Natural Gas Forecast: NGX16 Forms Intra-Day Bearish Flag
Natural gas was spurred higher last Thursday after government data showed a smaller than expected build for the week ended October 7. However, the move’s strength and resilience reportedly came as a surprise for many market participants due to mild weather across most of the U.S. The market remains well supplied according to many analysts … Continue reading Natural Gas Forecast: NGX16 Forms Intra-Day Bearish Flag
Crude Oil Forecast: WTI’s Correction in Position to Extend
Last week, after WTI crude oil surged higher on Monday, prices eased a bit and an overdue correction started. Media sources indicate prices fell due to concern about persistent oversupply. Traders are reportedly waiting for new bullish news to push prices higher. In addition, skeptics remain doubtful that OPEC will be able to follow through … Continue reading Crude Oil Forecast: WTI’s Correction in Position to Extend
Natural Gas Forecast: Correction Poised to Extend
Media sources state that traders and analysts are looking to current warm weather in the south and anticipation of a colder than normal winter as catalysts for higher natural gas prices. However, some reports indicate many traders and analysts remain skeptical and have stated that the move up is too soon in anticipation of real … Continue reading Natural Gas Forecast: Correction Poised to Extend
Crude Oil Forecast: WTI Approaching Key Resistance
WTI has primarily risen on the momentum created by the tentative agreement between OPEC members to cut production by 200,000 to 700,000 barrels per day in coming months. The details of such a deal are still being ironed out and would have to be ratified at OPEC’s meeting in November. Some traders and analysts reportedly … Continue reading Crude Oil Forecast: WTI Approaching Key Resistance
Natural Gas Forecast: November Rises Back Above $3.00
November natural gas has shown signs of strength over the past few days. November held support near $2.90 and on Tuesday completed a daily hammer when prices settled above $2.94. A bullish RSI divergence was confirmed at $2.866 on several intra-day charts. On Wednesday, the move up rallied to a very important $3.05 target ahead … Continue reading Natural Gas Forecast: November Rises Back Above $3.00
Crude Oil Forecast: WTI Overcomes $48.38 Swing High
Bullish optimism regarding OPEC’s preliminary agreement to cut crude oil production has reportedly fueled the move higher during the past week. The news came last Wednesday after members met during a conference in Algeria. OPEC will meet again on November 30 to further discuss and possibly ratify the deal. However, many are still skeptical that … Continue reading Crude Oil Forecast: WTI Overcomes $48.38 Swing High
Crude Oil Forecast: Near-Term Outlook Negative
Reports indicate increasing OPEC exports out of Nigeria and Libya and a partial shutdown of a major U.S. gasoline pipeline weighed on crude oil prices last week. In addition, U.S. rig counts rose to 416, the highest level since February. That said, some traders are turning their attention to the late September meeting between members … Continue reading Crude Oil Forecast: Near-Term Outlook Negative
Natural Gas Forecast: Move Up Stalls…Again
Natural gas continues to oscillate in an erratic and corrective range. After stalling near $3.00 on July 1, the prompt-month futures contracts have challenged the boundaries of a range between nominally $2.53 and $2.95. This is similar to the range that natural gas traded in for nearly nine months of 2015 before breaking lower in … Continue reading Natural Gas Forecast: Move Up Stalls…Again
Crude Oil Forecast: WTI Oscillating in Corrective Range
Charts tell us what the market knows about itself, and right now, WTI crude oil is confused. There are many competing fundamental, technical, and geopolitical factors in play at the moment. Therefore, no one factor has a clear and decisive edge over the others. October WTI is oscillating in a corrective range and will most … Continue reading Crude Oil Forecast: WTI Oscillating in Corrective Range
Natural Gas Forecast: Pullback Stalls at $2.81
According to some pundits, natural gas’s recent move up is due to improved balancing of supply and demand. Government data shows the degree to which inventories are up this year relative to the five-year average has continued to shrink. It has been a hot summer, and demand has remained relatively strong. That said, production has done … Continue reading Natural Gas Forecast: Pullback Stalls at $2.81
