The energy sector reflected almost the exact same as the week of Jul 19th despite declining inventory levels as crude prices rose to above $79.00 after falling below $76. The range has been stuck between $76.00- $79.60 and I think it looks as if this market is poised to test $80 as the S&P has been +12 points already on the Sunday night session. It was interesting to see crude rally after having a build in inventories of more than +7 million on the Wednesday number, but the Euro/USD lead a charge back to over $1.3080 and kept the oil price higher. WTI spreads are still well bid for in the front with Sep/Oct trading -44. Dec10/Dec11 got hit to -410 but I think I need to be a buyer of that spread down there as I see a snap back to above -350 in order. Gasoline and heating oil have been relatively in line with the price of crude as the heat and gas cracks haven't moved much in the past few days. I would look for crude to touch $80, but this time I see the price heading higher to $82.50 as the equity and Euro are too strong right now to be sellers.
Like I stated last week with the natty gas market, a powerful surge above $4.75 will lead to a $5.00 price and this is exactly where I believe I see this market is heading as natty trades in the mid $4.95 level right now as inventory reports came out positive last week. I think $5.00 will most certainly be reached in the beginning of the week with flat price trying to get to $5.15.
Above notes are the review that
PitGuru Daniel Cronin would like to share with us to keep track with the energies market in this week. Take note the necessary information for your trading. Decide your biz!! Again, you may need more views around grains, metals, financials, etc. You can check all of them at weekly
futures market reviews or daily
futures prices for help. Now, I have to leave, I'll be back with the new review next week. Good luck!
Back to futures trading market, I wish you will have a smooth trading week. Above charts describe energies, financials, grains, softs and metals markets this week. I hope that they will help you have an overview of how the futures markets going this week so that you can make suitable plan for your business. For more detail, you can check out the futures reviews to see what the experts talk about the happenings.