35 and if producers want to see higher than this, the cut may have to be closer to 20 million and include the US in some form. Oil has jumped today on reports that Saudi Arabia and Russia have reached a deal on cuts of up to 20 million. The headline sounds good but the small print may not read quite as well. Should this be confirmed without any drawbacks in the fine print, I'd expect oil prices to rise more than they have. There's always the risk of "buy the rumour, sell the fact" strategies going into these things which is why the detail and believability is so important. From a technical standpoint, this looks like a market that's bottomed and just waiting to pounce above $30, but for that we need confirmation. A break above $30 says traders are satisfied with the cuts, at which point we may be able to look upwards for the first time in a while.
OANDA:WTICOUSD
by OANDA
Fundamental and Technical Analysis of USDCAD Fundemental Analysis The stock markets on Monday saw a rally after the news about the reduction in the number of deaths from COVID-19 in Europe and the US, but also because we have been recently seeing a stabilization in the number of cases. Investors are waiting for an entry point and any good news will give them the green signal to start buying shares. There is also more good news from China, where according to their reports the cases of COVID-19 have been declining steadily; this means that factories in China can resume work, which is great news for the US. If we get any bad news about COVID-19, this will be invalidated, so keep yourself updated! I also hope that we will get a deal signed to regulate the volume of crude oil production between the US and Saudi Arabia, as this will heavily affect the CAD, as a successful deal will make the USDCAD tank, which seems likely right now to me. Technical Analysis USDCAD has recently moved below the 20 MA, and is moving towards the 50 MA. We have also just gone below the 2/1 Gann Fan level. We are currently on the support which we might bounce off tomorrow as SPY could make a downwards move after such a rally. We have also crossed the 0.382 Fib Level which is also another bearish signal to watch out for. If you have any questions feel free to leave them in the comments below. cheers, tonite
by tonite
3
Crude Oil 4 Hourly Chart Showing H&S FormingOil is falling back down to major near term support around $21.50 per barrel it cannot hold the $25 level today which is an important level in the short term. The 4-hour chart is showing us that it could be a lower head & shoulders forming. Not my favourite charting pattern but the technicals are showing that this level has enough buyers to complete the pattern. If we lose that level, we could go as low as $15, I am confident we will not see that as the OPEC+ meeting on the 9th will provide a needed boost. What do we have here? ✔️ Bullish H&S Forming ✔️ OPEC+ Meeting on 9th April Thank you, Connor, Please feel free to follow me to get more analysis. On Tradingview I share 1hr, 4hr, 1D, 1W charting analysis across major instruments only. For more short term analysis and trading ideas please subscribe to The Margin Call.
FX:USOILLong
by UnknownUnicorn309537
WLLZoomed in on WLL we can see that downside risk is very limited and upside potential is epic. The 200 EMA 4 hour is at $4.34 200 EMA D1 is at $8.55 Price gaps from $28-$26 Price Gap from $26-$24 Price Gap from $14.67-$13.56 52 week high $31 Oil storage facilities will at full capacity by June if OPEC doesn't make supply cuts. Descending Triangle top line being tested repeatedly. Break out seem more likely. My bias is that the bankruptcy filing is already priced in along with the crash in the oil market. The price of this stock has been destroyed and as we already know smart money gets out way b4 retail. So the dump from $60-.29c is in my opinion proof that all these events are in fact priced in.
WLong
by Big_Mike716
7
long term brentoilGiven the current turmoil in the oil market and declining Iranian oil exports, as well as the dispute between OPEC Plus, Saudi Arabia and Russia, as well as the Saudi Crown Prince's order to boost oil production to pressure its own oil counterpart, it is expected that the oil will be delivered over time. It has long fluctuated in price ranges and returned to its lowest level in year 2. But given the views and margins in the Middle East as well as the corona virus around the world, oil prices could be high because of conflicts and tensions. In the Middle East, targeting Saudi refineries on its soil and so on Yen attack on Aramco oil installationsThese attacks may be broadened or even lessened This is a theory and may or may not be true, but oil is expected to be as low as 19$ and oil is not too close to 140 $ We are missing the missing element when it comes to making predictions about whether or not we are right. he does Be successful and profitable
TVC:UKOILLong
by mohamadjavad7m