July crude oil closed up $2.66 at $68.78 a barrel today. Prices closed nearer the session high today and hit a fresh seven month high on a prediction from Goldman Sachs that crude oil prices would reach $85.00 a barrel this year and $95.00 next year. However, Goldman's track record on oil predictions is spotty. I would not be surprised to see crude oil prices touch the $70.00 a barrel mark and then see a good profit taking pullback. Crude oil bulls have the near term technical advantage. A six week old uptrend is still in place on the daily bar chart.
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July natural gas closed up 9.3 cents at $3.859 today. Prices closed nearer the session high today, on short covering in a bear market. The key "outside markets" were bullish for the natural gas futures market today, as the U.S. stock indexes were higher, crude oil prices were sharply higher and the U.S. dollar was weaker. Bears have the near term technical advantage.
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The September U.S. dollar index closed down 4 points at 80.00 today. Prices closed near mid range. Prices are still in an 11 week old downtrend on the daily bar chart. Bears still have the near term technical advantage.
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The U.S. stock indexes closed firmer today. Traders are awaiting Friday's key U.S. jobs report, which is not expected to be bullish, but traders have already factored in a significantly negative jobs loss figure. Do not be surprised to see more consolidative trade in the stock indexes, heading into the summer months, when traders focus more on family vacations and outdoor activities.
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