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No prob bob! Or rather Dave
API out tomorrow, EIA out Thursday.
Good morning UWTI, ready for another great day, weharther to add or to gain. Good luck to all.
Ok thanks Kam. I don't go too heavy one way or another these days. I use a lot more caution because I'm not as versed in the tea leaves reading as you and TMM so I always hold something back for the dips.
Thank you Kam and TMM today is looking great. Thanks for all the info.
$29 is looking fine.
Good morning UWTI.
I've been trying to game out what I think next week will bring for UWTI/WTI. I believe from the short data that I have found, there was about 40 mil barrel covered and about 50 mil left to go. I wonder how that wil unfold this week. Also I'm thinking we see a decent API-EIA draw due to weather hampering deliveries in the Atlantic. Lastly, the dollar may do us a favor by rolling over a bit and providing some additional up side there. I'm guessing that $29-$32 UWTI this week, probably by Thursday if we get all these ducks aligned. The big unknown is what the Mideast conflict will do to oil coming from this region to the global market. The bombing in Yemen, the fact that there has been significant disruptions in supply from places like Algeres, Russia/Saudi conflict over Syria.... and the Iran wildcard. I think this could be a really nice week for UWTI. But just my opinion, and I only post it so that those who understand better about these things would please enlighten me if there are places that I am mistaken or to expound on the areas that aren't touched on. I hope everyone had a great and safe weekend and great trading in the coming week.
Swampdude, I wish you and all those in Matthew's wake all the best. Keep your head above water and yourself on firm ground. Let hope this is the worse of this years weather. Be safe.
I am ready for them TMM. Still holding from low $24's waiting for some more buys...
Be safe and I wish you all the best. The markets and profits will be here when you get back. No need to worry about that my friend. Let's pray that Matthew goes out to sea and never returns.
Looking niiiiceee!!!
Please be careful Swampdude, I hope it does head back out to sea and has minimal impact on all you guys. Our heart and or prayers are with you all. Keep us posted once things calm down to let us know you're ok.
If you think it's bad now let's hope it doesn't shift trajectory and head for the GOM because as a cat. 3-4 storm with warm golf waters egging it on it can really get nasty, and we all know that story already. Oil prices will be the least of all our concerns.
Me thinks maybe one more hod before the day is done.... I like $27.25-$27.50 area....time to take a poke at the WTI $50
Haha you deserve it Kam, keep it going and with all the helpful info you and TMM share I hope to be in your shoes one day. My first goal will be not to have to work for a living. Although with all that's required of trading effectively I'm sure that there's plenty of work to be done.
Domestic production declined by 30,000 barrels per day despite an increase in Alaska production.
* Production in the Contiguous United States (excluding Alaska) decreased by 38,000 barrels per day. This is a very large weekly decline in domestic production and essentially erases the gains made during August of this year. We will wait one week before speculating the reason behind this decline (i.e. hurricane). Regardless, with oil about to break $50/bbl and with Saudi Arabia now interested in supporting oil prices, producers will have more than ample opportunities to hedge production, add new rigs and increase production.
From a SA article. I think the fact that It's significant to see August's gains all erased...speaks to the so called glut and moves higher...
As always. Professors TMM and Kam has elucidated the wherefore and whys of oils movement upwards. And I think this is only the beginning. Good show good sirs, good show indeed!!!
I've got my eyes glued to it Kam hoping for a nice push up over $50 WTI and a sweet Uwti move with it. Looking pretty good so far. And the USD hasn't even been a factor yet if it drops we get some added fuel. Nice work on your gains, congrats and hope you do even better before tear ends.
WTI hod $49.63 uwti $26.61 oil heading for $50 and beyond... can we see $60 soon? I think so. Tasty chicken!!
Good morning TMM, Kam, and all UWTI. Looks like a nice day setting up for us.
Mmmmm mmmm tasty chicken!!!
Might get a nice opertunity to grab some more in the morning. I'll be watching.
NICE!!! Today is a great day for UWTI, tomorrow should be even nicer!!!
I take my ques form the best.
Thank you TMM
Should be some nice moves from reports today and tomorrow. Maybe inventory draw if weather was a factor in preventing delivery. Took a bit on that little dip.
Nice UWTI big moves...
Tomorrow's report should be very interesting and Wednesday's as well. Go UWTI! Professes TMM and Kam. Teaching class as usual. And that's in all sense of the word CLASS!
I think that Hurricane Mathew may cause another supply disruption that can lead to large draws like a few weeks ago. Let's hope that it doesn't do too much harm to those in its path.
I hope everyone here has a great weekend, out at $24.50 today from low $20's lets hope next week brings us some nice juicy UWTI gifts. Pizza night with the wife and 2yo. + an Extra slice with anchovies..... Thanks for a great week TMM and Kam! See you next week. And a great weekend to all.
Excuse me good sirs... Did someone order the UWTI $25's? Coming right up good sirs...
Ok $25's the professor has summoned you, come forth and make yourself known!!! High oil prices means high gas prices, just as effective at hurting consumer confidence, probably more damaging as it is immediate as opposed to 401k effects.
Bring it on!!! Best of luck today!!
Thank you but I have to give the credit where it's due. TMM and Kam are the ones that's been giving me pertinent info and I'm brand new to TA and chart reading. That one was copied from someone else's site. I still don't have a firm grasp on it but I do listen to smart people and do as they do... Hope you do well my friend.
Ok UWTI all the best today. 7 minutes to blast off!!
Respectfully, in that article it states that Rosneft's profits are down 75%, production up .7% so far this year.... and they will increase their production by 20%? I wonder how soon? I think it's an attempt at good cop bad cop to signal to US producers not to bring up rigs as they production freeze/cut drama is played out. It bluster, sound and fury..... Russia needs higher oil prices too. As had been said, " higher oil prices is needed for the world's economy".
I believe that'll be the next shoe to drop and that will take us over $50bb
I see it a bit differently, respectfully. I think the agreement was brought forth in a manner that seeks to perhaps bring in US oil producers as they too would suffer from low oil prices. For example, more rigs on line at a slightly higher price per barrel also incurs more cost to operate and as such leaves vulnerable to OPEC price manipulation so. So more rigs come on line and the agreement is scuttled, oil drops hard and incurred dept by US producers leaves them in a deeper hole. I think they will hold off and operate as is in order to service some debt until a true floor is established. After all, the original request was for OPEC and "OTHER" producers to agree on a level of oil price in order to establish stability. I don't think that is meant for just Russia and small producers outside of OPEC I think it also aims to court the US producers amount others. I'm just guessing but let see what tomorrow brings and the next few weeks. Any response would be appreciated.
It's really amazing how you and TMM share your knowledge with us, never mean spirited or condescending even when having a bit of fun. I'm very great full for that.