Wednesday, February 15, 2012

Crude Oil Bulls Take Charge as Iran Cuts Shipments to Europe

Crude oil closed up $1.15 [March contract] a barrel at $101.89 today, close to a five week high. Bolstered by news that Iran has cut oil shipments to Europe and a steep decline in inventory in the U.S. for the first time in 4 weeks. Prices closed nearer the session high today and hit another fresh four week high. Crude oil bulls have the overall near term technical advantage and have gained some upside momentum recently.

Natural gas closed down 9.4 cents [March contract] at $2.438 today. Prices closed nearer the session low today. Bears have the solid overall near term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.844.

Gold futures closed up $11.60 [April contract] an ounce at $1,729.30 today. Prices closed near mid range today as bargain hunters stepped in to buy the recent dip. The key outside markets were mostly bullish for gold today, the U.S. dollar index was steady weaker and crude oil prices were higher. Gold bulls still have the overall near term technical advantage, but need to show more power soon to suggest a near term price uptrend can be restarted.

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