Oil 10 (Sep 16 - Nov 17)

[winston]

Oil: 49.29, -1.50.

Oil faded through the 200 day SMA and held the 50 day MA.

Hit near the top of the trading range and fell again. Very important test to see if oil can put in a higher low and move back up to challenge the top of the range.

A stronger dollar hampers that effort.

Source: Investment House

[behappyalways]

Desperate call???

OPEC calls on US shale oil producers to accept 'shared responsibility' of slashing global supply
https://www.cnbc.com/2017/10/10/opec-ca ... ility.html

[winston]

5 Reasons Why Oil Prices Are On The Move Again

After a sluggish start to the week, likely due to the Columbus Day holiday in the United States, oil prices are moving again.

1. Saudi Aramco announced on Monday that it will reduce its November allocations to customers by about 500,000 bpd.

2. By 2030 India will no longer sell internal combustion vehicles.

3. OPEC:
a. Ending special exemptions from quotas for Libya and Nigeria?
b. Pushing Iraq to finally comply fully with its quotas or
c. Inviting new oil producers to join

Source: TTR

http://www.thetradingreport.com/2017/10 ... ices-move/

[winston]

A Perfect Storm: Behind Crude’s Historic Month

By Matthew Carr

This rally in crude has taken place during a time when the U.S. dollar has also spiked higher.

This year, India budgeted a record amount of Diesel for infrastructure projects. And in turn, the world’s third-largest oil consumer is driving unprecedented demand for diesel.

In August, South Korea’s diesel demand rose to record levels.

Also in August, European imports of diesel also hit record levels.

The massive rebuilding efforts in the aftermath of hurricanes Harvey, Irma and Maria will require significant amounts of diesel.

U.S. refiners will have to quickly return to their record-setting pace to keep up, which means more crude.

That’s what’s driving the surge in oil prices.

Source: The Oxford Club

https://energyandresourcesdigest.com/na ... ?src=email

[behappyalways]

Oil will crash to $10 a barrel with electric vehicle revolution, strategist says
https://www.cnbc.com/2017/10/13/oil-wil ... -says.html

[winston]

Oil: 51.45, +0.85.

Oil held the 200 day SMA test and rebounded Tuesday and again Friday.

Still looks as if this higher low could break it out of its range.

Source: Investment House

[winston]

US is doing ‘something we’ve never seen before’ with crude, and oil expert Kloza says it could help spark a ‘tale of two markets’

by Stephanie Landsman

"The highlight you need to watch for the next few months is going to be more record breaking exports of crude oil. Our view is that it's going to soften the price for Brent".

Weaker prices in the first half with maybe some more inventory builds worldwide, and stronger prices in the second half of 2018," he said.

And when could crude oil see $60 a barrel again?

Kloza said probably not until 2019.

Source: CNBC.com

https://www.cnbc.com/2017/10/20/us-is-d ... KW,132QP,1

[winston]

Oil: 51.84, +0.33.

Rallied to the September high at the lower part of the upper resistance, then faded to test the 20 day EMA.

In position for a higher low to try the top of the range.

Source: Investment House

[winston]

Oil: 53.90, +1.26.

Spent all week bumping up at the start of resistance at the top of the range (52.50ish) then -- boom -- breaking higher Friday.

Key, key test of the February high at 54.90 - 55.00 ahead.

Source: Investment House

[behappyalways]

why-we-all-will-soon-be-riding-electric-cars
https://www.theedgesingapore.com/techno ... ctric-cars

Oil will crash to $10 a barrel with electric vehicle revolution, strategist says
https://www.cnbc.com/2017/10/13/oil-wil ... -says.html