USOIL Let's continue that downtrend as promised by reality.CFDs on Crude Oil (WTI) forum
USOIL Let's continue that downtrend as promised by reality.
USOIL On the Hourly that is in Bearish (directional) Market Bias, the candle (marked in blue marker) shows that its tall upper wick attempted a retrace to nearly retest the trendline. That typically happens after a trendline break (at the green dotted line), then drops down again.In the new hour, watch for an upper wick fill with a bullish candle, then a greater drop down towards the S&R Zone below (that starts at 58.04). If the wick fill doesn't happen soon, it will eventually.
USOIL Crude oil fell under pressure at the resistance level mentioned during the day. Pay attention to the support and long opportunities in the U.S. market. In the short term, it is a volatile market, and both bulls and bears have opportunities. Pay attention to the support below 57.80/58.30 and go long. USOIL USOIL USOIL USOILSPOT USOIL
USOIL done for the waiting for the FOMC not going near it.
WTICOUSD I posted why oil is falling not rising.. so next today is FOMC rate decision. It is expected rates will stay the same and this will be a non event for oil. Basically. Interest rates go down, the ability to borrow and spend goes up, savings go down. Demand goes up.Interest rates go up. Borrowing falls. Ability to spend goes down. Savings go up.
Current ratio is towards a no rate change. But still protect your trades and if in doubt don't trade or make sure at least at breakeven.
USOIL Expecting a sharp drop shortly :)WTICOUSD why is the price of oil falling not rising? well, plug the figures into Copilot or Chat GPT and it will tell you.Key Observations
Crude Oil (Excluding SPR): The stock decreased slightly (-0.2%) from last week but increased by 1.3% compared to last year.
Strategic Petroleum Reserve (SPR): Continues to decline, down 0.5% from last week and 4.6% from the previous year.
Total Motor Gasoline: Has risen 8.7% over the past year, indicating higher stock levels, possibly due to reduced consumption or increased production.
Kerosene-Type Jet Fuel: Declined by 2.7% from the previous week and 3.0% from last year, which might reflect lower demand.
Distillate Fuel Oil: Dropped by 1.0% week-over-week and 8.3% year-over-year, suggesting reduced refining activity or increased consumption.
Residual Fuel Oil: Gained 6.0% over the last week but declined 10.9% compared to the previous year.
Propane/Propylene: Down significantly 18.5% year-over-year, possibly indicating increased usage or reduced production.
Total Petroleum Stocks
Total stocks (including SPR) grew slightly (0.1%) week-over-week and 0.4% year-over-year.
Total stocks (excluding SPR) also saw a modest rise of 0.1%, showing stability in inventory levels.
Possible Implications
The decline in crude oil reserves (SPR) suggests continued depletion of strategic resources.
Higher gasoline inventories may indicate lower demand or increased refining capacity.
The drop in distillate fuel oil could suggest heightened consumption or lower refinery output.
The significant decrease in propane/propylene stocks might be due to seasonal variations or supply-chain changes.
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USOUSD EIA Crude Oil Stocks Change data is bullish for USO/USD (WTI Crude Oil in USD terms).Here’s why:
• Actual: -2.032M vs. Consensus: -1.7M and Previous: -2.696M
• A greater-than-expected drawdown in crude inventories suggests stronger demand or reduced supply, which typically pushes oil prices up.
• Since USO/USD tracks the price of oil, this news supports a potential upward move in USO/USD.
Lets how the market operates forward.
USOIL Big Question:I'm taking a casual poll. Do you like that I announce that a BIG move is coming when some patterns show up?
If you want me to continue informing of one to come, please give a boost. Seems like I have some nasty critics on the Dow (US30) side who don't understand what signals a BIG move.
USOIL USOIL strategy discussionIdea: USOIL：Fluctuate upwards