With that, I’m focusing on two trading opportunities happening now. In each case, I have the potential of earning over $1,100 per crude oil futures contract. Here’s what I’m doing:
Buy @ 96.68 (as I write this, the market is trading about $96.40 so I’m not buying until that buy stop is triggered) – my target is $97.82, and I’ll go to break-even when the market reaches $97.30. If I get the full target, that’s $1,140 per contract in profits.

On the other hand, should we break lower here, I’m going to short @ 95.73, Target 94.55, break-even at $95.00 and potential profit of $1,180 per contract.

In both cases I will risk the initial amount from my entry to the target — and then look to reduce that risk as the trade breaks my way. I will cancel the other side – meaning if my buy triggers first, I’ll cancel the short and vice versa.

Let’s see what happens on these crude oil futures trades.

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Turning to today, oil traders will want to continue monitoring US data, particularly the weekly Unemployment Claims figure, set to be released at 12:30 GMT. A positive result may lead to further losses for oil ahead of tomorrow’s all important Non-Farm Payrolls data.

Turning to today, the official US Crude Oil Inventories figure, set to be released at 14:30 GMT, is likely to determine the direction the commodity takes. Analysts are predicting the figure to come in at 2.8M, which if true, could cause the oil to extend its bearish trend. That being said, last week’s figure came in well below expectations, which led to a spike in prices. Should a similar event occur today, oil may reverse its downward momentum.

Today, traders will want to pay attention to any announcements out of the EU. Negative rumors regarding the current state of several euro-zone countries have led to risk aversion among traders. Any pessimistic announcements regarding the current debt situation in Portugal or Italy could cause investors to revert back to safe-haven assets. In such a case, oil could drop further.

Turning to today, traders will want to continue monitoring any developments out of the euro-zone which could impact risk taking. Any signs of euro-zone growth, particularly when the ECB President gives a speech at 11:30 GMT, may cause higher yielding assets like oil to spike during the afternoon session.

Turning to this week, oil prices are forecasted to see additional volatility as significant news out of the euro-zone is scheduled to be released. Any negative fundamental indicators out of the euro-zone, particularly with regards to the Greek debt crisis, could lead to risk aversion which may result in crude oil dropping further. That being said, any escalation in tensions with Iran could limit oil’s bearish trend.

When most people talk about crude oil trading, they are basically referring to a system that already exists within the financial markets whereby speculators, institutions, and producers all come together to trade. While it’s certainly true that large institutions, governments, and other major buyers will take delivery of crude oil once it has been purchased — the overwhelming majority of speculators and investors are merely exchanging contracts. They are not taking physical delivery of the commodity.

The crude oil market is extremely liquid and highly developed. Given the fact that crude oil is used throughout the entire world, we are basically talking about a commodity that has a lot of interest. As a result, crude oil trading does not suffer from a lack of liquidity. Unlike other commodities markets where there are oftentimes situations where there is not enough volume to support a lot of activity, the crude oil market is massive.

Despite its size, the direction of the market has the potential to be quickly and easily moved based on decisions made by OPEC — the cartel that is largely responsible for a lot of the oil that is produced in the world. While it’s certainly true that countries that belong to OPEC represent a substantial portion of the oil-producing countries in the world, they are not as powerful as they once were. Nevertheless, a decision by OPEC to either increase the supply of crude oil or restrict it can have a dramatic impact on the overall price of oil that’s trading on the crude oil market.

As mentioned a moment ago, many people don’t actually get involved with crude oil trading as a way to take physical delivery of dozens if not hundreds of barrels of oil. Instead, various options and futures contracts are used to speculate based on where a particular trader believes the price of oil might happen to move. This can actually be very profitable.

Various charts are usually used to help an oil trader better determine the overall direction that the oil market might happen to be moving in. While macro economic information can sometimes be used to help somebody better determine the direction of the price of oil, most short-term oil day traders will rely upon various signal services and charts to help them maneuver their trades in the most profitable manner possible.

To the extent you happen to be somebody who’s interested in making money with crude oil trading, then it definitely makes a lot of sense to consider investing in an educational program that can provide you with the basic knowledge you’ll need to be successful. There is a lot of opportunity for anybody who’s really serious about making a lot of money in the commodities market by focusing on crude oil trading.

Turning to today, traders will want to keep an eye on US data for clues as to the level of investor risk taking in the marketplace. While oil slipped slightly yesterday, supply side fears are helping the commodity remain at close to its recent highs. Any better than expected data out of the US may help oil extend its recent bullish trend.

Turning to today, traders will want to continue monitoring any announcements out of both the euro-zone and Iran. Any additional signs that the Greek debt crisis could potentially continue, may drive investors away from riskier assets, like oil. That being said, the ongoing threat that Iran could limit oil exports could keep prices at their current level.

Turning to today, traders will want to continue monitoring the situation in the Middle East. Any increase in rhetoric from Iran is likely to cause the price of oil to go up once again. In addition, should a bailout agreement for Greece finally be reached, riskier assets like crude oil may move up as a result.