Gasoline weekly special report based On 1.00 Lot Calculation:
NEWS ON PETROLEIUM MARKETS:
- EVENT: (Middle East tensions, Israel and Hamas are at war, October 7th, 2023): With the war between Israel and Hamas, there are very high risks that the war could expand and escalate. As a result, geopolitical tensions could escalate further, exacerbating global uncertainties, where supplies of energy commodities could be affected.
- EVENT: OPEC+ MEETING (EXPECTED NOVEMBER 26, 2023 13:00 GMT): OPEC+ is expected to hold a meeting on the 26th of November, as crude oil prices continue to remain volatile. According to recent reports, there are speculations that Saudi Arabia may extend production cuts in the first quarter of 2024.
- OPEC REINFORCES ROBUST DEMAND IN LATEST MONTHLY OIL REPORT: OPEC released its monthly oil report, with the cartel upgrading its forecast for oil demand growth in 2023, from 2.25 million barrels per day (mbpd) to 2.46mbpd.
- 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.
USA
- THANKSGIVING TRAVEL IN 2023 SET TO HIGH POST-COVID HIGH, WITH 55.4 MILLION PEOPLE EXPECTED TO TRAVEL: According to the most recent estimates, around 55.4 million Americans will be travelling for thanksgiving, while 49.1 million of those travelling will be driving.
- US ENDINGS STOCKS OF TOTAL GASOLINE CONTINUE TO REMAIN AT THE LOWEST LEVELS 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 $2.18, which could imply an upside of around 98 % to its recent all time high of 4.3216. The price, however, could decline further.
Gasoline, November 16, 2023
Current Price:2.1800
Gasoline |
Weekly |
Trend direction |
|
2.730 |
|
2.520 |
|
2.310 |
|
2.050 |
|
1.950 |
|
1.900 |
Example of calculation base on weekly trend direction for 1.00 Lot1
GASOLINE |
||||||
Pivot Points |
||||||
Profit or loss in $ |
55,000.00 |
34,000.00 |
13,000.00 |
-13,000.00 |
-23,000.00 |
-28,000.00 |
Profit or loss in €2 |
50,710.17 |
31,335.11 |
11,986.04 |
-11,986.04 |
-21,206.07 |
-25,816.09 |
Profit or loss in £2 |
44,352.87 |
27,429.53 |
10,483.41 |
-10,483.41 |
-18,547.56 |
-22,579.64 |
Profit or loss in C$2 |
75,364.85 |
46,609.07 |
17,813.51 |
-17,813.51 |
-31,516.21 |
-38,367.56 |
1. 1.00 lot is equivalent of 100,000 units
2. Calculations for exchange rate used as of 09:55 (GMT) 16/11/2023
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