oil bear wins so far....

Markets moving a bit after the Biogen rumor

Still holding.... almost puke out.
Near closing time, hasn't gone back to $40 yet but at least bounced off the lows.

But, only 3 more days to go.
Hopefully, it will stay here or bounce back up a little.

This post has been edited by danmooncake: Aug 3 2016, 03:20 AM

if bear stronger, next stop could be 37.84?

I'm surprised that XLE closed in positive despite crude below $40... it dived down, I added more.
Now, I'm in positive territory.

all eyes on eia data tonight at 10.30pm.


Oil Rebounds After API Data Shows 1.3M Barrel Crude Draw

I think i m wrong...these crude data seems to support the price 'on purpose' ??

u mean api often bs to make traders push up the price?

haha, yes....some people out there need to manipulate/maintain the price with news here and there..... i was seeing conflicting news and crude stockpile data...?

api data is just an estimate.

best not to read too much into it.

eia data at 10.30pm is the official one that will really swing things.

about stocks draw or buildup, there is total >2bil bbls stockpile already... 1-2 mil draw does not help prices whereas 1-2 mil build adds pressure.

https://www.eia.gov/dnav/pet/PET_STOC_WSTK_DCU_NUS_W.htm

see what the london traders are doing?

afternoon, push-push wti all the way to close to 40.

9pm, all chicken, dump back to 39.60 or -1%.

this happens almost everyday.

like no confidence, so afraid... get out before closing and us side opens.

on the other hand, us side usually push it up before closing.

singapore traders are better behaved, low volatility, usually.

This post has been edited by AVFAN: Aug 3 2016, 09:23 PM

Haha , so true

Is anyone else seeing an inverse head and shoulder on light crude oil ?

i only see a big dome... heading for 38.50!

3 more min to eia data.

the bulls are roaring away, ready to charge!

BREAKING: Oil sinks as EIA reports surprise 1.4M barrel crude stocks build

but...

BREAKING: Oil prices bounce from brief fall as big gasoline stock draw offsets crude build

This post has been edited by AVFAN: Aug 3 2016, 10:40 PM

Oil seems to have stabilized just a bit

Awesome, this created a nice rebound for XLE regardless of crude price here.
Very nice rebound from yesterday close. Gonna add more...

Yes, one more dollar and it is back to Friday close

wow....quite a rebound....

Going back to $41 for sure... buy buy buy.