TRADING BRENT: production in the US falls

By | October 6, 2015

Price Brent were noted steady growth after the US Energy Information Agency (EIA) in its traditional monthly report recorded a decline in production in the United States by 120 thousand barrels per day. In addition, it made a forecast for 2016 that production will continue to fall to its middle and the average will be reduced by 300 thousand barrels per day to 8.9 million. Profit oil in the world by the EIA was reduced from 2.4 million barrels to 1.16 million.

It is obvious that the drop in the number of drilling rigs operating by almost 60% since the beginning of 2015 is already yielding results. We believe that prices have a chance to go to a higher range of variation. Contracts for Brent c nearest expiration period stayed in the range of 47-50 just over a month, but now, having overcome its upper bound, rapidly moved up. At such a relatively low price levels they can be dangerous for shopping, but it is interesting in the case of downward correction in the area of 50.20.

trading brent
Trading brent

Trading analytics

Brent (BRN) – buy oil – Entry price: 50,30. Goal: 52,70. Stop loss: 48,80.
Warning: Profitability in the past does not mean profitability in the future. Any projections are for information only and does not guarantee a result.
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