Two sided trade in Crude as prices look to finish up 0.50% today. We have advised clients to exit their longs and expect a $3-5 correction into next week. Ideally we would be a buyer when August was below $75/barrel. We should have some trade ideas next week on September and October contracts. We’re sticking [...]
A supportive inventory report aided energy prices today with Crude oil and the distillates putting in another positive showing. We feel prices are overdue for a setback so we advise tightening up stops and lightening up on longs. On a pullback we would not expect much more than $3-5. At that point we would be [...]
The indices trading higher should mean the dollar and Treasuries down and most commodities up. That is how we have positioned clients as you can read below. Oil is thru $76 trading near a one month high. The momentum is up but if you are not already long we would not suggest fresh entries at [...]
For the time being indices are in the driver’s seat and as long as stocks are moving higher RISK is on. A falling dollar should also lend support. Oil made a higher high and higher low today but as we posted in our weekly commentary we need to see a settlement above $76 in July [...]
Based on the late action we should see indices lead us higher next week. After an 8% rally in the previous four sessions Crude gave back some of its gain today closing down just over $1. The 9 day MA did hold and as long as that level supports we think higher ground ahead. That [...]
Crude is back above $75 for the first time in 3 1/2 weeks advancing for the fourth consecutive session. On the highs prices got within 30 cents of our first target; again$76.60 and then $79 are our objectives. It is entirely possible we run into resistance just above today’s highs so if you have sizable positions [...]
There is a full docket of events across the globe from three central bank meetings (RBNZ, ECB and BOE) to an employment report from down under and a USDA report so do not try to be a hero as fireworks could fly. Crude and the distillates got some help from outside markets and a friendly [...]
A number of markets are at a crossroad and the decision made in the next few sessions should determine the direction of the next leg. These markets include the S&P, metals, energies, and the dollar. Crude penetrated the 20 day MA but failed to close above that level; in July at $74.60. We would expect [...]
The 9 day MA held once again today as energies were 1.40-4% higher on the session. It appears the path of least resistance remains up in Crude oil and the distillates. The only two situations where we would likely change our mind is a reversal lower in equities or a bearish inventory report tomorrow. Without [...]
We will return Tuesday after the long weekend expecting to see the majority of commodities higher…time will tell. Oil should close about 10% off its lows this week. We expect more upside to come in the weeks to come in Crude, RBOB and heating oil. Some of our clients are back into natural gas; buying September [...]
