Just wondering what your latest thinking is about oil
I firmly believe the world will have diminishing oil reserves, if it hasn't already started
Just wondering when you think supply and demnd are equal
I think we will have to use nuclear for energy at some time
All the other stuff made from oil will cost plenty
Just car tires alone uses lots of oil
I can't imagine all the other stuff made from oil
We are currently in a bull market in oil. the lows we had at $26.10 a few years ago and then the low we had at $42 are solid lows that will never be broken. It is taking time for Oil to move higher but it will happen. I have a cycle high due in 2020 and the only way for this cycle to fulfill itself is if the US attacks Iran. I have no knowledge that his will happen, but the charts say it will. Over all I am still sticking to $350 going into 2026, so there are other concerns around other then the war.
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dude...... 300 acres of sweetcorn awaits you
Thanks Richard!
May 28, 2019 / 8:08 PM / Updated 2 hours ago
3 Min Read
SINGAPORE (Reuters) - Oil prices fell on Wednesday on concerns the Sino-U.S. trade war could trigger a global economic downturn, but relatively tight supply amid OPEC output cuts and political tensions in the Middle East offered some support.
Previous oil discussions:
https://www.marketforum.com/forum/topic/30846/
https://www.marketforum.com/forum/topic/29720/
https://www.marketforum.com/forum/topic/27668/
https://www.marketforum.com/forum/topic/28808/
https://www.marketforum.com/forum/topic/28857/
https://www.marketforum.com/forum/topic/28629/
https://www.marketforum.com/forum/topic/28552/
https://www.marketforum.com/forum/topic/28308/
Crude 3 months below
Crude 1 year below
metmike: Crude supplies have been going way up. In 4 of the last EIA reports, the increases were 4.7 M or more. In fact this has resulted in an increase of more then 20 M during the period.
https://www.investing.com/economic-calendar/eia-crude-oil-inventories-75
| Release Date | Time | Actual | Forecast | Previous | |
|---|---|---|---|---|---|
| May 30, 2019 | 11:00 | ||||
| May 22, 2019 | 10:30 | 4.740M | -0.599M | 5.431M | |
| May 15, 2019 | 10:30 | 5.431M | -0.800M | -3.963M | |
| May 08, 2019 | 10:30 | -3.963M | 1.215M | 9.934M | |
| May 01, 2019 | 10:30 | 9.900M | 1.485M | 5.479M | |
| Apr 24, 2019 | 10:30 | 5.479M | 1.255M | -1.396M |
Weekly US ending stocks of crude oil.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRSTUS1&f=W
Weekly ending stocks for unleaded gasoline.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WGTSTUS1&f=W
Weekly US ending stocks for distillate fuel oil(heating oil-especially used in the Northeast).
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WDISTUS1&f=W
Current gas prices:
https://www.gasbuddy.com/GasPriceMap?z=4&lng=-96.591588&lat=38.822395
https://www.quora.com/Why-are-west-coast-gasoline-prices-higher
https://www.thebalance.com/why-are-gas-prices-so-high-3305653
Actually, gas prices have dropped almost 15c in recent trading, since the highs around in late April.
3 months below
1 year below
10 years below
Chart suggests support near 55. Timing says near term low this week.
Thanks tjc!
How strong is that support at $55. I went long Aug at $55.60 and I am trying to guess where to put my stop.