As more bearish speculators no

2023-08-11

As more bearish speculators now step aside, oil prices should continue trending higher for as long as there are no major demand worries. So, a move up to $85 looks increasingly likely from here.

The Energy Information Administration reported U.S. crude inventories rose by 5.9M barrels in the week ended August 4, but gasoline inventories tumbled by 2.7M barrels and stocks of distillates, which include heating oil and diesel fuel, fell 1.7M barrels.

Stockpiles at the key storage hub of Cushing, Oklahoma, have declined for five of the past six weeks.

The U.S. drawdowns helped ease some demand concerns after Chinese data this week showed July crude oil imports plunged 18.8% from the previous month to their lowest daily rate since January.

WTI's push past the previous April high means traders who were skeptical of efforts by OPEC+ have been proven wrong, said Fawad Razaqzada, market analyst at City Index and Forex.com.

Will you take profits after oil hits $95?

WTI crude oil futures reaches to a record high of $95.03. Oil prices rise to the resistance level of $94 we mentioned before. Hedge funds, however, predict oil prices will soon pass $100 a barrel. -------------------------------- Will you take profits at $95? Or will you go long as institutions? Will you short oil?

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

SiongZ
2023-08-13
SiongZ
I have some time to watch wti to get traction. The world markets are starting to cooperate in lower output caps to create demand and price increases. $5 wti is a certainty but a $9 target in 12 months predicted is probably out of reach unless WTI makes an clever acquisition. The earnings conference gave me a lot of confidence in the short and mid term on management and their decisions.
0billionaire
2023-08-13
0billionaire
Made a big move buying at $3.93. Used all remaining truck powder. Planning this is the last week of dips.
CharlesBaker
2023-08-13
CharlesBaker
I think wti should be up more, especially bc of crude price movement. From the earnings conference, it sounded like leadership is approaching the late summer/fall with cautious/optimism and looking for opportunities. What insights do you have?
RandyHall
2023-08-13
RandyHall
Interesting that every time i put a market order in for a batch of shares, it pulls the price down slightly. I would expect the opposite. I repeated this like 4 times, and every time it would hit the price as i watch in a real-time streaming ticker.
I feel pretty good about the next few months. ( i don't feel good about what high oil prices will do to the economy however )
PSG2010
2023-08-13
PSG2010
EIA reports highest weekly draw in nearly 20years. Draw of 17mb. And crude still falling. Just a red day all around.

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So, a move up to $85 looks increasingly likely from here.\nThe Energy Information Administration reported U.S. crude inventories rose by 5.9M barrels in the week ended August 4, but gasoline inventories tumbled by 2.7M barrels and stocks of distillates, which include heating oil and diesel fuel, fell 1.7M barrels. \nStockpiles at the key storage hub of Cushing, Oklahoma, have declined for five of the past six weeks.\nThe U.S. drawdowns helped ease some demand concerns after Chinese data this week showed July crude oil imports plunged 18.8% from the previous month to their lowest daily rate since January.\nWTI's push past the previous April high means traders who were skeptical of efforts by OPEC+ have been proven wrong, said Fawad Razaqzada, market analyst at City Index and Forex.com.</body></html>","htmlText":"<html><head></head><body>As more bearish speculators now step aside, oil prices should continue trending higher for as long as there are no major demand worries. So, a move up to $85 looks increasingly likely from here.\nThe Energy Information Administration reported U.S. crude inventories rose by 5.9M barrels in the week ended August 4, but gasoline inventories tumbled by 2.7M barrels and stocks of distillates, which include heating oil and diesel fuel, fell 1.7M barrels. \nStockpiles at the key storage hub of Cushing, Oklahoma, have declined for five of the past six weeks.\nThe U.S. drawdowns helped ease some demand concerns after Chinese data this week showed July crude oil imports plunged 18.8% from the previous month to their lowest daily rate since January.\nWTI's push past the previous April high means traders who were skeptical of efforts by OPEC+ have been proven wrong, said Fawad Razaqzada, market analyst at City Index and Forex.com.</body></html>","text":"As more bearish speculators now step aside, oil prices should continue trending higher for as long as there are no major demand worries. So, a move up to $85 looks increasingly likely from here. The Energy Information Administration reported U.S. crude inventories rose by 5.9M barrels in the week ended August 4, but gasoline inventories tumbled by 2.7M barrels and stocks of distillates, which include heating oil and diesel fuel, fell 1.7M barrels. Stockpiles at the key storage hub of Cushing, Oklahoma, have declined for five of the past six weeks. The U.S. drawdowns helped ease some demand concerns after Chinese data this week showed July crude oil imports plunged 18.8% from the previous month to their lowest daily rate since January. 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The world markets are starting to cooperate in lower output caps to create demand and price increases. $5 wti is a certainty but a $9 target in 12 months predicted is probably out of reach unless WTI makes an clever acquisition. The earnings conference gave me a lot of confidence in the short and mid term on management and their decisions.","text":"I have some time to watch wti to get traction. The world markets are starting to cooperate in lower output caps to create demand and price increases. $5 wti is a certainty but a $9 target in 12 months predicted is probably out of reach unless WTI makes an clever acquisition. The earnings conference gave me a lot of confidence in the short and mid term on management and their decisions.","html":"I have some time to watch wti to get traction. The world markets are starting to cooperate in lower output caps to create demand and price increases. $5 wti is a certainty but a $9 target in 12 months predicted is probably out of reach unless WTI makes an clever acquisition. The earnings conference gave me a lot of confidence in the short and mid term on management and their decisions.","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"hot","coins":0,"score":0},{"id":208409470378016,"gmtCreate":1691909351889,"gmtModify":1691909356936,"authorId":3479274803156147,"author":{"id":3479274803156147,"authorId":3479274803156147,"name":"0billionaire","avatar":"https://static.laohu8.com/picture159","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":207645352112192,"type":1,"supId":0,"prevId":0,"content":"Made a big move buying at $3.93. Used all remaining truck powder. Planning this is the last week of dips.","text":"Made a big move buying at $3.93. Used all remaining truck powder. Planning this is the last week of dips.","html":"Made a big move buying at $3.93. Used all remaining truck powder. Planning this is the last week of dips.","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0},{"id":208409639874576,"gmtCreate":1691909328797,"gmtModify":1691909333975,"authorId":9000000000000186,"author":{"id":9000000000000186,"authorId":9000000000000186,"name":"CharlesBaker","avatar":"https://static.tigerbbs.com/5301b3bd4f234ea34f854f5c2163132e","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":207645352112192,"type":1,"supId":0,"prevId":0,"content":"I think wti should be up more, especially bc of crude price movement. From the earnings conference, it sounded like leadership is approaching the late summer/fall with cautious/optimism and looking for opportunities. What insights do you have?","text":"I think wti should be up more, especially bc of crude price movement. From the earnings conference, it sounded like leadership is approaching the late summer/fall with cautious/optimism and looking for opportunities. What insights do you have?","html":"I think wti should be up more, especially bc of crude price movement. From the earnings conference, it sounded like leadership is approaching the late summer/fall with cautious/optimism and looking for opportunities. What insights do you have?","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0},{"id":208409453887504,"gmtCreate":1691909283391,"gmtModify":1691909298980,"authorId":9000000000000176,"author":{"id":9000000000000176,"authorId":9000000000000176,"name":"RandyHall","avatar":"https://static.tigerbbs.com/9a2c539bd7eff494d3755975b44673ef","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":207645352112192,"type":1,"supId":0,"prevId":0,"content":"Interesting that every time i put a market order in for a batch of shares, it pulls the price down slightly. I would expect the opposite. I repeated this like 4 times, and every time it would hit the price as i watch in a real-time streaming ticker.I feel pretty good about the next few months. ( i don't feel good about what high oil prices will do to the economy however )","text":"Interesting that every time i put a market order in for a batch of shares, it pulls the price down slightly. I would expect the opposite. I repeated this like 4 times, and every time it would hit the price as i watch in a real-time streaming ticker.I feel pretty good about the next few months. ( i don't feel good about what high oil prices will do to the economy however )","html":"Interesting that every time i put a market order in for a batch of shares, it pulls the price down slightly. I would expect the opposite. I repeated this like 4 times, and every time it would hit the price as i watch in a real-time streaming ticker.I feel pretty good about the next few months. ( i don't feel good about what high oil prices will do to the economy however )","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0},{"id":208410220384272,"gmtCreate":1691909470524,"gmtModify":1691909475606,"authorId":3479274775305388,"author":{"id":3479274775305388,"authorId":3479274775305388,"name":"PSG2010","avatar":"https://static.tigerbbs.com/541f6f2cb8479fb86a8d8ef23f482196","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":207645352112192,"type":1,"supId":0,"prevId":0,"content":"EIA reports highest weekly draw in nearly 20years. Draw of 17mb. And crude still falling. Just a red day all around.","text":"EIA reports highest weekly draw in nearly 20years. Draw of 17mb. And crude still falling. Just a red day all around.","html":"EIA reports highest weekly draw in nearly 20years. Draw of 17mb. And crude still falling. Just a red day all around.","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0}],"isCommentEnd":false,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/207645352112192"}