General WTI ( Crude Oil ) Discussion thread

Couldn't see a generalised topic for WTI so here it is, WTI is one Ive always kept close eye on for long and short term positions mainly because of the people I talk too are heavily invested in WTI and UJ ( Who im hoping to encourage to the forum one day ).

Whats everyone's thoughts on the current WTI progress ? $45 being the highest since............November ? It caught me early December with some poor trades on my behalf, Where do you see WTI in a year from now ?

 

[h=2]WTI crude oil down $1.05 to $43.74 today[/h]Oil slumped for the second day today as the US dollar roared ahead.
The decline was largely due to the strong US dollar and some jitters about the global economy but oversupply continues to loom in the background.


Reuters reported earlier today, citing a source, that Saudi production was 10.15 million barrels per day in April but that it could soon return to a near-record 10.5 mbpd.


In terms of US economic data, the API report is due at 4:30 pm ET (2030 GMT).

Reuters Report earlier today reference : http://uk.reuters.com/article/us-global-oil-idUKKCN0XU020

 

This guy has been bang on with WTI recently, great assessment and outlook.

https://www.tradingview.com/chart/USOIL/td7eY8YX-OIL-No-Market-For-SHORT-MAN/.Vytm-HVw9yA.facebook

 

Daily chart pattern suggests its topped out.

Expect a quick squeeze higher then a fall to the low 42 area. After this expect a move higher as we move towards Wednesdays inventory release which will start to include the Canada shut down caused by the fires albeit expect two weeks of declines due to transportation lag.

 

I am usually at least a little long in a crude oil long ETF, and also usually have at least a few bucks in at least a handful of oil companies - CLR, FANG, EOG, PXD, etc.

I really like it when oil goes up, but I also tend to protect the downside with put options, a few bucks in a short crude ETF, etc.