CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.91% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing all your money. Read full risk warning.

Gasoline

Special Reports - 21/09/2023

21 September, 2023

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 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.

Gasoline weekly special report based On 1.00 Lot Calculation:

NEWS ON PETROLEIUM 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 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 buying of 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.

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 $2.635, which could imply an upside of around 64% to its recent all time high of 4.3216. The price, however, could decline further.

Gasoline, September 21, 2023
Current Price:2.635

Gasoline

Weekly

Trend direction

UP

Resistance 3

3.000

Resistance 2

2.810

Resistance 1

2.730

Support 1

2.550

Support 2

2.510

Support 3

2.500

Example of calculation base on weekly trend direction for 1.00 Lot1

GASOLINE

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

36,500.00

17,500.00

9,500.00

-8,500.00

-12,500.00

-13,500.00

Profit or loss in €2

34,315.64

16,452.70

8,931.47

-7,991.31

-11,751.93

-12,692.09

Profit or loss in £2

29,777.81

14,277.03

7,750.39

-6,934.56

-10,197.88

-11,013.71

Profit or loss in C$2

49,322.82

23,647.93

12,837.45

-11,486.14

-16,891.38

-18,242.69

1. 1.00 lot is equivalent of 100,000 units
2. Calculations for exchange rate used as of 13:45 (GMT+1) 21/09/2023
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

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