• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 4 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 10 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 22 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 22 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 9 hours Saudi Fund Wants to Take Tesla Private?
  • 19 hours Starvation, horror in Venezuela
  • 9 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 10 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 2 hours Venezuela set to raise gasoline prices to international levels.
  • 1 day France Will Close All Coal Fired Power Stations By 2021
  • 24 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 2 hours Corporations Are Buying More Renewables Than Ever
  • 18 hours WTI @ 69.33 headed for $70s - $80s end of August
Alt Text

Cracks In Global Economy Weigh On Oil Markets

Oil prices fell this week…

Alt Text

The Real Reason Behind The Next Oil Squeeze

An oil supply squeeze may…

Alt Text

Can U.S. Shale Stop A Global Oil Supply Crisis?

U.S. shale is often overlooked…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Why The Natural Gas Rally Isn’t Over Yet

Natural Gas Storage

Crude oil took a backseat to the natural gas market this week with prices soaring 7.52% since last week’s close and 16.35% since the close on May 27. Thursday’s close in the July Natural Gas futures market was $2.593, its highest close since the week-ending January 8.

The main trend is up according to the weekly swing chart. The strong close has put the market in a position to take out the high for the year at $2.635. This is followed closely by another top at $2.684. The rally could expand greatly above this level with the next top coming in at $2.961.

The main range is the $3.227 top from the week-ending May 22, 2015 to the $1.939 bottom from the week-ending March 11, 2016. Its retracement zone at $2.583 to $2.735 is currently being tested. A long-term downtrending angle passes through this zone this week at $2.667, making it a valid upside target also.

Trader reaction to this retracement zone is likely to determine the strength and direction of the market over the near-term. Short-sellers see value so they are likely to initiate new position. Speculators are buying and they don’t care too much about value. They are more interested in maintaining the current upside momentum.

(Click to enlarge)

Based on the close on June 9, the direction of the market on Friday and next week is likely to be determined by trader reaction to the main 50% level at $2.583.

A sustained move over $2.583 will indicate the presence of…

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