USOIL in bad shape

WTI CRUDE OILTVC

Description

⋅ Apr 20, 2020 10:37 AM

reuters.com/article/us-oil-prices-kemp-column/u-s-crude-oil-storage-is-filling-rapidly-kemp-idUSKBN21Z28G

It's difficult to pinpoint a bottom on this. Publishing to see how price discovery will happen in hindsight, no clue on where it will stop.

Comment

⋅ Apr 20, 2020 11:59 AM

Comment

⋅ Apr 20, 2020 9:54 PM

Here's May to Sept. contracts for anyone interested:

//@version=4
study("NYMEX:CL[K/M/N/Q/U]", overlay=true)

c(x) =>
y = "NYMEX:CL" + x + "2020"
out = security(y, timeframe.period, close)

k = c("K")
m = c("M")
n = c("N")
q = c("Q")
u = c("U")

plot(k, "May", color.gray)
plot(m, "June", color.red)
plot(n, "July", color.teal)
plot(q, "August", color.blue)
plot(u, "September", color.green)

Trend Analysis Crude Oil WTI

Comments

ICEKI

⋅ Apr 20, 2020 12:00 PM

$10 level should hit!

NeoButane

⋅ Apr 20, 2020 12:14 PM

Interesting! Why do you think it will bounce there? I can see it being a strong psychological level since it's a nice round number

ICEKI

⋅ Apr 20, 2020 8:37 PM

@NeoButane, Hahaha you right neoButane. I just bet for nice round number, however the result told us don't just blindly buy from bottom and always trading with well plan MONEY MANAGEMENT. The May oil contract CLK2020 in negative price.... can anyone imagine WTH ><""

NeoButane

⋅ Apr 20, 2020 9:37 PM

@ICEKI, This has become a pretty scary climate...

I do know that $10 is a little bit above production cost for Saudi Arabi and UAE. So it would've been the best place to bet! And now at least you can get paid for barrels to be delivered :p

ICEKI

⋅ Apr 20, 2020 9:39 PM

@NeoButane, Yes that very ture =D

ICEKI

⋅ Apr 20, 2020 10:42 AM

Yes bro; terrible day for some people continue keep buying in lower price.....