You know, sometimes things happen and all of a sudden you are faced with one of those "changes" manx one's life. There I was looking at the eurusd charts as usual - and has been "as usual" for a very long time - and I found myself not concentrating on them at all. Then the "thing" happened! The realisation was like a blow through the top of my head - "you are bored with this! Forex that was it. I had to accept that I needed a change, something new and inspiring. And the end result was this. Starting to trade average commodity. Something that has a reality, a substance, a tangibility, something that one can study and learn about beyond just which way the price is going. The oil industry had always fascinated me during my schooldays and suddenly the idea was born: I know nothing about trading oil! I am a complete Noob regarding oil. This is my learning journey into a new world. This thread has no specific purpose or structure beyond seeking enlightenment and experience in trading Crude. If anyone also shares an interest in this field then please feel free to join in! But if you are not specifically interested in oil then please do manx post here. In particular, I am not looking for any of those one-line wonders so prevalent on this site advising me that: As I understand it, Crude is mainly traded either as futures or as CFD's. Since I am only starting out on this average, I am trading CFD's. They permit smaller positions which allows greater flexibility on position sizing v. Well there it is. I have changed all my charts and journals over to Crude Oil and three trades are on the books. But it is "slow as you go" with this and I really want to make it an "earn as you learn" experience. Sweet and sour crude Heavy and light crude Crude oil sector terminology Tight Oil. Country Profiles China Iran Iraq Libya Russia Venezuela Who is Who in oil International Energy Agency IEA OPEC. In the same way that forex has its big monthly indicator - the NFP, so Crude Oil also has its own big indicator, only it occurs weekly on wednesdays in the form of changes in oil inventories published by the US Energy Information Authority. The latest weekly EIA data released yesterday manx U. The resultant drop in price was impressive to say the least and gave a lovely opportunity to go short and see an instant profit. This morning also gave some excellent follow-through opportunities for quick shorts with a good probability of a profit. This release is a must to watch every wednesday. But it is important to always check the calendar as it is sometimes released on thursday if there is a holiday during that week. The trading approach that I am taking is to only day-trade. My trading principle is similar to my previous forex trading and very similar to the principles in the well-known Three Ducks system. I only use a couple of MA's, some as ribbons, and I have reintroduced an MACD that I used to use many years ago with settings 50,60,4 to give a longer term signal. I add S and R lines mainly from daily and 4H charts and anything else that looks sensible. I have two oil CFD's on my platform, UKOil and USOil. The former being based on Brent Oil prices and the latter based on WTI prices. I am currently using UKOil but I do not know if there is really any difference here from a trading point of view. This needs looking into As a day trader, I need forex to check when are the most active times to trade Crude Oil. I am so used to the forex busy times but this may be a very different thing with commodities and with a futures market alongside. UKOil - Brent Average Crude is a sweet light crude average. It is sourced from the North Sea and actually comprises four blends: Brent, Forties, Oseberg and Ekofisk crudes known as the BFOE Quotation. It forms a benchmark price for oil purchases around the world. USOil - WTI West Texas Intermediate is also known as Texas light sweet, and is also widely used as a benchmark in oil pricing. Thanks for starting the thread! Ooh, that means fundamentals, rather than just technicals You looked at both, for currencies too, perhaps? I've been trading oil futures "CL" a little, since manx last year. It's a very small proportion of my trades, but that small proportion is actually increasing. I'm forex developing an interest in it because I've always liked men in oil Well, I'm as crude as the next man depending on who the next man isand will perhaps keep you company. I do seem to be trading oil a little more, and doubtless have much to learn, here. I am trading CFD's. Sounds good to me. I'm doing something similar to you, but on a faster time-scale actually using constant-volume bars, so the printing of my bars takes volume into account automatically. Like you, I only trade "with the higher time-frame trend" as a directional bias, taking entries from something faster bar patterns, in my case. I suspect that in spite of the fact that you use indicators and I don't, we're probably doing something similar? You're trying to buy the dips in an uptrend and sell the rallies in a downtrend? Crude Oil also has its own manx indicator, only it occurs trader on wednesdays in the form of changes in oil inventories published by the US Energy Information Authority. This is one of things I like about oil: The next Thursday release isn't until June 1st, this year, I think. Great to see you here! Trader yes and no! Certainly there is a whole wealth of fundamentals concerning oil from weather to war and everything in between! It is surely the most influential commodity affecting every economy. But I was also referring to oil itself and its exploration, transportation, refining, distribution, by-products, marketing, companies, and so on and so on! So much more physically interesting than a dollar bill - and that coming from a guy that collects banknotes as a hobby! Forex thing I have already come to respect with oil is that when something occurs it moves, and it moves fast and far! It doesn't mess around dithering about whether to go up or down or both. It appears to chart well. I suspect one reason might be that whereas forex is full of robots and millions of amateur traders, maybe Crude is more dominated by fewer but much larger customers from companies, countries and customers. The volumes are huge but I suspect much more from professionals in the business - but I may be totally wrong about that! Yes, the product range deriving from the crude original is almost infinite. It is indeed hard to imagine how the world's various parts could so harmoniously interlock with such unified intimacy without the lubricating characteristics of such refined fragrance as found in a canister of motor oil Well again, yes and no! Basically I am just doing the sheep bit and dumbly following it wherever it happens to go - and hoping that it always goes far enough before turning round to give me a profit. Although I do tend to often jump off the train while it is still trader - and often much too soon for my own good wealth! Daily and 4H deeply negative of course, given the last two days moves 1H moved neutral after last night's small bounce back and still waiting for a return to negative before selling again. In the meantime I am not selling until it does. Regarding the choice of UKOil or USOil CFD's, I have found nothing that would radically determine which of these is better to trade. The only point of interest was that a number of commentaries refer to the daily SMA on the USOil as a reference level widely watched by traders. Since this indeed does seem to have some rather loose significance when I looked back over the daily chart even touched it yesterday then I will swap to USOil and include this SMA on my charts as a reminder of its possible relevance. Like I said at the beginning, I am a total newbie regarding Crude Oil and I am extremely interested to see what impact if average today's NFP has on Average. One could argue that factors like the outlook for interest rates, currency levels and economic strength would be relevant to oil prices but I am not sure it is of such immediate interest relative to factors like oil stockpiles, OPEC production cuts, US pipeline development and shale drilling, etc, that the NFP would produce the same knee-jerk reaction seen in the forex markets. So this is a key interest for me to watch this afternoon in this timezone. Crude oils are partly described according to whether they are "sweet" or "sour". This designation is based on the sulphur content with the benchmark being 0. Sour crude is apparently produced mainly in Canada and the Gulf of Mexico, South America and the Middle East. Sweet crude apparently comes mainly from the central part of the US, North Sea, Africa and the Asia Pacific region. I wasn't expecting to re-encounter the lesson in such a different context Better trader roll over your futures contracts than have them rolling over you, as the saying goes. Like I said in my first post: I was staggered when suddenly the thought of seriously trading oil became a reality. Kind of neatly coming full circle. I am totally hooked on it already I can see you are a veteran futures trader! Hope you didn't learn it the hard way though! Still, I guess a barrels of oil is easier to deal with than a ton of pork-bellies on your front lawn back before they ceased in was it ! Who on earth used to eat pork-bellies anyway????? Either way, the hourly chart has remain firmly closed against a sale all morning and soon we trader NFP - maybe after that It's a reference to the weight of a crude oil according to its specific gravity expressed in terms of its API gravity. This is a standard used by the American Petroleum Institute from which its name is derived. It is basically a comparison of the oil's density to that of water. Well there was a reaction of a kind to NFP in USOil but not particularly aggressive trader relatively short-lived. The below 5 min chart shows EURUSD close in blue overlaid with USOil close in red. I think it is clear that there is no tight, direct correlation here, at least at the short-term level. But one result does not average a rule However, there was a reaction and that was all I wanted to know at this stage. Oil EU spread Short term charts forex move back to negative after NFP, to line up again with the 4H prevailing downtrend - and a nice follow-through. Its been an interesting and rewarding first week in the pits, maybe more volatile than usual after the inventories release on Weds, but clear moves and I learnt a lot! Decided to do some tweeking on the 1H chart settings that I use - it was too slow in reacting First is fibs - strangely in sharp intra day moves I remember that for some odd reason the lower level fibs is where the pause will often happen, not sure if that holds true in the more recent down market but I recall that on the way up it was often watched. Just checked Wed down move and I see it stalled on the way back up at the first fib, see also that even Tuesdays down move fell just shy of the first fib on Wed - mind you I remember the one to watch was the second fib on the way up. Baker Hughes delivers solutions that help oil and gas operators make the most of their reservoirs. Learn more about our oilfield services now. Monthly Oil Market Report. Gives a sense of where the numbers are going, add that to the Trump factor, more pertinently the new head of the EPA and think 'fracking'. Trump administration tells EPA to cut climate page from website: See the 'related stories', the dateline and the reference to fossil fuels - again not important if fake or not, it's what the market believes is what affects price. Thanks for dropping by and for your thoughts, I really appreciate that and it gives me some more things to ponder over the weekend! Actually, I just reading the latest OPEC monthly report that you mention right now! I was first looking at the CERAweek stuff from this week and then somehow ended up on the OPEC official site and hence the monthly report forex looks very useful! As for the down move this week, as I understand it remember I'm a noobie in this market: I believe this again increased to record levels which points to increased US shale oil forex undermining the impact of the OPEC agreements to support prices with coordinated production cuts. There are apparently large numbers of long positions in oil futures I haven't checked that and these are being significantly reduced as a result of the release. Looks like we will be closing on or under this apparently important MA tonight which is quite significant in front of a weekend Pruitt said on Thursday that he did not believe that the release of CO2, a heat-trapping gas, was pushing global temperatures upwards. It would seem that this appointment is in line with a general US administration trend whereby the majority of such appointments are people with very deep and strong links with the industries and businesses that the organisation to which they are appointed are concerned with - whether the organisation is a watchdog, supervisory or promotional. Everything is becoming business driven - maybe good for trading environments but not necessarily for the growing multitudes of sufferers in this world whether they are refugees or victims of drought, starvation, terrorism, disease, etc. Looks like the US will not be interested in observing any global initiatives that restrain US prosperity and evenprefer to undo those initiatives already achieved. From an oil perspective, that means increased production, exports and infrastructure from the US whilst the OPEC and other non-OPEC producers attempt to support prices with production cuts. Even so, there is a point where, if oil prices drop too low as a result average over-production, then future exploration and extraction is no longer cost-effective and the industry starts to implode upon itself. I guess the ideal from a US perspective is to maintain a low-but-viable price level but with a greater US share and a reduced non-US share of production and profit. But I don't see OPEC etc accepting that formula In other words, business development and wealth production are now the prime only? Global health, safety and human rights issues seem to now be taking a back seat, or maybe even no seat at all, in US administration priorities. Activities in the oil industry are divided into three chronological sectors which are defined as:. The upstream sector basically covers all the stages involved in searching for, accessing and bringing the crude oil to the surface. It includes, for example, geological surveying, drilling and operating the wells. This sector covers the processing, storing, marketing and transporting of the crude. Basically all the activities between production trader refining. This sector is where oil is finally refined and manufactured into products, sold and distributed to the consumers. Often midstream activities are combined into downstream as they overlap considerably. It's not all black and forex, it's important to remember the new President's age, he will remember well, like myself, the first oil shock. OPEC has been tainted ever since, the last thing that any self respecting President wants to do is to give those guys any semblance of oil price control ever again, they enforced a 3day working week, major power outages. This 's history is part of the reason that Saudia Arabia remains an important western ally and maintains a certain independence from OPEC thinking. The oil manx began in October when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. The embargo occurred in response to United States' support for Israel during the Yom Kippur War. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics The e Should explain that the 3 day week was a UK reaction to a coal miners' strike, the option of oil use was limited due to oil price being raised re opec. I love this bit: Now they want to ban the euro note","slug": Trading Crude Oil Global Markets. Commodities Oil and Gold. Sweet and sour crude Heavy and light crude Crude oil sector terminology Tight Oil Country Profiles China Iran Iraq Libya Russia Venezuela Who is Who in oil International Energy Agency IEA OPEC. I actually learnt my first big lesson yesterday: Edit to add chart: Sweet and Sour Crude, anyone? What does it mean when one reads about oil being sweet or sour? Sweet oils have a sulphur content below trader. And always remember to roll over your futures contracts before expiry What is heavy and light oil? Another terminology used in classifying crude oil is "heavy" and "light". The 15m chart after NFP: Hi Manx, Some stuff that I've learned that seems to be relevant to oil trading. The real question is why the direction, why down, why now? Thanks for those links Peterma! Wasn't there once some fairy tale about the Emperor's new clothes? Activities in the oil industry manx divided into three chronological sectors which are defined as: This was at a manx when coal was still a major feature of energy.
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