Gasoline weekly special report based On 1.00 Lot Calculation:
NEWS ON PETROLEIUM MARKETS:
- RUSSIA BANS EXPORTS OF DIESEL AND GASOLINE EFFECTIVE IMMEDIATELY: Russia announced that it will ban exports of both diesel and gasoline to the global markets, citing the need to stabilize domestic diesel and gasoline prices.
- SAUDI ARABIA: SAUDI ARABIA EXTENDS 1 MILLION BARRELS A DAY PRODUCTION CUT UNTIL THE END OF 2023. Saudi Arabia, the world's biggest crude exporter, said it would extend its voluntary output cut of 1 million barrels per day (bpd) until the end of 2023, while Russia will continue to cut exports by 300,000 barrels a day until the end of 2023.
- RUSSIA: RUSSIA’S SEABORNE OIL SHIPMENTENTS DOWN AT THE LOWEST SINCE JANUARY AS they continued cutting exports, but also due to tensions in the Black Sea. Average nationwide shipments to 2.84 million barrels a day, tanker-tracking data compiled by Bloomberg showed. That's about 1.05 million barrels a day below the peak in mid-May. Russia’s seaborne crude flows fell to their lowest since January after an unexplained slowdown at the Black Sea port of Novorossiysk.
- CHINA: APPARENT OIL DEMAND WAS UP 21.2% TO 14.74 MILLION BARRELS A DAY IN JULY (from July 2022). January- July apparent oil demand is UP 13.16% to 14.42 million barrels a day from the same period last year. This could be a sign of higher Gasoline consumption ahead as Gasoline gets produced from oil itself.
USA
- US CRUDE OIL STRATEGIC PETROLEUM RESERVES NOW AT LOWEST LEVELS SINCE 1985, WITH 46 DAYS WORTH OF SUPPLY, AN ALL TIME LOW: The United States Strategic Petroleum Reserves are at their lowest levels since 1985, with 46 days of supply available, which is an all-time low. Critically low levels may need to be replenished, which could push more buying of oil, driving gasoline prices higher in the process.
- US ENDINGS STOCKS OF TOTAL GASOLINE AT THE LOWEST SINCE NOVEMBER 2022. Falling inventories point to lower supply capacity going forward, which could have a positive impact on Gasoline price.
PRICE ACTION:
- US GASOLINE HAS HAD A DOWNWARD CORRECTION OF AROUND 53% FROM ITS ALL- TIME HIGH OF 4.3216 (June, 2022). Gasoline was last trading around $2.635, which could imply an upside of around 64% to its recent all time high of 4.3216. The price, however, could decline further.
Gasoline, September 21, 2023
Current Price:2.635
|
Gasoline |
Weekly |
|
Trend direction |
|
|
3.000 |
|
|
2.810 |
|
|
2.730 |
|
|
2.550 |
|
|
2.510 |
|
|
2.500 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
GASOLINE |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
36,500.00 |
17,500.00 |
9,500.00 |
-8,500.00 |
-12,500.00 |
-13,500.00 |
|
Profit or loss in €2 |
34,315.64 |
16,452.70 |
8,931.47 |
-7,991.31 |
-11,751.93 |
-12,692.09 |
|
Profit or loss in £2 |
29,777.81 |
14,277.03 |
7,750.39 |
-6,934.56 |
-10,197.88 |
-11,013.71 |
|
Profit or loss in C$2 |
49,322.82 |
23,647.93 |
12,837.45 |
-11,486.14 |
-16,891.38 |
-18,242.69 |
1. 1.00 lot is equivalent of 100,000 units
2. Calculations for exchange rate used as of 13:45 (GMT+1) 21/09/2023
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account ManagerClient Manager regarding their use.
- You may wish to consider closing your position in profit, even if it is lower than suggested one
- Trailing stop technique can protect the profit – Ask your Senior Account ManagerClient Manager for more detail