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Thread: USO United States Oil

  1. #25

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    Default Re: USO United States Oil

    Dieing a slow death.

    RBC, currently USO’s only FCM, has expressly informed USO that, until further notice, USO may not hold positions in the Benchmark Futures Oil Futures Contract and that it may not purchase any other Oil Futures Contracts for USO’s portfolio through RBC whether or not such purchases would be within the limits permitted by the exchanges.

    In the strictest literal interpretation of the filing, it could mean that unless it finds an alternative clearer pronto, the USO will be forced to liquidate all its holdings before the next roll period. A looser interpretation might be that it is allowed to hold onto existing positions but not be allowed to add new ones. In a continuing contango market this would see it run down its overall position over time.
    https://ftalphaville.ft.com/2020/05/...esent-danger-/

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  3. #26

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    Default Re: USO United States Oil

    Not USO, but $WTIC. Gap at $40 is filled, where do we go from here? Back to $22?

    screenshot-stockcharts com 2020-07-20 14-10-13.png

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  5. #27

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    Default Re: USO United States Oil

    USO up 8% past three days thanks to Labor Day weekend.


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  7. #28

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    Default Re: USO United States Oil

    P&F chart calling for a target of $70's.

    WTIC-PF-nov25-762x1024.jpg

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  9. #29

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    Default Re: USO United States Oil

    Quote Originally Posted by Bullitt View Post
    P&F chart calling for a target of $70's.
    That was less than two months ago and seemed crazy bullish. $WTIC now at $61 as every weather event is bullish oil.

    How are those wind turbines and solar panels working out in the past few weeks? Not good. "Global warming" didn't bring 80 degree oceans or tropical weather to all regions like we were promised, so they changed the name, and in fact I saw a weather guy on MSM claiming the recent cold streak throughout the US is due to "climate change".

    The few times I filled up in 2020 I'd look at the price and think, "You won't see these prices for long." Oil is here to stay.

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  11. #30

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    Default Re: USO United States Oil

    Call options on WTI Crude with $100 strike price are going crazy. Of note, these aren't people making $200 call option bets at Robinhood.

    USO currently at $47 and the only resistance overhead is the 200 DMA at $77.

    December 2022 contracts with a strike of $100 are by far the most widely owned WTI call option on the New York Mercantile Exchange. Some traders are betting $100 oil could happen this year: $100 December 2021 calls are tied to 15.9 million barrels of WTI. In London’s Brent market, $100 contracts for December 2021 covered more than 32 million barrels last week, up from none at the end of last year, according to Intercontinental Exchange.
    oil 100.JPG

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  13. #31

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    Default Re: USO United States Oil

    The Iranian Nuclear talks are on going, that would allow them to get that oil back into the legal world market.

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  15. #32

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    Default Re: USO United States Oil

    Not the best vehicle for tracking crude but it does follow the daily futures moves. Today's Fed words put a swing high in oil with a new target price of low 50's in USO. This would equate to around $75 in crude oil futures. Last week crude was at $85.

    uso1.png

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  17. #33

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    Default Re: USO United States Oil

    More prominent in $WTIC, the uptrend appears to have at least taken a breather. This comes on news that inventories were lower than expected, so one would think prices should be higher. The lesson here is don't trade headlines.

    Bullish for the consumer. Yes and no. There was a good book I read years ago by Ken Fisher titled, "The Only Three Questions That Count", and is recommended reading for anyone trying to decipher how markets work. The concept of the book is, "What do you know to be true that is actually false?". In the case of oil, sure, low oil prices are fun for consumers, but low oil prices can also be a predictor of a slowdown or recession.

    Next support area in green. P&F chart shows a price target of 74.

    wtic3.png

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