Tag: crude oil futures
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Crude oil – $108 is the Line in the Sand
High to low on the week Crude oil jumped $6/barrel but front month futures failed above $108 just as that level capped upside on 7/19 and again on 7/22. Crude oil fell short of its contract highs by 11 cents and has traded south since. Early support came from upbeat news out of China and…
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Brent/WTI Crude oil Spread
Buying Brent and selling WTI Crude oil is what will be discussed today. In the September contract this spread is currently trading with Brent carrying a $2.65 premium. Just one week ago we were trading even money in this spread. Every $1 move equates to a $1,000 gain/loss. I’m operating under the influence that we…
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Crude oil looking for a sharp correction soon
Energy: Higher trade was rejected in Crude oil with futures ending just below $106/barrel. I’m looking for a sharp $4-5 correction very soon. My favored way to play is long Brent and short WTI 1:1. As of this post that spreads in September picked up 30 cents today…a small victory. Trading near $2.50 I expect…
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Where is Crude oil headed?
In the last three weeks Crude oil futures have appreciated 15% lifting prices to 14 month highs. Since lows were established on 4/18 prices have advanced nearly 25%. This will not continue at least at this velocity and in fact at the moment I feel prices have gotten ahead of themselves and we could see…
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Weekly Crude oil – I’m Eating Crow
Crude oil futures have advanced 13% in the last three weeks cutting through the $100 level like a hot knife through butter lifting futures to fresh 14 month highs. I anticipated a probe of this level as seen in previous posts but I did not see this type of acceleration. I was wrong. Much of…
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Crude oil – A Failed Break-out
It was a shortened week with the holiday so volumes has been lackluster but to take nothing away from this move as Crude has taken out the $100/barrel level and currently trading at 13 month highs just above $101. As one can see in the chart below futures have traded out of the $10-12 trading…
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Oil Spikes in aftermarket on surprise supply draw down
* DATA HIGHPOINTS FOR THE WEEK: — Japan Tankan Report…US ISM Manufacturing Data… US, Eurozone PMI Data… Reserve Bank Australia, ECB, Bank of England monetary policy meetings, rate announcements… US, Eurozone Employment Data US MARKET HOLIDAY SCHEDULE -EARLY CLOSES WEDNESDAY JULY 3RD…US MARKETS CLOSED THURSDAY JULY 4TH Data in italics-high potential to influence markets *Tuesday-4:30…
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Will V spell Victory or Volatility for equity bulls on Fed
GREAT PACIFIC TRADING LAS VEGAS -ECONOMIC CALENDAR & MARKET OUTLOOK- June 18th-19th, 2013 You can reach me at rroscelli@gptc.com for questions, comments, and information about opening an account with Great Pacific Trading Las Vegas. Follow me on Twitter @richardroscelli **The information and opinions contained herein comes from sources believed to be reliable, but are…
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Crude Oil Approaching $100/Barrel…Not this Time
In the last 10 weeks Crude oil has added $12/barrel lifting prices as of this post to four month highs with August futures flirting with the $100/barrel level. Not that the fundamentals have mattered in the energy complex but Crude oil inventories are at the highest levels they’ve been in years. For the last 10…
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Gravity Takes Over with Crude Oil
In the last three weeks Crude oil prices have risen better than $10/barrel trading within $1 of two month highs albeit very briefly Sunday evening. The failed spike higher in recent session can be attributed to unrest in the Middle East. As attention turned towards potential conflicts on Israeli airstrikes in Syria over the weekend……