allegations of Human Rights violations are, IMHO, playing an important strategic role for the dynamics of supply and demand and the management of oil price control. Saudi Arabia was placed under unprecedented scrutiny, and economic and political pressure from the international community because of this.
A lot of European Countries have stopped the sale...
according to IMF Saudi Arabia would need oil at $80-$85 a barrel to balance budget. According to some other economists 2019 budget implies Brent at $70-71 per barrel with oil production at 10.2 million barrels per day. According to Ellen R.Wald Saudi Arabia does not base its oil policy on the budgetary break-even price per barrel of oil.
allegations of Human Rights violations are, IMHO, playing an important strategic role for the dynamics of supply and demand and the management of oil price control.
Ellen R Wald wrote the following article published by Investing.com which I found interesting. www.investing.com
At the end of the article Ellen...
"Refinery stocks are not ripe just yet, especially with crack spreads as weak as they are. We're already seeing three of the top four holdings in CRAK begin to roll over, including Marathon, Velaro, and Holly Frontier. Phillips 66 is the outlier.
We continue to wait for CRAK to reach to range bottom with a confluence of crack spreads. If refiners continue to...
Oil has also seen a dramatic decline in volatility with the OVX down 35 percent over the last month versus an eight percent decline in the VIX. But, prices are beginning to stagnate across cyclical drivers as the macro data out of China and Europe continue to decelerate.
"There is currently a 19.8% premium versus the 20-year seasonality , and
Current Price at Posting: 54.69
Directional Bias: Long
Price Target: 57
Good Entry: 64-64.3
Risk/Reward: Max of 30 tick risk / Potential Reward of 200+ ticks.
Trade Idea Invalidation: Hourly Candle close below 64
After hitting the 0.786 retracement level from the previous week's highs and finishing the week at the 0.382 retracement level from this year's highs, I'm targeting the area of between the complete retracement of May 31st highs and the 0.618 of the year's highs.
Although the shadow has gone wider than previously thought (S&R), I'm convinced next week CL1! begins the next impulse wave (3rd). For the week I'm targeting 67.80$ towards 0.382 fib retracement, for the whole month 73.22$ toward 0.618 fib extension, and in July ending the third impulse at the 77$-78$ range (both 1 fib extension from the first impulse wave and the...
Bearish short term ABC correction waves forming with H&S pattern, and possibly bullish mid term reversed H&S pattern forming with a new 12345 wave cycle. Long term seems healthy (possible bullish triangle forming) to break '14 highs.