Natural Gas Forecast: Daily Shooting Star Warns of Correction
August natural gas pushed to new highs Tuesday and early Wednesday before stalling at $2.974. Cooler than previously expected near-term temperature forecasts are reportedly the culprit for Wednesday’s pullback and settle at $2.863. Longer-term, the outlook for natural gas is positive and is most likely forming a five-wave trend. The move up is due for … Continue reading Natural Gas Forecast: Daily Shooting Star Warns of Correction
Crude Oil Forecast: Technical Factors Negative for WTI
The U.K.’s vote for Brexit came as a shock to many investors and traders around the world. Equity markets have tumbled and crude oil followed suit as the U.S. dollar has risen substantially. Some pundits think the downturn in oil has been overdue, and warn that the market is still oversupplied and could slip further … Continue reading Crude Oil Forecast: Technical Factors Negative for WTI
Natural Gas Forecast: Overdue Correction Poised to Extend
July natural gas rose to a new high for 2016 when it overcame the January 8 swing high of $2.635. The move up extended to crucial resistance near $2.75 and stalled. $2.75 is a confluent target. Most importantly, it is the 1.382 projection of the primary wave $1.949 – 2.427 – 2.08. Negative Factors July’s … Continue reading Natural Gas Forecast: Overdue Correction Poised to Extend
Crude Oil Forecast: August WTI Positioned to Rise Above $50.0 Again
The falling U.S. dollar and higher probability the U.K. will vote to remain in the European Union are reportedly causes for crude oil’s recovery. However, some analysts have stated that increasing U.S. rig counts and production coming back online in Canada will keep a lid on oil prices for the near term. August WTI crude … Continue reading Crude Oil Forecast: August WTI Positioned to Rise Above $50.0 Again
Natural Gas Forecast: July Challenges Its 2016 High
Warm summer weather and a smaller than expected build reported last Thursday were allegedly the catalysts for the surge higher to $2.635. The recent string of smaller than expected builds has some analysts and traders speculating that the glut of gas in storage may shrink much faster than originally expected. July natural gas challenged its … Continue reading Natural Gas Forecast: July Challenges Its 2016 High
Crude Oil Forecast: WTI Stalls, Correction Poised to Extend
As WTI crude oil prices fall from the recent $51.67 high, some reports indicate the pullback is due to the rising U.S. dollar and increased rig counts for the second week in a row. Pundits have also stated the sharp price surge could encourage some producers to increase production, keeping the market oversupplied. Others still … Continue reading Crude Oil Forecast: WTI Stalls, Correction Poised to Extend
Natural Gas Forecast: Prices Rise to New 2016 High
Natural gas prices have risen sharply over the past seven days. July rose to $2.501 in early trading Wednesday, overcoming the continuation chart’s $2.495 high for 2016. Reports indicate the surge has been due to forecasts for higher temperatures in coming weeks. However, some think the move up may be too aggressive considering storage levels … Continue reading Natural Gas Forecast: Prices Rise to New 2016 High
Crude Oil Forecast: WTI in Position to Overcome $50.0 Again
For the past few weeks, WTI crude oil has been trading in a tight range as it tries to sort through recent events and fundamental factors. Reports indicate Monday’s close at a 10-month high was due to concerns over continued supply disruptions and speculation that the Federal Reserve will not raise interest rates this month. … Continue reading Crude Oil Forecast: WTI in Position to Overcome $50.0 Again
Natural Gas Forecast: July Poised to Rise to $2.57
Prompt month natural gas futures have risen just over 20 percent after the June contract’s expiration last Thursday. Reports indicate traders are expecting increased demand for the fuel due to warmer than normal summer weather in coming weeks. Technical factors have also turned positive and call for rising prices to challenge and likely overcome the … Continue reading Natural Gas Forecast: July Poised to Rise to $2.57
Natural Gas Forecast: July Holds Crucial Support at $2.13
The spread between the June and July contracts ahead of June’s expiration on Thursday has weighed on the front of the market. However, July natural gas challenged crucial support at $2.13 Wednesday and held this level on a closing basis while June stalled again near key support at $1.95. The longer-term is beginning to look … Continue reading Natural Gas Forecast: July Holds Crucial Support at $2.13
