Energies Futures Prices
- Midday Market Minute
Equity markets retest the overnight low while Crude Oil slips sharply. Gold and Silver battle morning pullbacks to extend gains in bull-market type activity....
- Morning Express - Blue Line Futures
ES, NQ, Crude, Gold. Actionable research out early each morning to brokerage clients with full technicals.
- Daily Technical Spotlight - August Nymex Crude Oil
Price uptrend in serious jeopardy after big losses this week. Bulls need to recover the rest of this week.
- Give Peace A Chance. The Energy Report 07/18/19
All Trump is saying is give peace a chance, or maybe Senator Rand Paul a chance. Or maybe peace with Iran is just chancy. Oil [...]
- WTI Crude thoughts on intraday price action
We present our thoughts on intraday price action for WTI Crude
- Naturag gas, downtrend continue to 2.240 while we trading below 2.330
The downtrend may be expected to continue, while pair is trading below resistance level 2.330, which will be followed by reaching support level 2.240
Futures Market News and Commentary
Aug WTI crude oil (CLQ19) on Thursday closed down -1.48 (-2.61%), and Sep Brent crude oil (CBU19) closed down -1.73 (-2.72%). Aug RBOB gasoline (RBN19) closed down -0.0445 (-2.37%). The energy complex sold off Thursday with Aug WTI crude and Sep Brent crude at 4-week lows and Aug RBOB gasoline at a 3-week low on concern about increased supplies and mixed demand. The energy complex retreated Thursday on the outlook for increased Russian crude production after Russian pipeline operator Transneft PJSC said it had resumed full flows from Russia's largest crude producer, Rosneft PJSC, which had stopped sending crude through Transneft pipelines on Monday due to technical issues. Demand concerns also weighed on the energy complex after Thursday's U.S. June leading indicators report unexpectedly fell -0.3%, the biggest decline in nearly 3-1/2 years, which was negative for the U.S. economy and energy demand. The energy complex remained on the defensive from Wednesday's EIA report that showed that gasoline stockpiles unexpectedly rose +3.565 million bbl (vs expectations for a -2.4 million bbl draw) and that distillate supplies rose +5.686 million bbl (vs expectations of +1.0 million bbl). Crude prices bounced up from their worst levels after President Trump Thursday afternoon said the USS Boxer naval vessel destroyed an Iranian drone near the Strait of Hormuz. Middle East tensions remain high after Iran on Thursday admitted that it seized a foreign oil tanker in the Persian Gulf on Sunday. Wednesday's EIA data showed that U.S. crude oil inventories as of July 12 were +5.3% above the 5-year average, gasoline inventories were +2.1% above the 5-year average, and distillate inventories were -1.5% below the 5-year average.
Aug Nymex natural gas (NGQ19) on Thursday close down -0.017 (-0.74%). Nat-gas prices on Thursday fell to a 1-1/2 week low and closed lower on the outlook for cooler temperatures in the U.S. after a heat wave this week. Nat-gas prices moved higher Thursday morning after the EIA reported that nat-gas supplies rose by only 62 bcf in the week of July 12, below expectations of 71 bcf and below the 5-year average of 63 bcf. Thursday's report broke the 16-week string of reports that were above the 5-year average. The gains did not hold, however, and nat-gas prices turned lower on the outlook for the current excessive heat that has engulfed the U.S. to fade starting July 26, which should curb nat-gas demand for air-conditioning. The Commodity Weather Group said Monday that temperatures will be above normal across most of the U.S. over the next 10 days but will fall back to normal during July 25-29. Nat-gas prices are also being undercut by robust U.S. nat-gas output as Thursday’s data showed that U.S. lower 48-state nat-gas production rose +7.8% y/y to 84.198 bcf. Thursday's EIA data showed that U.S. nat-gas supplies stood at a 6-month high of 2.533 bcf as of July 12, up +12.7% y/y but -5.3% below the 5-year average.