BLACKBULL:WTI   West Texas Intermediate Crude Oil cash
Saudi-led OPEC and its allies agreed to a larger-than-expected increase in oil production, potentially allowing Riyadh to pump more crude. Simultaneously, Saudi Arabia agreed to extend a two-month-old cease-fire in Yemen with Iran-backed Houthi fighters.
Comment: Aramco is the world's largest corporation, and they want lower crude prices.
Comment: Pro Tip: Central banks all over the world are aiming for inflation with unlimited ammunition under the guise of national security.
Comment: Crude demand is suffocated by higher interest rates.
Comment: Food for thought: The initial drop in oil prices from mid-2014 to early 2015 was primarily due to supply factors such as booming US oil production, fading geopolitical concerns, and shifting OPEC policies. However, deteriorating demand prospects also played a role, particularly between mid-2015 and early 2016. This helps to explain why the drop in oil prices did not result in an immediate boost to global activity.
Comment: For inventories to "finally normalize by late 2023," global oil prices would need to average $135 per barrel for a year beginning in July.
- the analysts
Comment: Something must happen to cause a 500,000 b/d drop in global crude demand to rebalance the market.
Comment: hourly evening star candlestick pattern on 6/14
Comment: weekly evening star candlestick pattern on 6/18
Trade active: 6/17 WTI entered into a downtrend on the daily supertrend indicator
Comment: According to CFTC data, retail traders are now the most net-long since December 22, when WTI was trading near $73 per barrel. We usually take a contrarian approach to crowd sentiment, and the fact that traders are net-long suggests that WTI prices will continue to fall.
Comment: hourly evening star candlestick pattern on 6/29
Comment: Crossing the monthly belkhayte timing zero line into negative territory.
HYG correlation with crude is as negative as in 2019-2020.
Comment: Higher prices will always encourage additional production. In a contracting market, this will drive down prices, and any deliberate attempts to cut production in order to raise prices will simply backfire.
Comment: Iran is lowering its crude prices in order to gain market share.
Comment: long positions are increasing
Trade active: U.S. commercial crude-oil inventories surprisingly increased last week, while gasoline stockpiles also rose.
Comment: "If you have a milkshake and I have a milkshake and my straw reaches across the room, I'll end up drinking your milkshake."
-Senator Albert Fall
Trade active: Any cut to crude output will prolong depression. Cutting production cuts growth. Checkmate for the Autocrats.
Comment: Saudi's need money.
Comment: The straw that broke the camel's back.
Comment: German industry stopped buying gas and power forwards, or hedging . Companies assert that either prices will decrease. Or they'll stop producing.
Trade active: OPEC cut growth. There will be less oil and lower prices.
Trade active: The Department of Energy says its plan to restock US emergency oil supply after fiscal 2023.
Trade active: OPEC cutting more growth.
Trade active: looking for profit at $60, $40, $20

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