Great entry point price. I've just locked in 1,000 shares.
Think I'm dumb? Let me know in a month from now.
Here is the API report, The American Petroleum Institute reported Tuesday a decline of 2.7 million barrels in U.S. crude supplies for the week ended June 16, according to sources. The API data, however, showed a climb of 346,000 barrels in gasoline supplies, while inventories of distillates were up 1.8 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 2 million barrels in crude inventories. August crude CLQ7, -2.05% was at $43.53 a barrel in electronic trading, little changed from the contract’s settlement of $43.51 on the New York Mercantile Exchange.
There was a DRAW reported by both API and EIA, yet algorithms and quant funds sell off an already weak tape, driving the oil price below $43 support and off the cliff.
you guys can read all the compelling ,intelligent, mathematical stats, Trends, contango s, whatever this glut is taking this stuff down to $7 per share, don't believe in but they're talking about the abundance and volume on the market ! you're talking about a $7.50 Fund in 30 days and there certain about it! If you're short you're in a great position, if your long you're effed!!!!
The roll is mañana not Tuesday. And trading starts at 5:00 Central today.
$43! Looks like they want to take it into the $30s.
DELBERT & NANCY
Should reach low of 8.96 by Friday. Will go up in July as people will be driving more.
I'll say this much, traders have been persistent in bidding crude higher. They're definitely betting on the Come. We'll know if they are right in 90 minutes. Still no feeling here.
the great Zardoz
This turd should be a buy eventually. Anyone predicting high 7's?
They should abandon this type of ETF, this contango BS. Over 10 years, constant decline, why would anyone trade this #$%$!
WTI is testing the May 5th overnight low this morning if it does not rally intra-day I think it tests $40 within a week or two now inventory numbers will most likely guide direction for both oils. USO under $9 in the pre-market. I want to know when gas prices drop more I don't want to hear it's driving season.
For those that lurk.
Since the roll happens early next week I thought this prudent in the event some may be unaware.
Contango can have a negative effect on ETFs. ETFs that hold futures contracts sell the contracts before they mature to avoid physical delivery and purchase a later-dated contract. In a contangoed market, the ETF loses money each time it rolls contracts to a costlier later-dated contract – the fund would technically sell low and buy high each time. Consequently, long-term investors may notice underperformance to the oil market since the ETF holds front-month contracts and would see a slight cost when rolling each front-month contract".
Everybody LIMBOOOO! How low can it go????
EIA REPORTS TUESDAY, JUNE 21.
Saudi Arabia just headed off a major attack on one of their offshore oil fields. Geopolitical risk premium soon to be added to oil.
When previously trading WTI I typically had a feeling about the API but oddly not today. I'm confident it'll be interesting.
Next stop is $43.00. Crude oil will go there this week.
Crude oil took another spill and has reached (is actually now below) trend channel support. A bullish divergence might be building, and RSI-2 would likely become oversold if price falls to 44.90. Oil should catch a bid if it drops to 44.90 this week. As of today, there is a bullish RSI-35 divergence with RSI-2 near oversold. Seasonality is supportive of higher prices, sentiment is neutral. Elliott Wave Theory allows for – but does not require – persistent weakness. Based on the trend channel, a move back above 44.90 should spark a bounce. Aggressive investors may trade this setup with a stop-loss below the trend channel. Next support is around 43.