They said this same thing every year for the past 3 years! Morons. I wish I could get paid to spew nonsense.
Energy; what's the outlook?
- Thread starter Cuddles
- Start date
They said this same thing every year for the past 3 years! Morons. I wish I could get paid to spew nonsense.
Everything looking bearish. Daily chart has the price now trading below the 89EMA. TSI just crossed over to the downside. Been running upside since July. ADX low as it's been in many months. News is all bad if you're long.
The price of the OPEC basket of 14 crude varieties of its members dropped to US$49.37 a barrel on Friday from US$50.70 the previous day, OPEC said on Monday, citing OPEC Secretariat calculations.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela).
The ORB averaged US$49.20 per barrel in May, dropping by more than 4 percent over April, to its lowest level for 2017, as the market was range-bound and bearish for most of May despite OPEC/non-OPEC’s cuts extension, the cartel said in its Monthly Oil Market Report in June with data for May.
But then in June, oil entered a bear market, and the ORB price dropped to US$45.21 a barrel, down by 8.1 percent compared to May, to its lowest value for the year, OPEC’s oil market report with June data showed.
Short of missiles being launched it's all down from here. 45ish has some tepid resistance. It is the oil patch, so who the heck knows. Sidelines for now, licking my wounds.
The price of the OPEC basket of 14 crude varieties of its members dropped to US$49.37 a barrel on Friday from US$50.70 the previous day, OPEC said on Monday, citing OPEC Secretariat calculations.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela).
The ORB averaged US$49.20 per barrel in May, dropping by more than 4 percent over April, to its lowest level for 2017, as the market was range-bound and bearish for most of May despite OPEC/non-OPEC’s cuts extension, the cartel said in its Monthly Oil Market Report in June with data for May.
But then in June, oil entered a bear market, and the ORB price dropped to US$45.21 a barrel, down by 8.1 percent compared to May, to its lowest value for the year, OPEC’s oil market report with June data showed.
Short of missiles being launched it's all down from here. 45ish has some tepid resistance. It is the oil patch, so who the heck knows. Sidelines for now, licking my wounds.
And then there's this. Smartest guys in the room getting their heads handed to them does not make me feel any better. So much for following the money.
https://www.reuters.com/article/us-hedgefunds-oil-kemp-idUSKCN1AV00P
https://www.reuters.com/article/us-hedgefunds-oil-kemp-idUSKCN1AV00P
%%
LOL-predictions
APC gap up may or may not hold; oil stocks/sector hit so many lows, past 10 years =turn about = fair play. NOT a prediction
Agree with you Mr. turtle. In deepwater drilling, from planning to first well takes many years so when they started to rally recently, must be the smart money are betting oil has bottomed.%%
LOL-predictions
APC gap up may or may not hold; oil stocks/sector hit so many lows, past 10 years =turn about = fair play. NOT a prediction
That's a good point for flat price.
Profitable energy spread trading requires volatility to get price dislocations. Any thoughts on the outlook for volatility in energies?
That’s not necessarily true. Changes in forward supply versus demand expectations will play a MUCH larger role with intramarket forward curve convexity changes than outright vol.
If your premise regarding vol and spreads were true I would just play flat price straddles and strangles and leave it at that.