WTI hits the rocks..but for how long?

[786Trader]

Have been quietly going long on oil and have loved the volatility. However, WTI has paused for a breather since Monday and has gone off sideways. This has surprised me a little as Brent has not followed quite the same path. OK so stocks of WTI are larger than expected, but Heating, Diesel and Gasoline are not and the net imports are still 1.6 million or so. Point being there is still significant demand, but not for WTI. All this has caused a bit of head scratching and further research. So maybe it's just speculation combined with politics. Either way a reversal was due, but for how long? Markets are otherwise in pretty good shape and seemingly Bullish. We shall see. Am holding on to a long position for now as I took profits on Monday. 

[Caseynotes]

@786Trader,  oil wobbled just recently on the news US stockpiles were far larger than the estimates.

[Caseynotes]

@786Trader,  just caught this snippet of an interview from IG on twitter but can't find the full version on IG Youtube yet.

 

[Caseynotes]

Found it  (was on the emea brief)  11 min;

 

[Caseynotes]

Interesting comment on oil from Ole Hanson;

https://www.bloomberg.com/news/articles/2019-03-07/oil-holds-losses-after-u-s-inventories-jump-and-equities-drop

[786Trader]

Thanks for the info Casey. As usual differing arguments. Oil was battered on Friday, but is recovering. Demand outlook may be downgraded, but not by much. Also oil is still at fair price. Venezuela, Iran, Iraq, Saudi on steriods plus the ever calm Russians and Trump, are rarely anything but  volatile. Oil is political. Price will rise some more. that's the position according to my reckoning.

[Caseynotes]

Best of luck @786Trader

[786Trader]

Thanks Casey. 

Still trying to balance, or is that juggle opposing opinions and data streams. 

Really appreciate the info, some reinforces and other casts doubt..........

Good luck to you, ()tempered with good judgement).

[Caseynotes]

@786Trader,  that's always the way, without two sides to the story there wouldn't be two sides to the trade.

[Caseynotes]

US Oil made a significant break to the upside yesterday.

Daily chart;

[Caseynotes]

Oil back on the upward track shaking off recent increased concerns of a global downturn, looks to be aiming for prior high at 60.391.

[Caseynotes]

WTI once again confirms support at 58.22 and now looking to try and break resistance at 60.38, again.