Energy Prices Getting Hammered Again This Week --New Lows Across The Sector

24 Jun in Blog, commodity trading, crude oil futures, futures broker, heating oil futures, Michael Seery, natural gas futures, option broker, Seery Futures LLC, unleaded gasoline futures

Energy Futures--- The energy markets are sharply lower this week on a pessimistic outlook by the federal reserve cutting the GDP forecast here United States also with a gloomy outlook in Europe and  China sending crude oil prices sharply lower to a new nine-month low down about  $4.50 dollars a barrel this week however trading up about $1.80 this Friday afternoon close right around $80 a barrel while unleaded gasoline is up this afternoon in New York still will settle about 1400 points this week to settle right around 2.48 also creating a nine month low on waning demand continuing its bearish momentum. Heating oil futures are slightly higher today as well but are down over 1100 points for the trading week currently trading at 2.54 also new lows on the weekly chart with the next major support around 2.40 which could happen next week's trading session. There were many bearish economic indicators this week pushing crude oil prices to new lows including the cut the GDP and that giant mess in Europe and the fact that Moody’s cut rating on 15 global banks which causes more concern in the investment world causing many hard assets to selloff just like they did in 2008 during the U.S banking collapse. In my opinion like I've stated in many previous blogs I believe crude oil and the products are going lower with the next major support crude oil around $75 level which was hit in the summer of 2010 during the last economic European crisis and at this point the trend is your friend and it does not look like a bottom has been in place in any of the energy markets. Natural gas futures were up sharply this week closing last Friday at 2.50 basically to settle around 2.67 an outlook of an above average temperatures here in the summer propelling demand for natural gas which is been a giant bear market for many years now but it looks to me that a possible bottom is in with the next major support at 2.88 if it breaks that level you are talking about a four-month high in natural gas prices which you have not been able to say in a long period of time. The spread between natural gas and crude oil prices is starting to narrow while earlier in the year at one point crude oil was hitting $110 a barrel and natural gas was hitting 10 year lows however since that point natural gas is rallied about 30% and crude oil has dropped off about 25% in the last two months alone.

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