Since putting in an interim top on 12/27 just below $101/barrel WTI futures have retraced losing almost $10/barrel. The first red horizontal line is seen on March futures near $91.50 and under that level support comes in at $90. It will take a settlement above the 8 day MA(orange line) for confirmation which I expect […]
Natural gas futures are higher by 5% as of this post after the weekly inventory report showed a smaller than expected build in storage levels. The EIA showed storage levels rose by 58 billion cubic feet in the week ending July 12th. Analyst surveyed prior to the #s release had anticipated the report to show […]
September RBOB has appreciated 13% in the last three weeks lifting prices to fresh intra-day highs in Friday’s session trading above the February highs. I see this move in the 9th inning and expect a retracement in the immediate future. This goes hand in hand with my prediction of a trade lower in WTI in […]
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 […]
September natural gas futures are lower by 13.1% in the last 3 weeks and lower by 15.9% from their highs made on 5/1. As it stands futures are just under their 61.8% Fibonacci level (lower white jagged line) and attempting to trade back above the 8 day MA (orange line). Stochastics indicate an oversold market […]
Petroleum prices have rebounded slightly but remain depressed near the bottom end of the current range. The recent barrage of weaker than expected economic data and the realization that the US could become an oil exporter has placed pressure on crude oil prices, driving WTI down below 95 per barrel. Inventory from the Department of […]
