September crude oil was higher overnight as it extends the rally off last Thursday's low. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off June's low, the 50% retracement level of this year's decline crossing at 94.41 is the next upside target. Closes below last Thursday's low crossing at 86.92 would confirm that a short-term top has been posted while opening the door for additional weakness during the first half of August. First resistance is the 50% retracement level of this year's decline crossing at 94.41. Second resistance is the 62% retracement level of this year's decline crossing at 98.42. First support is last Thursday's low crossing at 86.92. Second support is the reaction low crossing at 84.05. Continue reading "Energy Market Commentary"
Tag: energy markets
Morning Energy Market Commentary
September crude oil closed higher on Wednesday as it consolidated some of Tuesday's low. The mid-range close sets the stage for a steady opening when Thursday's night session begins. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. Closes below last Wednesday's low crossing at 86.84 would confirm that a short-term top has been posted while opening the door for a larger-degree decline into early August. If September renews the rally off June's low, the 50% retracement level of this year's decline crossing at 94.28 is the next upside target. Continue reading "Morning Energy Market Commentary"
Energy Market Commentary
August crude oil was higher overnight and poised to renew the rally off June's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If August renews the rally off June's low, the 38% retracement level of this year's decline crossing at 90.43 is the next upside target. Closes below the 20-day moving average crossing at 83.70 would temper the near-term friendly outlook in August crude oil. Continue reading "Energy Market Commentary"
Energy Markets Morning Report
August crude oil - was slightly lower overnight as it consolidates below the 2% retracement level of the 2009-2012-rally crossing at 80.33. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If August extends this year's decline, the 75% retracement level of the 2009-2011-rally crossing at 73.28 is the next downside target. Closes above the 20-day moving average crossing at 82.86 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 82.86. Second resistance is the reaction high crossing at 87.32. First support is last Friday's low crossing at 77.56. Second support is the 75% retracement level of the 2009-2011-rally crossing at 73.28. Continue reading "Energy Markets Morning Report"
Is Natural Gas Cheap?
Today's guest is David Galland, the managing director of Casey Research. David's going to give us a look through the trained eyes of the Casey Researchers at the energy sector, more specifically, natural gas. So take a look and see why David thinks cheap doesn't always mean buy. As always, be sure to leave us a comment on your energy strategies.
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At the height of its late 2005 rally, natural gas in the U.S. was selling for just over $16/MMBtu, 350% higher than today’s price of $3.56. The oil/gas ratio, now over 18, is an all-time high… suggesting that natural gas is dirt cheap. So, it’s a buy, right?
In a phrase, not exactly. Continue reading "Is Natural Gas Cheap?"
