• 8 minutes U.S. Shale Oil Debt: Deep the Denial
  • 13 minutes WTI @ $75.75, headed for $64 - 67
  • 16 minutes Trump vs. MbS
  • 3 hours Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 3 hours Nuclear Pact/Cold War: Moscow Wants U.S. To Explain Planned Exit From Arms Treaty
  • 3 hours Why I Think Natural Gas is the Logical Future of Energy
  • 3 hours Merkel Aims To Ward Off Diesel Car Ban In Germany
  • 2 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 19 hours Can “Renewables” Dent the World’s need for Electricity?
  • 13 hours Get on Those Bicycles to Save the World
  • 1 day The Dirt on Clean Electric Cars
  • 19 hours Satellite Moons to Replace Streetlamps?!
  • 1 day Owning stocks long-term low risk?
  • 9 hours Long-Awaited Slowdown in China Exports Still Isn’t Happening
  • 22 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 13 hours Can the World Survive without Saudi Oil?
Alt Text

Move Aside Lithium – Vanadium Is The New Super-Metal

Lithium took investors across the…

Alt Text

This Merger Creates A New Oilfield Services Giant

Two of the leading offshore…

Alt Text

OPEC Turns On The Taps To Counter Iranian Outages

OPEC reported a collapse in…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

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