• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil and Trade War
  • 1 hour Could oil demand collapse rapidly? Yup, sure could.
  • 6 hours Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 3 hours Are EVs Safer Than Combustion Engine Vehicles?
  • 1 hour Russia, Saudi Push For Big Hike In Oil Output Despite Iran Opposition
  • 2 hours WE Solutions plans to print cars
  • 2 hours What If Canada Had Wind and Not Oilsands?
  • 1 hour Oil prices going down
  • 13 hours Sabotage at Tesla
  • 7 hours Nopec Sherman act legislation
  • 6 hours Sell out now or hold on?
  • 9 hours The Irrelevance Of BTU Rating - Big Oil's Gimmick To Hoodwink The Public
  • 11 hours China & India in talks to form anti-OPEC
  • 17 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 1 hour Gazprom Exports to EU Hit Record
  • 1 hour Australia mulls LNG import
  • 40 mins Oil and Trade War
Alt Text

Oil Industry Expects Wave Of M&A Deals

The oil & gas industry…

Alt Text

Russia Boosts Oil Production Before OPEC Meeting

Russia pumped almost 11.1 million…

Alt Text

Oil Falls On OPEC Uncertainty

Oil prices seesawed for most…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Natural Gas Sees Some Upside

Natural Gas Sees Some Upside

May Natural Gas futures rose sharply on April 7, putting the market in a position to breakout to the upside on the weekly chart, on increased speculation the severely glutted market has hit a bottom.

The market has been building a support base for several weeks. At first, the rallies were being generated by aggressive short-covering, which is understandable because the market was in a downtrend. However, the buying this week looks as if it was dominated by new longs rather than short-covering and position-squaring.

(Click to enlarge)

While the price action may be suggesting a bottom is forming, the fundamentals are still bearish. The U.S. Energy Information Administration said Thursday stockpiles grew another 12 billion cubic feet last week, a time of year when stockpiles usually fall. They are now 54 percent larger than they usually are at this time of year.

The current price action indicates that speculators could be betting on the possibility of big gains if they can press the upside enough to encourage some of the major short-hedgers to aggressively cover their positions.

Although the weekly EIA report showed another increase in stockpiles, supply appears to be falling from a record pace and consumption could be much higher than usual this April, luring some bullish speculators into the market.

The reason for the increased consumption in April and the market’s second-best daily percentage performance of the past two months…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News