• 5 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 10 minutes Iranian Sanctions - What Are The Facts?
  • 15 minutes U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 22 mins Can the World Survive without Saudi Oil?
  • 3 hours Sears files Chapter 11
  • 3 hours Natural disasters and US deficit
  • 12 mins U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 20 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 5 hours China Is the Climate-Change Battleground
  • 1 day How Long Until We Have Working Nuclear Fusion Reactor?
  • 2 days $70 More Likely Than $100 - YeeeeeeHaaaaa
  • 2 days COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 19 hours Saudi A Threatens to Block UN Climate Report
  • 13 hours Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
  • 18 hours German Voters Set to Punish Merkel’s Conservative Bloc
  • 18 hours Nothing new in Middle East? Iran Puts On 'Show Of Strength' Military Exercise In Gulf
Alt Text

Rig Count Inches Lower As Oil Prices Stabilize

Baker Hughes reported a dip…

Alt Text

Permian Producers Have A Power Problem

Permian producers don’t just have…

Martin Tillier

Martin Tillier

More Info

Trending Discussions

WTI: The Same Price But A Different Play

Rigs

The last time I wrote in these pages was two weeks ago, as I spent last weekend at a trader’s conference, and at that time, with WTI trading at just over $43, I said that I was unsure of where we went from there and would be sitting on my hands. If you don’t look at a chart and just know that we are now, two weeks later, trading at just above $43 that makes me look like a genius who can call lack of movement just as much as movement. The reality, however, looks like this…

(Click to enlarge)

Figure 1: Two week 30 minute chart for QM

Yes, while my indecision raged, WTI climbed a full ten percent and then dropped back again, all in a two week period. In fact, while I didn’t see the move up coming, I and my Energy Trading Team members did get short using the leveraged ETF DWTI on the way back down again, so it wasn’t a wasted couple of weeks.

Now that we are back at the same levels as two weeks ago though, it doesn’t mean that I am in the same place. This time there are less contradictory messages, and a few good reasons to believe that even from here we could see a fairly big move. As usual when a trade looks worth taking, both technical and fundamental analysis now point the same way.

From a technical perspective, while the shoulders are a little stubby and slightly deformed, the chart above still looks to me like a big head and shoulders pattern, or at least something that suggests the same thing. After…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News