As we expected in our previous analysis, Natgas started to lose some of the bullish momentum and moved sideways the whole week
For this week, we expect the price to make a pullback similar to the one we highlighted on our chart and push the price towards the support area. After this move is completed, we anticipate that this pair will make a new top.
"Below 5 years average" in storage means really nothing to me.
It has been much lowerin the same past 5 years.
See by yourself
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Thursday's OPEC+ meeting became a market-mover event, as members announced that production cuts would be extended in April. This caught the market completely off guard, as OPEC+ was widely expected to raise output by 500,000 barrels per month. Instead, OPEC+ has opted to hold back some 9.2 million barrels from the market each day, until at least the beginning of...
In the past week, Natural Gas continued to consolidate towards the $2.70 support area that is highlighted on our chart.
Based on our analysis, we expect the price to continue the pullback towards the second support area located at $2.60 level. After the consolidation is over, we expect the price to increase and hit the $3 area, making a new top.
from the short-term perspective the fast trend line has been broken and there is a chance to see bigger bears activity...
Short inplay between 58.50 / 59.00
Stop above 59.35
First target 57.30 / 00
Second target 55.30 / 55.00
Crude oil prices nudged lower as hopes faded for another round of U.S. fiscal stimulus before Nov election along with a strong dollar which kept pressure on price. House Speaker Nancy Pelosi rejected proposal from Senate Republican leaders for a smaller scale approach to new stimulus and
demanded a revamped offer from the White House. Prices however got some boost...
Crude oil prices slipped, as a string of supply disruption which supported prices is subsided now, with bearish headwinds from easing supply blocks in Norway and Libya which opened up the door to potential rise in global oil production to a market facing feeble demand due to pandemic. Energy Operators have restarted their production in Gulf of Mexico after...
Crude prices edged higher, touching levels of $43 on support from output shutdowns ahead of a storm in the U.S. Gulf of Mexico and prospect of supply losses in Norway along with hopes for some U.S. COVID relief aid supported prices. Prices got supported after reports of Saudi Arabia considering reversing course over OPEC’s planned production increase early next...
WTI Crude prices dipped over 1.7 percent to close at $40.2 per barrel as surge in U.S. Crude inventory levels clouded the demand outlook for Crude; however, lingering supply worries limited the fall. As per reports from the Energy Information Administration, U.S. Crude inventory levels rose marginally by 501,000 barrels in the week ending on 2 nd October’20....
I am seeing an Ending Diagonal develop in the Crude oil chart for an upcoming Sell opportunity. This seems to line up with this week's EIA data indicating an oversupply. If this plays out, we should be hearing more about over supply over the next week or more. I will look for a sell when we get to the end of the 5th leg of the ED as indicated by my Sell zone box.
• EIA Data Shows Build in Crude Inventories By 1.623 Million Barrels for the Week
• SNOC Announces Slight Delay in Madani 1 Project as Virus Slows Progress
• Gasoline Surges 25% Pushing Above the 0.50 Handle
• Exxon Plan for New Gas in Australia Around the Beginning of 2021
• Oil Finishes the Week in Asia Lower as We Near OPEC+ Final Day of Talks
• EIA Natural Gas Data Shows 4.95% Cut in Total Storage for Week Past
• EIA Crude Inventory See Stockpiles Continues Whilst Gasoline & Distillate Stock Drops
• Surging Indexes Spurred on by Stimulus Measures with S&P500 +4.22%
• Coronavirus Cases Slow Down in China Whilst See Rises in Italy & Iran
• Kuwait Allows Oil Tankers Grace Amidst Ban on Foreign Ships Due to Coronavirus Fears
• Caltex Australia Releases Half-Yearly Results Posting Cut in Profit
• EIA Continues Another Week of Crude Inventories Up with Build of 452,000 barrels
- Oil prices surged during the Asian session up +1.4% despite build in API Crude data
- WHO officially names disease as COVID-19
- EIA Inventories to be released during afternoon session
- Asian Equities higher with Australia seeing Earning’s releases