Oil 11 (Nov 17 - Jan 21)

Re: Oil 11 (Nov 17 - Dec 19)

Postby winston » Tue Aug 14, 2018 7:53 am

Oil price falls as Cushing build adds to demand fears

NEW YORK: Oil prices fell on Monday after data suggested inventories at the U.S. crude delivery hub rose in the latest week, compounding worries that troubled emerging markets and trade tensions will dent the outlook for fuel demand.

Brent crude futures dipped 20 cents, or 0.3 percent, to settle at $72.61 a barrel, while U.S. West Texas Intermediate (WTI) crude declined 43 cents to settle at $67.20 a barrel, with a 0.7 percent loss.

Prices fell earlier in the session by more than $1 a barrel after inventories at the Cushing, Oklahoma, delivery hub for WTI rose by about 1.7 million barrels in the week through Aug. 10, traders said, citing data from market intelligence firm Genscape.

Crude inventories at Cushing have been dwindling, in part due to an outage at an oil processing facility in Canada that has reduced the flow of crude into the hub. The Canadian Syncrude processing facility has begun ramping up light oil production and was expected to return to full production in September.

"Cushing may finally start to replenish from critically low inventory levels," said John Kilduff, a partner at Again Capital Management in New York.

Turkey's financial crisis has raised the risk of contagion throughout emerging economies, dragging down South Africa's rand, Argentina and Mexico's pesos and the Russian rouble. It has also dented emerging market stocks while curbing growth and the outlook for oil demand.

That is compounding worries that a deepening trade war between the United States, China and the European Union will squeeze business activity in the world's biggest economies.

Turkey is a relatively small oil consumer, accounting for less than 1 million barrels per day (bpd), or around 1 percent of global demand.

The Organization of the Petroleum Exporting Countries forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.

In a monthly report, OPEC said the world will need 32.05 million bpd of crude from its 15 members in 2019, down 130,000 bpd from last month's forecast.

U.S. oil production from seven major shale basins was expected to rise 93,000 bpd in September to 7.52 million bpd, the U.S. Energy Information Administration (EIA) said.

Source: Reuters

https://www.thestar.com.my/business/bus ... xvMe5Eu.99
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Re: Oil 11 (Nov 17 - Dec 19)

Postby winston » Thu Aug 16, 2018 11:36 am

The Five “Hot Spots” Fueling Oil’s Rally in 2018

by DR. KENT MOORS

Hot Spot #1 – Venezuela
Hot Spots #2 and #3 – Libya and Nigeria
Hot Spot #4 – Russia
Hot Spot #5 – South China Sea


Source: Oil & Energy Investor

https://oilandenergyinvestor.com/2018/0 ... /#deeplink
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Re: Oil 11 (Nov 17 - Dec 19)

Postby winston » Mon Aug 20, 2018 7:40 am

Oil: 65.21, -0.25.

Dropped to the 200 day SMA as of the Wednesday close, held that level through Friday but that is about all.

Source: Investment House
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Re: Oil 11 (Nov 17 - Dec 19)

Postby winston » Sat Aug 25, 2018 1:04 pm

Iran shipments already declining

U.S. sanctions on Iran’s oil take effect in November, but already countries around the world have been slashing purchases, which are affecting Iran’s exports.

“Third-party reports indicate that Iranian tanker loadings are already down by around 700,000 bpd in the first half of August relative to July, which if it holds will exceed most expectations,” investment bank Jefferies said on Friday.

“We expect that by Q4 the market will be dealing with ther undersupply, dwindling spare capacity - or both.”

Source: Oil & Energy Insider
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Re: Oil 11 (Nov 17 - Dec 19)

Postby winston » Sat Aug 25, 2018 1:04 pm

Iran shipments already declining

U.S. sanctions on Iran’s oil take effect in November, but already countries around the world have been slashing purchases, which are affecting Iran’s exports.

“Third-party reports indicate that Iranian tanker loadings are already down by around 700,000 bpd in the first half of August relative to July, which if it holds will exceed most expectations,” investment bank Jefferies said on Friday.

“We expect that by Q4 the market will be dealing with ther undersupply, dwindling spare capacity - or both.”

Source: Oil & Energy Insider
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Re: Oil 11 (Nov 17 - Dec 19)

Postby winston » Mon Aug 27, 2018 8:37 am

Oil: 68.72, +0.89.

Rallied from the 200 day SMA to the 50 day SMA the past two weeks.

Moved through the 50 day Friday but could not hold all of that move.

Kind of head and shoulder-ish setup from May.

Source: Investment House
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Re: Oil 11 (Nov 17 - Dec 19)

Postby winston » Mon Sep 03, 2018 11:45 am

Oil: 69.80, -0.45.

Rallied through the 50 day SMA Wednesday and Thursday, faded modestly Friday.

Good break higher, now how it holds the 50 day MA is key.

Source: Investment House
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Re: Oil 11 (Nov 17 - Dec 19)

Postby winston » Mon Sep 10, 2018 9:56 am

Oil: 67.75, -0.02.

Sold on the week, holding near 67 on the lows, rebounding off the lows Thursday and Friday. Still very range bound.

Source: Investment House
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Re: Oil 11 (Nov 17 - Dec 19)

Postby winston » Mon Sep 17, 2018 8:20 am

Oil: 68.99, +0.40.

Gapped higher over the 50 day MA, fell back to test it to end the week.

Source: Investment House
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Re: Oil 11 (Nov 17 - Dec 19)

Postby winston » Mon Sep 17, 2018 8:20 am

Oil: 68.99, +0.40.

Gapped higher over the 50 day MA, fell back to test it to end the week.

Source: Investment House
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