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Crude Oil

Market Opportunities - 22/06/2021

22 June, 2021

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

Crude Oil weekly uptrend opportunity based On 1.00 Lot Calculation:

  • VACCINATION PROCESS EXPANDS GLOBALLY WITH 2.66 BILLION DOSES BEING ADMINISTERED SO FAR AT AN AVEARGE DAILY RATE OF 39.2 MILLION DOSES. The expanding vaccination process keeps chances high that more and more countries will reopen into the summer, which could increase travelling and therefore fuel consumption could rise. This tends to support oil prices.
  • INDIA (Third Largest Oil Consumer and Importer in the World): India’s gasoline and diesel sales rebounded in the first half of June. Sales of the nation’s two most-used road fuels rose as much as 13% from the same period last month. INDIA (the third largest oil consumer in the world): India continues to experience lower Covid- 19 cases. India reported 39,096 new daily cases and 846 deaths on Monday. India used to print more than 400K new daily cases in late April and early May.
  • IRAN OIL: IRANIAN NUCLEAR DEAL TALKS PAUSED AFTER IRANIAN PRESIDENTIAL ELECTION (JUNE 18, FRIDAY): The election of conservative cleric Ebrahim Raisi as Iran’s president, however, may complicate future talks.
  • ANALYST OPINION (GOLDMAN SACHS/CITIGROUP/UBS): Goldman Sachs estimates Brent oil price at $80 (Crude oil~$77). Citigroup also expects prices to move towards $75. UBS boosts forecasts from $72 to $75 a barrel.
  • BANK OF AMERICA SEES OIL PRICES AT $100 A BARREL IN 2022: Oil may surge to $100 a barrel next year as travel demand rebounds, Bank of America Corp. said. Global oil consumption will continue to outstrip supply in 2022 as the economic recovery from the pandemic boosts fuel consumption, while investment in new production is crimped by environmental concerns, the bank said in a report.
  • OPEC+ MEETING (Thursday, July 1): OPEC+ members will meet in early July to discuss the plan of further increasing oil production beyond July. Analysts believe even if OPEC+ increases further oil production, the upcoming high demand will strong enough to absorb that additional amount of supply. Goldman Sachs, for instance, expects the global oil demand to rise to 97 million barrel per day in the next few weeks and to 99 million barrels per day by the end of the year. OPEC+, on the other hand, currently cuts around 5.8 million barrels per day.

Crude Oil, June 22, 2021
Current Price: 72.20

Crude Oil

Weekly

Trend direction

UP

Resistance 3

80.00

Resistance 2

77.00

Resistance 1

75.40

Support 1

69.10

Support 2

68.00

Support 3

67.00

Example of calculation base on weekly trend direction for 1.00 Lot*

Crude Oil

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

7,800.00

4,800.00

3,200.00

-3,100.00

-4,200.00

-5,200.00

Profit or loss in €**

6,556.33

4,034.66

2,689.78

-2,605.72

-3,530.33

-4,370.89

Profit or loss in £**

5,618.18

3,457.34

2,304.89

-2,232.87

-3,025.17

-3,745.45

Profit or loss in C$**

9,660.46

5,944.90

3,963.26

-3,839.41

-5,201.78

-6,440.30

* 1.00 lot is equivalent of 1000 units
** Calculations for exchange rate used as of 12:52 p.m. (GMT+1) 22/06/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client 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 Client Manager for more details

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