Crude Oil MCX & WTI Live Trader Discussion

EIA inventory showed +2.1M barrel build today instead of the expected 1.5M drawdown. WTI rejected sharply from $72.40 resistance down to $70.80. On MCX Crude Oil March future, critical support is at ₹5,860. If 5,860 breaks on a 15-minute close, we will see a swift slide towards ₹5,740. I took short positions near 5,950 with SL at 6,010.

Crude is extremely choppy right now between ₹5,850 and ₹6,050 on MCX. Every time it drops near ₹5,850, algorithmic buyers jump in anticipating an OPEC+ surprise statement. If you are trading intraday, don't hold overnight positions. Trade the 50-point scalp swings between support and resistance.

From a macro perspective, the IEA cutting demand growth to 900k bpd is a major reality check. Electric vehicle penetration in China's heavy trucking sector is already replacing over 400,000 barrels per day of diesel demand. Unless OPEC+ cuts another 1 million barrels, crude has a hard ceiling at $75.

Lower crude is fantastic news for Indian domestic equities though! Paint stocks like Asian Paints and tyre companies like MRF/Apollo will see huge margin expansion if crude stays locked below ₹6,000 on MCX.