We've asked Michael Seery of SEERYFUTURES.COM to give our INO readers a weekly recap of the Futures market. He has been Senior Analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets.
Michael frequently appears on multiple business networks including Bloomberg news, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He is also a guest on First Business, which is a national and internationally syndicated business show.
Crude Oil Futures
Crude oil futures in the January contract finished lower for the 6th consecutive trading session settling in New York last Friday at 39.97 while currently trading at 35.69 a barrel down over $4 dollars for the trading week hitting a 7 year low as I had a short position in heating oil and not in crude oil which was disappointing because crude oil continues to move lower as well. Heating oil has been the leader in this complex due to extreme warm weather in the northeastern part of the United States as that product was down another 700 points once again as there is very little demand causing crude oil prices to continue to move lower as I'm certainly not recommending any type of bullish position. Crude oil prices are trading far below their 20 and 100 day moving average telling you that the short-term trend is to the downside as I think prices could trade as low as $30 in the coming weeks, but the easy money has already been made to the downside as gasoline prices were higher once again as spreading between heating oil and gasoline continues almost on a daily basis. The reason for the rise in gasoline prices is the fact of strong demand because people are driving and taking advantage of the warm weather, but eventually the cold weather is coming and then I think that gas prices will react negatively and catch up to the rest of the complex. Continue reading "Weekly Futures Recap With Mike Seery"
