same here i was busy in my local equities the last week 3x P/E multiples and 15-20% price rise daily was good
got out at 49.60 failiure to close above 50.00 is a weakness sign it will drop below till 49.00 in the asian and european session where i will be looking to buy again
Crude prices ticked lower after shedding $4 Monday on concerns about the future of General Motors Corp. (GM) and privately held Chrysler LLC. U.S. equity markets sank on the prospects of one or more going bankrupt, and oil followed suit. "Yesterday's sell-off was excessive," said Gene McGillian, an analyst at Tradition Energy in Stamford, Conn. "But we seemed to slide below $50 a barrel without any difficulty...the market's going to be watching to see how that key level plays out." Crude's rally last week sent prices beyond $54 a barrel but this was purely driven by equities, McGillian said. The rally soon ran out of steam as the stock market went into the red. Traders have also been eyeing the U.S. dollar, flocking to crude oil and other commodities as a hedge against the weakening currency. The shift in economic sentiment from last week's optimism was "hardly a surprise as commotion in the auto industry reminded everyone, with brutal clarity, of the reordering the global economy still has to undergo before this calamity passes," said Mike Fitzpatrick, an analyst at NF Global in New York. And prospects for a rebound in demand remain bleak, presaging a poor summer driving season as unemployment continues to rise in the U.S. Meanwhile, U.S. crude oil stocks remain at 16-year highs and analysts are forecasting a further 2.6 million barrel increase when the Department of Energy releases its weekly report Wednesday morning. The first indications of domestic inventory levels will come Tuesday at 4:30 p.m. EDT, when the American Petroleum Institute publishes its report. -------- Front-month April reformulated gasoline blendstock, or RBOB, was down 1.49 cents, or 1.1%, at $1.3650 a gallon. April heating oil fell 1.27 cents to $1.3299 a gallon.
I think this is one last push before tomorrow EIA report , I feel this 49.90 is peak it will give back to 48.50 level atleast before 10:30 report tomorrow
OPEC has lowered its oil price forecast for this year. Qatarâs oil minister said yesterday that prices between$40 and $50 are fine in light of the global economiccrisis. He also said he did not believe OPEC would cut production at its next meeting in May. Crude prices have recovered more than $1 of yesterdayâs losses as European equity markets are up more than 2% this morning while the dollar is falling. Can these gains hold however given todayâs OECD outlook showing the world economy will shrink this year by 2.75% with the US economy shrinking by 4%
Be ready to drop that if it breaks the upward sloping trendline (currently $47.50). The fundamentals do not support $50 oil.
closed all shorts at 49 for flat , taking a break before next position . mostly looking at short around 49.60 level , may take long only if it is too cheap like 47.50 level
Aloha mate, nicely done on your trading btw.. Your doing extremely well recently. And well i had slept over at my family house lastnight, cos i had gone my mates in the evening and couldnt be fked to get the train back to my flat. And so this morning i wanted some chocolate and so i walked down the road to the petrol station. However just opposite the petrol station on the otherside of the road is the jobcentre, and so theres always quite a few fit teenage girls hanging around outside it waiting to sign-on or looking at job posters n stuff. And so i slowed down my walk to have a perv at them, but as a result of not looking where i was walking i endedup falling over a stupid bucket of water that was on the floor by the car-washing bit!! (Which made them all start giggling at me) Lol I was lucky there was no water in it, as i was wearing my armani suit and gucci shoes so would have been in a huge rage if it had got wet or dirty! :O But so being an opportunist / combined with being a very charismatic ambitious guy who doenst every get shy this gave me an idea of how to make some money plus get to meet some hot babes.. So i went over to the car-wash machne to check how much it was charging, then went back over the road to a group of 3 of the fittest girls and asked them that since they were at the jobcentre would they like to earn some money... They started lauging and asked what exactly i meant, since i must have looked like some sort of pimp all doneup in my suit with the diamond earing and necklace! But i told them that it would just be washing cars, they would be getting about £10 per hour, and it was an extremely hot day so it would be better than them just hanging round the streets all day. Since next to the petrol stations area theres a just an empty area about 40metres long that is just dirt-track and gravel, no-one actually owns it, and cars sometimes queue up along it though if theres a queue for the petrol station. So i just popped into the petrl station shop, bought 2 buckets, 4 big sponges, and some car cleaning soap liquid. They didnt sell hoses or cardboard, but so i just popped over to tecos and bought 4 1mx1m peices of cardboard, a feltip pen, and a 15m hose pipe. I then went back to my area next to the petrol station, wrote in big writing on each peice of cardboard (Car wash £4), folded the bit at the bottom on them down and got a rock from the gravel to put on the cards to hold them standing up in place so cars could see them as they drove by. And then just went to the water tap next to the gas tap (Its on the petrol stations area technically but its owned by the council and so free for the public to use)
NEW YORK -- U.S. crude oil stocks are expected to rise to a fresh multi-year high on data due Wednesday from the Department of Energy, according to a preliminary Dow Jones Newswires survey of analysts. The data, put out by the department's Energy Information Administration unit and covering the week ended March 27, are due at 10:30 a.m. EDT Wednesday. Separate inventory data collected by the American Petroleum Institute are due at 4:30 p.m. EDT Tuesday. Crude oil inventories are expected to rise 2.6 million barrels, according to the mean of 10 analysts' forecasts. Nine of the 10 expect an increase. Estimates range from no change to an increase of 5 million barrels. Crude oil inventories have risen three weeks straight. The predicted gain would boost them to more than 359 million barrels, a level last seen in mid-July 1993. Gasoline inventories are seen falling by 1.1 million barrels, according to the analysts' average. Eight of the 10 analysts foresee inventories declining, with estimates ranging from a decline of 3 million barrels to a gain of 1 million barrels. Stocks of distillates, which include heating oil and diesel fuel, are expected to fall by 500,000 barrels. Seven of the 10 analysts expect a decline, with forecasts ranging from a decline of 1.6 million barrels to an increase of 1.5 million barrels. Refinery use is seen rising by 0.2 percentage point to 82.2% of capacity. Another gain in crude stocks could put pressure on oil prices that recently fell back below $50 a barrel. "We're entering the second quarter, which is a time of year when crude stocks normally build in the U.S., with crude levels very high," said Antoine Halff, deputy head of research at brokerage Newedge USA in New York. Analysts' Estimates Analyst Crude Gasoline Distillates Refining Alaron Trading +1 +1 +1 +0.5 BNP Paribas +2 -1 -1.5 +0.25 Cameron Hanover +5 -3 -1.6 +0.25 Citi Futures unch -1.5 -1 unch Excel Futures +1.9 -2.1 -0.6 -0.6 IAF Advisors +1.5 -2 +1.5 +0.5 MF Global-Fitzpatrick +3.5 -0.75 -0.5 +1 Newedge +3.6 -1.6 -1.5 unch Ritterbusch & Assocs +2.5 -1.5 -1.8 -0.2 Summit Energy +3.5 -1 -1.2 +0.25 Tradition Energy +3.5 -1.5 -1.1 unch TrendMax Futures +1.5 +1 +1.5 unch Average Estimate +2.5 -1.2 -0.6 +0.2 Figures in millions of barrels, except for refining use, which is reported in percentage points. Figures are rounded to two decimal places in table, one decimal place in averages and story. For analysts providing forecasts in a range, the average of the upper and lower ends of the range is used.