Oil 12 (Feb 21 - Sep 23)

[behappyalways]

China set to drill Asia's deepest crude-oil well in Xinjiang
https://m.youtube.com/watch?v=4pB_01l8oAg

[behappyalways]

Oil Plunges To Most Oversold In Two Years Amid CTA Shorting Frenzy
https://www.zerohedge.com/markets/oil-p ... ing-frenzy

[behappyalways]

IMF: Saudi Arabia Needs Oil Prices At $80.90 To Balance Budget
https://www.zerohedge.com/energy/imf-sa ... nce-budget

[winston]

Get Ready to Buy This Commodity… AGAIN

by Jeff Clark

On Tuesday, the OVX closed just below its upper Bollinger Band. So, it hasn’t generated a buy signal yet.

But it’s close. We are nearing a buy signal for oil.

And based on the previous success of this indicator, once the buy signal occurs, traders should be looking for higher oil prices.

Source: Jeff Clark Trader

https://dailytradealert.com/2023/05/05/ ... ity-again/

[behappyalways]

Despite all the chatter about refilling, the Biden admin drained 2.924mm barrels from the SPR (the 6th straight week of draws)...

WTI Extends Losses After Biden Admin Drains SPR By Most Since December
https://www.zerohedge.com/energy/wti-ex ... december-0

[behappyalways]

US Could Start Buying Oil To Refill SPR As Early As June
https://www.zerohedge.com/energy/us-cou ... early-june

[winston]

Oil too overdone on the downside as demand outlook stays strong

by Priyanka Sachdeva

The Chinese momentum which was driving crude oil prices in the first quarter has slowed down while the West’s fears of recession, expected by year-end, have unfolded.

IEA forecasts that global demand for crude oil is expected to climb by 2.3 million barrels per day in 2023 to a record 101.9 million barrels per day. Over 60 per cent of the growth is attributed to the Chinese economic rebound.

Air travel from China is expected to rise by 20 per cent this year, brightening jet fuel demand and augmenting the global demand outlook for crude oil.

On the upside, the 20-day moving average and the 50-day moving average coincide at US$75.40 per barrel and will act as a strong immediate resistance.

Source: Business Times

https://www.businesstimes.com.sg/compan ... ays-strong

[winston]

These Stocks are Setting Up for a Rally

by Jeff Clark

The BPENER is currently trading below 30. The energy sector is oversold. And, we’re approaching a buying opportunity for the oil stocks.

The BPENER hasn’t turned higher. So, we don’t have a buy signal… yet. But, we’re close.

The seasonal patterns for oil are bullish this time of year. So, the BPENER could turn higher any day.

Source: DailyWealth.com

https://dailytradealert.com/2023/05/17/ ... r-a-rally/

[behappyalways]

Hedge Funds Most Bearish On Oil Since 2011 Just As Physical Demand Surges
https://www.zerohedge.com/markets/hedge ... and-surges


Saudi Arabia's energy minister tells oil speculators to "watch out."
“I keep advising them that they will be ouching — they did ouch in April,” H.R.H. Prince Abdulaziz bin Salman Al-Saud says (BBG)
https://twitter.com/WifeyAlpha/status/1 ... 7786173440

[behappyalways]

As Oil Plunges, OPEC Bans Mainstream Media Groups From Vienna Meeting
https://www.zerohedge.com/markets/oil-p ... output-cut