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AwesomeAvani
Jan 12, 2024 5:19 AM

USDUSD Oil Prices react to Middle East Long

EIGHTCAP:USOUSD15
Spot WTI Crude OilEightcap

Description

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On Thursday January 11th ( earlier today) WTI Crude prices gyrated widely

likely in reaction to US /UK intervention on the terrorists who seized a tanker on the behalf of

Iraq in the Red Sea / Suez Canal area putting shipping and supply concerns into the oil industry

to offset any weak demand. The 15 minute chart shows a megaphone pattern as a

demonstration of waves of relative volatility in price action. I have a position shorting oil

and will now close that position as I see a long entry developing here. US companies that use

rail and pipeline matching domestic production to consumption are less impacted by this

oceanic shipping issue. I will focus on them especially. OXY is at the top of the list and then

MRO.

Trade active

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Trade active

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More whipsaw volatility as expected buying more at the lower trendline of support.

Trade active

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Comment

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Increased volatility due to Iranian / Israeli conflict

Comment

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Comment

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OscillatorsVolatilityVolumelongoilbigoilCrude Oil WTIgeopolitical-riskOXYMROmrolongusousdusousdlong
Comments
AwesomeAvani
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MRO idea from today echo and link :

AwesomeAvani
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Today's entry for an add to position marked on 15 minute chart here
AwesomeAvani
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US Energy Department is now putting up auction requests for millions of barrels of oil to replenish the strategic reserve thus increasing demand at a time when shipping and its costs are rising due
to issues in the middle east- then lends support to rising price and suggests that that federal agency is expecting higher prices reuters.com/markets/commodities/us-buys-3-million-barrels-oil-strategic-reserve-2023-12-26/
AwesomeAvani
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ft.com/content/97f31f14-0697-4fa9-bff0-64c23799651f
AwesomeAvani
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AwesomeAvani
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Played on Forex with offshore leverage levels, these moves were converted to massive gains. 👍 more of the same a reasonable probability in the immediate term.
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