Scaling Into the Natural Gas UNG ETF

After this morning’s marginal new recovery high at 14.00, the U.S. Natural Gas Fund ETF (NYSE: UNG) reversed to the downside in reaction to “in-line” inventory data, which pressed indices to an intraday low so far at 13.25. We initiated a 25% long position in our model portfolio at 13.32. If the UNG is unable to consolidate and lift off from the 13.30/25 area, then I will be looking for another loop down towards 13.00, where we will add another 25% long position.....Complete Article

Today’s Stock Market Club Trading Triangles

Crude Oil Bulls Gain Technical Upside Momentum

Crude oil closed up $1.82 at $67.23 a barrel today. Prices closed near the session high and hit a fresh three week high today as bulls did gain some fresh upside technical momentum amid a rallying U.S. stock market. Bulls have the near term technical advantage. A two week old uptrend is in place on the daily bar chart.

Natural gas closed down 21.3 cents at $3.727 today. Prices closed nearer the session low. The bears are still in technical control and gained fresh downside momentum today. The fact that natural gas could not rally amid a general commodity market rally today is a bearish clue.

The U.S. dollar index closed up 9 points at 78.95 today. Prices closed nearer the session high in quieter trading. Short covering in a bear market was featured. Prices hit a fresh nine month low again today. Bears still have the overall near term technical advantage.

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Technical Analysis From Barclays: Oil Set to Fall on Spreads

Brent crude oil is likely to fall below $63 a barrel “in the next few weeks” as the spread between long term contracts widens, according to technical analysts at Barclays Capital. The discount for buying Brent contracts for delivery in December 2009 compared with December 2010 increased today to the most in more than two months. The spread, expressed as a negative number when the market is in contago, is now beneath a trend line connecting the low points during 2009. That may trigger further selling of Brent futures, analysts at the investment bank of Barclays Plc said yesterday in a report.....Complete Story

Oil Stays Above $65, Natural Gas Continues to Rise

Crude oil for September delivery fell slightly to settle above $65 Wednesday on the New York Mercantile Exchange. The price of oil today was tempered by less than stellar numbers coming out of the EIA. Crude oil for September delivery closed at $65.40 Wednesday on the NYMEX, a drop of 21 cents from yesterday’s close. While August deliveries expired yesterday, closing at $64.72, the price of September deliveries closed higher on Tuesday at $65.61.....Complete Story

Crude Oil Declines a Second Day After Fuel Inventories Increase

Crude oil for September delivery declined a second day in New York as rising U.S. fuel inventories dampened optimism for a swift rebound in demand. Gasoline and distillate fuel inventories in the U.S. rose in the week to July 17, the sixth consecutive
increase, while crude supplies fell, according to an Energy Department report yesterday. Japan’s oil imports fell for an eighth month in June. “Demand is weak, and spare capacity is the largest it’s ever been,” said Eugen Weinberg, an analyst at Commerzbank AG in Frankfurt.....Complete Story

Today’s Stock Market Club Trading Triangles

Energy Market Commentary For Wednesday Evening

September crude oil closed down $0.36 at $65.25 a barrel today. Prices closed nearer the session high. Bulls still have the near term technical advantage. A two week old uptrend is in place on the daily bar chart.

September natural gas closed up 11.6 cents at $3.962 today. Prices closed nearer the session high and hit a fresh three week high today. Short covering in a bear market was featured. The bears are still in technical control.

September (RBOB) unleaded gasoline closed up 191 points at $1.8150 today. Prices closed nearer the session high today. A two week old uptrend is in place on the daily bar chart.

The September U.S. dollar index closed down 18 points at 78.91 today. Prices closed nearer the session low. Prices hit a fresh nine month low again today. Bears still have the overall near term technical advantage.

Complimentary Trend Analysis For Stock, Futures, And Forex

NYMEX Crude Steadies Above $65

Gaining on the New York Mercantile Exchange for the sixth day in a row, crude oil rallied above $65 on Wednesday as earnings reports continue to beat Wall Street's expectations and government data released today shows crude oil supplies were down last week. U.S. crude oil futures for September delivery settled at $65.40, or 68 cents higher than Tuesday's close. Also gaining, London Brent crude climbed above $65 in seesaw trading, finally closing at more than $67 per barrel.....Complete Story

New Video: What's the best strategy for USO?

In today's video we analyze the popular crude oil ETF USO. We want to look at how you could have made money if you relied on the Market Club "Trade Triangle" technology. The video is free and requires no registration.

Just click here to enjoy the video!

Please feel free to leave a comment and let our readers know what you think the direction of the USO is. You are also welcome to join the discussion at our new Facebook Group the Crude Oil Trader.

Natural Gas Futures Gain on Signs of Small Stockpile Increase Share

Natural gas futures advanced in New York on speculation a report tomorrow will show a slowing pace of U.S. stockpile gains. Gas inventories probably rose 66 billion cubic feet last week, based on the median of eight analyst estimates compiled by Bloomberg. An increase of that amount would be the smallest since April 17. Stockpiles normally rise between April and November as utilities prepare for higher demand in the winter.
“This week it’s a very different number,” said Teri Viswanath, director of commodities research at Credit Suisse Securities USA in Houston.....Complete Story

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Citigroup Recommends Investment in Mexican Oil Giant

Banking giant Citigroup recommends investment in Mexican state run oil company Petroleos Mexicanos (Pemex) via its dollar denominated bonds. The firm urged investors to "hold" the bonds, reversing a previous recommendation to sell, Mexican media reported on Monday. However, the Citigroup did not give its highest rating of "overweight" to Pemex because of some negative operating data, the bank said in a report. Pemex's biggest oil field, Cantarell, has now had five consecutive years of production declines, bringing the company's overall production to its lowest level in 16 years.....Complete Story