1: OPEC warns of 2019 oil glut as demand slows, rival supply rises
2: Trump: Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!
3: U.S. set to produce half of world’s oil, gas output by 2025, IEA report finds
At this moment, oil is at 58.75, there is a battle between Bull and Bear.
It's an over supply market with the hope of cutting supply by OPEC.
However, the US is producing more and more, therefore the question: Is US gonna participate in the cut?
Furthermore, to talk about the cut only because demand is slowing, meaning aligning supply with demand, and there is no impact on the price.
To bring the cut on the table, the price should further go down, so I think Saudi will produce more and more before 6 Dec.
I will short the market today, based on 14 minutes chart.
2: Trump: Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!
3: U.S. set to produce half of world’s oil, gas output by 2025, IEA report finds
At this moment, oil is at 58.75, there is a battle between Bull and Bear.
It's an over supply market with the hope of cutting supply by OPEC.
However, the US is producing more and more, therefore the question: Is US gonna participate in the cut?
Furthermore, to talk about the cut only because demand is slowing, meaning aligning supply with demand, and there is no impact on the price.
To bring the cut on the table, the price should further go down, so I think Saudi will produce more and more before 6 Dec.
I will short the market today, based on 14 minutes chart.
Trade active:
Short at 57.22
Trade active:
U.S. shale oil output to hit record high 7.9 million barrels per day in December: EIA.
It will be interesting to see how the inventory will be on Tuesday after the first week of the sanction.
Overall, the market is still oversupply. Will keep the short position until tomorrow at 10h30.
It will be interesting to see how the inventory will be on Tuesday after the first week of the sanction.
Overall, the market is still oversupply. Will keep the short position until tomorrow at 10h30.
Trade active:
Today, I expected a battle between bull and bear. I will get out of the trade based on a 15 minutes chart.
Trade closed: stop reached