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I think we are going to see a huge bounce next week, then further sell in consecutive weeks. First we may see 74,80 followed by 77,20 further sell from here to 71-73 then bullish trend continues, probably to 90+
, its a small window and so volatile not anything but a guess, move to another future, if thats your trade. Golds some easy $ as is 30 day tbz on a macd d 3/5/x. oil will get a up-t when some grabers square the short and push +...if you have the means to open a contract do it at 74
Its tempting to buy more as a long term bull, but the history have shown that big red days like friday is the start of a major correction. Probably go below 70 within a month. Guess who allready sold their oil for 80?
Mr Plainview Well, I looked on what I wrote and I can see your point. I clearly stated that russia/SA had hedged ALL their production above 80. I did not mean that literally and it was an exagaration. What I meant was that Russia/SA DID take advantage of the high oil price and they knew the news was gonna turn oil down bigtime in an allready over bought state. Im sure they took advantage of that as much as possible before it being to obvious.
I see people asking here: is the bullish trend over. I see bears talking about 60 and lower. All speculation and nonsense. What is really happening over here? The oil price is just going lower now because of the start of driving season. The lower the price before driving season, the higher the demand during the summer and the higher price will be in summer. July will be super bullish and probably august too. June will be neutral. September will be bearish. These are my personal targets for coming months: june 73-83, july 81-90, august 87-95, september 95-83 The trend stays bullish, because cheap oil is ending. Saudi are smart, they create a rumor which bring down prices before summer, so they have high demand and high prices during summer.
It is probably falling because the brazilian buyers disappeared. Seems like there is no more gasoline or diesel for sale in the whole country. And the truck driver strike continues...
Tropical Viking It should have a minor impact. About 60-70% of all goods in Brazil is transported by trucks, and none are being transported the last 6 days. More or less the whole country is without gasoline and diesel now. The country is shutting down and the idiot government is totally clueless :)
Brent is TOO high, still higher than before US pull out Iran deal.Now the vaccum will be compensate by Russa and other Opec members. Venezuela's decrease can be easily compensate by US shale. And I have to mention that US dollar get stronger around 5%.
It's only a matter of time before we attack 80$ for the thirth time. When it happens there will be no way back, and we are going to say goodbye to seventies for a very long time. This correction was needed to go higher. Saudi need high oil price 100$ and even higher if possible. The trend stays bullish, buy every dip. The spread between brent and crude will also keep increasing, It could be 12-15$, by end of the year.
Think about it and make your call...Trump calls off summit with Kim Jong Un!.Why is Trump playing games? Why is North Korea parading arms in full force? Why is Trump declaring that the USA is ready and more prepared for war than they have ever been? Why is Powell hiking rates?
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