• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 1 day Wind droughts
  • 4 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 2 days Oil Prices Fall After Fed Raises Rates
  • 12 days How Far Have We Really Gotten With Alternative Energy
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 10 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 7 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 10 days The Federal Reserve and Money...Aspects which are not widely known
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Summer Selloff in Energy Futures Markets Coming to an End?

The price action late this week in the three major futures energy markets: crude oil, gasoline and natural gas, suggests the summer sell-off may be nearing its end. Keep in mind that only the daily charts are showing signs of short-term bottoming action. The longer-term weekly and monthly charts still have downside biases.

For the most part, the trading action is being fueled by technical chart factors and not by fundamental factors. Technically, these three markets are oversold. This means that the size of the sellers on the offer is shrinking, shifting the edge to the bid side, or the buyers. The buying is being triggered by profit-taking and aggressive bottom picking.

Some of the profit-taking is related to fund buying. These money managers may be trying to book profits before the end of the quarter to enhance their performance and avoid giving back the substantial profits generated by the summer-long break.

Crude Oil

Fundamentally, West Texas Intermediate crude oil futures rebounded this week after a weekly government report showed a larger-than-expected fall in U.S. crude oil inventory.

According to the Energy Information Administration (EIA), U.S. commercial crude oil inventories decreased by 4.5 million barrels for the week-ended August 15. Traders were looking for a drawdown of 1.3 million barrels. Although this drawdown did not put much of a dent into the total inventory, it did give short-sellers an excuse to begin booking profits…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News