Crude oil closed up $1.88 at $67.38 a barrel today. Prices closed nearer the session high on a solid rebound from big losses Monday, and amid a sharply lower U.S. dollar today. Some chart damage was repaired today, but bulls have more work to do soon to suggest the June high can be taken out on the upside.
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Natural gas closed down 4.9 cents at $4.022 today. Prices closed near mid range today. The key "outside markets" were bullish for natural gas futures today, as the U.S. stock indexes were firmer, and crude oil was solidly higher, while the U.S. dollar was sharply lower. Yet, natural gas was pressured any way, which is a bearish clue.
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3 comments:
I agree with you, it seems the dollar weakness was solely to blame for the push higher in crude. The Chart was a very attractive short, but I will wait to see what the dollar decides to do first.
I guess Wednesday's Fed release may have an effect on the dollar etc. but this 50% retracement might be all we can ask for in the near term for the bears.
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