Archive for the ‘Energy Futures’ Category

Crude Oil Futures Back Below $50 on Supply

Crude oil futures traded below $50 per barrel today for the first time since the initial down-move In March took oil prices to the $44 dollar area. Crude oil futures are trading down $1.69 as of this writing currently at $49.14 per barrel at the New York Mercantile Exchange.

The analysts reportedly were expecting a drop in supply of nearly TWO MILLION barrels, but the API reported a rise of 2.3M barrels here in the US as of last week – a significant spread. Another report from the Energy Information Administration may show a slightly less amount of crude oil stockpiles as of July 17th.

The technical trend for crude oil is down with no bottom yet in sight. With crude oil below $50 per barrel, maybe us consumers can see gasoline prices reflected lower as well…


Storage Report May Provide Direction for Natural Gas Futures

Natural gas futures appear to be sitting still near the high end of their trading range of nearly two months as energy traders patiently await new data on gas inventories to help determine the demand for the fuel. Natural gas futures are up more than .07 cents today currently trading just over $2.91 per BTU at the New York Mercantile Exchange.

The US Energy Information Administration’s storage report is due for release tomorrow with an expected increase of 95B cubic feet for the week ending July 3rd (an increase of 91B happened the week before). The total domestic storage at this time is reportedly 32.8% higher than this same week last year and 1.7% above the five-year average for this period in the year.

Natural gas is said to be the US’s top fuel used for everyday home use. With natural gas prices this low, its a real plus for the domestic consumer.


Supply Outlook Halts Rise in Crude Oil Futures

Crude oil futures seem to be at a stand-still as concerns over US shale production being revived are contemplated. Crude oil futures are up a nominal .40 cents today currently trading at $60.73 per barrel at the New York Mercantile Exchange.

Yesterday, government data showed domestic gasoline inventories rose by a half-million barrels last week – distillate stockpiles increasing by 100K barrels – at a time when the US “driving season” has entered its peak gasoline demand period. Crude oil inventories, on the other hand, fell a little less than expected during this same time period.

Crude oil futures entered into a down-trend at the end of last month according to my study. Follow through to the crude oil futures downside can have a positive effect for the consumer, and we may see this in the second-half of the year.


Natural Gas Futures at a Crossroad in Early Uptrend

Natural gas futures is attempting a rebound from its two-week lows with traders now looking for fresh data on weekly gas inventories to have a better outlook on its demand. July natural gas futures are currently “unchanged” from yesterday’s close (near $2.85 per BTU) after a .05 cent rally earlier in the trading session at New York’s Mercantile Exchange.

Natural gas futures put in a monthly low near $2.79 and followed with a May high near $3.15 per BTU at the beginning of last week. The current uptrend in this market may be a little premature based on the weak demand and favorable weather in the near future.

Natural gas futures began an early uptrend in the second week of May, but taking out yesterday’s low of $2.818 can change the directional outlook (in my work). I think US consumers are still very much benefiting with low natural gas prices.


New Low for May as Stronger Dollar Weighs on Crude Oil Futures

Crude oil futures have found new lows for this month with the backdrop of a stronger dollar and geopolitical concerns in oil-rich Middle East hotspots. Crude oil futures are down over $1.50 per barrel at New York’s Mercantile Exchange (as of this writing).

The US dollar is reported to have helped this crude oil move lower when it accelerated to the upside and reinforcing a new uptrend. Elsewhere, traders may be factoring-in the possibility of sanctions being lifted from Iran because if this should happen this summer (as discussed), then more oil will be added to the world glut of supply.

Crude oil futures are at a cross-road in its current uptrend. If tomorrow can manage to break today’s low, this can possibly change the technical trend to “down” in my work.


New Highs For Crude Oil After Weekly US Supply Data

Crude Oil futures are up $2.12 per barrel today to highs not seen since December after inventory data revealed domestic oil supplies rose to levels less than expected last week. Crude oil futures are currently trading just above $59 a barrel at the New York Mercantile Exchange.

According to the US Energy Information Administration, crude oil inventories increased by 1.9M barrels in the week ending April 24th, falling short of the expectations for an increase of 2.3M barrels. As it stands now, domestic oil inventories total nearly 491M barrels which is the most in 80 years – even drilling activity waning!

The trend for crude oil is up and with new highs breaking out today there is no top yet in sight. We’re seeing the repercussions of higher oil prices at the pump – already a dollar higher per gallon from the lows.


Natural Gas Futures Settling Before Inventory Report

Natural gas futures appear to be experiencing short-covering just before tomorrow’s weekly storage data release. Natural gas futures are up 32 points today, but .13c above last week’s contract low near $2.52 per British thermal unit at New York’s Mercantile Exchange.

Tomorrow’s storage report by the US Energy Information Administration is anticipated to show an additional 80B cubic feet of inventory for the week ending April 17th – which would be the most on record for the week. Natural gas supplies also rose by 45B cubic feet the week earlier in-line with the five-year average of an increase of 46B cubic feet for this time of year.

Natural gas futures trend is down with no bottom yet in sight. These low natural gas prices are a real plus for the consumer.


Record Domestic Inventories Send Crude Oil Futures to $44 Per Barrel

Crude oil futures briefly reached the $44 per barrel benchmark in very early trading based on the outlook of oversupply concerns as energy industry data revealed crude oil inventories had reached a new record high. Crude oil futures finished the day $2.43 per barrel higher at the New York Mercantile Exchange.

The American Petroleum Institute (“API”) reported US crude oil inventories rising by 10.5M barrels to 450M barrels in the week ending March 13th. A high-profile media poll had initially indicated analysts expecting only a 3.8M build-up of inventory, so you can realize the significant difference.

Crude oil’s trend is clearly down with no bottom yet in sight – especially hitting new contract lows just today. Crude oil futures is not a market I trade, but I report about it because it correlates with the price of gasoline – a product we are so dependent upon.


Crude Oil Futures Remove All February Gains

Crude Oil futures erased all gains made this past month earlier today and was within $4 of last month’s multi-year low. April delivery crude oil futures settled today at $48.92 per barrel at the New York Mercantile Exchange from their lows of $47.80 earlier in Thursday’s trading session.

We were cautioned by analysts to brace ourselves for a bounce back up to the $70 per barrel range, but all three attempts to follow-through above $55 fell short. It is probably because all eyes might have been on yesterday’s “Energy Information Administration’s” weekly report stating US crude oil inventories increased by 8.4 million barrels last week – when only a 4M increase was expected.

The trend for crude oil futures is technically “down,” but at a crossroads. If crude oil futures were to break out above the $55 highs of this month, it’s first target should be $59, then $65 per barrel. However, a break below last month’s low could send crude oil futures to the low $30’s – if not lower.


Crude Oil Futures Poised for Further Drop on Iraqi Oil Surge

Crude oil futures are hovering just below $45 per barrel and appear for a breakout lower with the forthcoming revelation. The whole breakdown of crude oil prices from OPEC members competing for global customers is about to accelerate with Iraqi oil production.

Oil production from Iraq is actually said to be climbing from a 35-year high as the southern oil fields remain untouched by ISIS militants, and adds a growing supply of oil from the Kurdish region (up north) to its exports. To match buyers with the added production will mean only one thing – offering more attractive incentives to buy than competing rivals of the OPEC nations.

Crude oil futures trend is down with no clear bottom in sight. A decisive move below $45 per barrel can send crude oil futures to its next support level of $40.

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