MBWealth’s Commodity Blog

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Please click on spreadsheet to view and zoom to 100% Energies For the last six weeks Crude oil has been in a $10 trading range and as of the close last week prices are just about in the middle of that range trading at $76/barrel on the front month. We suggest buying dips near $73-74 [...]

Please click on spreadsheet to view and zoom to 100% Energies Crude oil prices dropped nearly $7/barrel last week and could challenge the lows from late May. We don’t read too much into the sideways action in the last five weeks and instead view it as a trading range. As position traders well know there [...]

Please click on spreadsheet and zoom to 100% Energies Crude reversed direction last week closing near $79/barrel and breaking out of the descending triangle that buoyed prices since the beginning of May. It could be on technical buying as the 20 day MA supported last week though tropical storms heading towards the gulf may also [...]

After making a new high Crude failed and closed almost $2 off its’ intra-day high. We suggest exiting all remaining longs as we suspect a set back. We anticipate a challenge of at least the 20 day MA; in August that level is $75.15. We’re not suggesting getting short but rather moving to the sidelines. [...]

Please click on spreadsheet to view and zoom in on reader if needed Energies The trend in recent weeks has been up and though we feel that it will continue we’re expecting a $3-5 set back in Crude oil in the immediate future. In the August contract we expect $79 to act as solid resistance, [...]

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 [...]

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 [...]

Please click on spreadsheet to view and zoom to 100% if needed Energies In the last four weeks prices in Crude have been back and forth in a $9 trading range so from here where do we go? We have a bullish bias but would not be recommending new entries, if already long continue to [...]