Gasoline weekly special report based On 1.00 Lot Calculation:
- EVENT (FEBRUARY 5): EU BAN ON RUSSIAN OIL PRODUCT (GASOLINE, DIESEL, NAPHTHA) IMPORTS TO START TAKING PLACE. The EU has already banned 90% crude oil imports from Russia on December 5, 2022. In addition, the US and their allies are considering implementing price caps on Russia petroleum product exports. The plan is to impose caps on high- value exports such as DIESEL, and another on low- value exports such as fuel oil.
- EUROPE WILL REPLACE PART OF THE OIL PRODUCT IMPORTS LOST DROM RUSSIA WITH US SOURCES. The US has already increased exports of gasoline to 1.2 million barrels a day in December 2022, which was the highest since July 2017. Diesel exports rose to 1.3 million barrels. Europe used to import 600,000 barrels a day of Diesel from Russia. Rising US gasoline and diesel exports could increase the US Gasoline prices which have fallen considerably over the past few months.
- CHINA REOPENING 2023: China reopening should increase demand for oil and oil products (diesel, gasoline) and increase total petroleum consumption to levels higher than 16 million barrels a day, which would be a new record for China. Holiday travel inside China surged 74% from last year after authorities scrapped COVID-19 restrictions. Meanwhile, Gasoline consumption increased over the holiday by 20% from a year ago, with record flows of cars on the nation’s highways.
- PRICE ACTION: US GASOLINE HAS HAD A DOWNWARD CORRECTION OF AROUND 53% FROM ITS ALL- TIME HIGH OF 4.3216 (June, 2022). The price had fallen to $2.02 (December 2022), its lowest since December 2021. Gasoline was last trading around 2.54, which could imply an upside of 70% to its recent all time high of 4.3216. The price, however, could decline further.
Gasoline, January 30, 2023
Current Price: 2.5400
|
Gasoline |
Weekly |
|
Trend direction |
|
|
3.4000 |
|
|
3.0000 |
|
|
2.8100 |
|
|
2.3000 |
|
|
2.2200 |
|
|
2.1500 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
GASOLINE |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
86,000 |
46,000 |
27,000 |
-24,000 |
-32,000 |
-39,000 |
|
Profit or loss in €2 |
78,827 |
42,164 |
24,748 |
-21,998 |
-29,331 |
-35,747 |
|
Profit or loss in £2 |
69,280 |
37,057 |
21,751 |
-19,334 |
-25,779 |
-31,418 |
|
Profit or loss in C$2 |
114,524 |
61,257 |
35,955 |
-31,960 |
-42,613 |
-51,935 |
1. 1.00 lot is equivalent of 100,000 units
2. Calculations for exchange rate used as of 10:00 (GMT) 30/01/2023
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