Gasoline weekly special report based On 1.00 Lot Calculation:
NEWS ON PETROLEUM 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 SHIPMENTS 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 2023 (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
- U.S. 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.
- U.S. ENDING 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:
- U.S. GASOLINE HAS HAD A DOWNWARD CORRECTION OF AROUND 53% FROM ITS ALL- TIME HIGH OF 4.3216 (in June, 2022). Gasoline was last trading around $2.520, which could imply an upside of around 71% to its recent all time high of 4.3216. The price, however, could decline further.
Gasoline, September 25, 2023
Current Price: 2.520
Gasoline |
Weekly |
Trend direction |
|
2.810 |
|
2.730 |
|
2.640 |
|
2.400 |
|
2.380 |
|
2.360 |
Example of calculation base on weekly trend direction for 1.00 Lot1
GASOLINE |
||||||
Pivot Points |
||||||
Profit or loss in $ |
29,000.00 |
21,000.00 |
12,000.00 |
-12,000.00 |
-14,000.00 |
-16,000.00 |
Profit or loss in €2 |
27,286.80 |
19,759.41 |
11,291.09 |
-11,291.09 |
-13,172.94 |
-15,054.79 |
Profit or loss in £2 |
23,724.31 |
17,179.67 |
9,816.95 |
-9,816.95 |
-11,453.11 |
-13,089.27 |
Profit or loss in C$2 |
39,099.83 |
28,313.67 |
16,179.24 |
-16,179.24 |
-18,875.78 |
-21,572.32 |
1. 1.00 lot is equivalent of 100,000 units
2. Calculations for exchange rate used as of 09:40 (GMT+1) 25/09/2023
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