jackfutu18
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A new week comes, let's see is there anything new!
A very strong week in the energy markets even though there was no data to support this rally. Crude ripped higher especially on Friday to close just below $79.00. Crude for August reached a 7 week high on Friday just below $80 even as inventories climbed by a considerable amount and the equity markets remained flat to weak. The one positive for this market that I can say for sure was the hint of a tropical storm hitting the oil filled gulf coast but this has become a non-issue. Tropical Storm Alex looks to be headed more towards Mexico now than previously reported but since this was nothing more than a tropical storm it didn't warrant the price of crude to jumping almost $3 on Friday alone.
This week will be an important one as Friday will deliver non-farm payrolls, a report that was weak last time around. I believe this market is still a short here, especially after the miss of Tropical Storm Alex, higher inventories, a very strong USD, and a rolling over equity market with big companies coming up with sub-par earnings. Look for crude to get back down to $76.
Natural Gas is creeping up, trying to get back to $5 as this market now trades at $4.85. It rallied from the support level of $4.60 last week. I like long plays here in the Natty and would look at buying calls when the flatprice drops to $4.60 again. Once again, big jobs number coming out Friday so it will be interesting to see how the market digests the data.
By Pitguru
The Energies Pitguru Review
for the week of June 28th, 2010
for the week of June 28th, 2010
A very strong week in the energy markets even though there was no data to support this rally. Crude ripped higher especially on Friday to close just below $79.00. Crude for August reached a 7 week high on Friday just below $80 even as inventories climbed by a considerable amount and the equity markets remained flat to weak. The one positive for this market that I can say for sure was the hint of a tropical storm hitting the oil filled gulf coast but this has become a non-issue. Tropical Storm Alex looks to be headed more towards Mexico now than previously reported but since this was nothing more than a tropical storm it didn't warrant the price of crude to jumping almost $3 on Friday alone.
This week will be an important one as Friday will deliver non-farm payrolls, a report that was weak last time around. I believe this market is still a short here, especially after the miss of Tropical Storm Alex, higher inventories, a very strong USD, and a rolling over equity market with big companies coming up with sub-par earnings. Look for crude to get back down to $76.
Natural Gas is creeping up, trying to get back to $5 as this market now trades at $4.85. It rallied from the support level of $4.60 last week. I like long plays here in the Natty and would look at buying calls when the flatprice drops to $4.60 again. Once again, big jobs number coming out Friday so it will be interesting to see how the market digests the data.
By Pitguru
