Gasoline weekly special report based On 1.00 Lot Calculation:
NEWS ON PETROLEIUM MARKETS:
- 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 demand for 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.
- GASOLINE SUPPLIES NOW 3.3% LOWER THAN THIS TIME LAST YEAR, AND 7.2% BELOW THE 5-YEAR AVERAGE, WITH HURRICANE SEASON SET TO PEAK IN LATE AUGUST, CAUSING POTENTIAL SUPPLY DISRUPTIONS: Gasoline supplies in the U.S remain tight, and could tighten as hurricane in the Atlantic Basin could cause disruptions which could force further gasoline drawdowns on already tight supply.
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 $2.7120, which could imply an upside of around 59% to its recent all time high of 4.3216. The price, however, could decline further.
Gasoline, September 12, 2023
Current Price: 2.712
|
Gasoline |
Weekly |
|
Trend direction |
|
|
3.000 |
|
|
2.900 |
|
|
2.810 |
|
|
2.620 |
|
|
2.560 |
|
|
2.500 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
GASOLINE |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
28,800.00 |
18,800.00 |
9,800.00 |
-9,200.00 |
-15,200.00 |
-21,200.00 |
|
Profit or loss in €2 |
26,865.30 |
17,537.07 |
9,141.66 |
-8,581.97 |
-14,178.91 |
-19,775.84 |
|
Profit or loss in £2 |
23,093.76 |
15,075.09 |
7,858.29 |
-7,377.17 |
-12,188.37 |
-16,999.58 |
|
Profit or loss in C$2 |
39,113.57 |
25,532.47 |
13,309.48 |
-12,494.61 |
-20,643.27 |
-28,791.93 |
1. 1.00 lot is equivalent of 100,000 units
2. Calculations for exchange rate used as of 10:30 (GMT+1) 12/09/2023
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