jackfutu18
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Be back with energy market! Just check out the weekly review to see after a great week from last week, is there anything changing!
The energy markets had a great week last week rallying in all of the sectors as the equity market ticked higher and the Euro continued its torrid pace against the USD. The one key factor on Friday was that the market sustained gains not giving anything back to head out the close to the weekend. WTI spreads have also sustained the recent rally as the inventory space in the Oil market declined some 5 million barrels last week and have dipped the last 4 straight weeks. Sep/Oct still in the -30's while Oct/Nov is trading at -50. The only negative to this market is that Hurricane Bonnie dissipated as a tropical storm near the U.S. Gulf Coast at the weekend, sparing refineries and offshore production operations. BP Plc vessels returned to the area working to permanently plug a damaged well, the source of the largest oil spill in U.S. history. This is the only factor why Oil has not tried to break through $80 yet. Crude was above $79 and at the top of the range so I am recommending some put purchases based on technical analysis resistance at this $80 level.
Natural Gas has traded up to $4.70 again this week, which is great resistance as warnings of Hurricane Bonnie led shorts to get squeezed out of the market. I would say this too should be sold up at the $4.75 level and I suspect prices will drift back down to $4.30.
*chart courtesy Gecko Software’s Track n’ Trade Pro
By PitGuru Daniel Cronin
The Energies Pitguru Review
For the week of July 26th, 2010
For the week of July 26th, 2010
The energy markets had a great week last week rallying in all of the sectors as the equity market ticked higher and the Euro continued its torrid pace against the USD. The one key factor on Friday was that the market sustained gains not giving anything back to head out the close to the weekend. WTI spreads have also sustained the recent rally as the inventory space in the Oil market declined some 5 million barrels last week and have dipped the last 4 straight weeks. Sep/Oct still in the -30's while Oct/Nov is trading at -50. The only negative to this market is that Hurricane Bonnie dissipated as a tropical storm near the U.S. Gulf Coast at the weekend, sparing refineries and offshore production operations. BP Plc vessels returned to the area working to permanently plug a damaged well, the source of the largest oil spill in U.S. history. This is the only factor why Oil has not tried to break through $80 yet. Crude was above $79 and at the top of the range so I am recommending some put purchases based on technical analysis resistance at this $80 level.
Natural Gas has traded up to $4.70 again this week, which is great resistance as warnings of Hurricane Bonnie led shorts to get squeezed out of the market. I would say this too should be sold up at the $4.75 level and I suspect prices will drift back down to $4.30.
*chart courtesy Gecko Software’s Track n’ Trade Pro
By PitGuru Daniel Cronin