Back to
futures markets, I would like to say sorry for the breaking time. Back to my work, I'll try to share with you the information that I think it is valuable to my and your trading. To restart, now we will have a look at the Energy Market Review for the week!
The oil market saw a bounce back in price last week as the markets were oversold below the $81 dollar range in Sep WTI. September crude closed out the week at $85.38. The equity markets got a bit of relief as the S&P rallied back over 1150 and the DOW over 11,000 and WTI pushed higher from $78.50 at one point getting as high as $87. The back of the curve rallied huge with Dec11/Dec12 crude oil going from -520 to -360 as many banks were buying up the back of the curves in both WTI and Brent. I believe this week is a week to take any unrealized profits from longs at $80 as I feel the market may head lower after the "dead cat" bounce it has just seen. I would look to get into some OTM puts as this market has potential to drift lower this week.
Natural Gas teetering on the $4.00 mark again here as prices shifted higher last week above $4.15 but have since dropped with the abundant supply. Look for NG to drift south of $4.00 and into the $3.90 range. Good support is at $3.80 in this market.