- Weak Eco News Pushes Markets Lower
Yesterday the Dow dropped over 500 points and the economic news reported didn't help. Will we see a repeat of this or will the markets change direction?...
- Natural Gas Breaks Lower
Just about seven days ago we alerted all of our followers to a massive breakdown move that was about to unfold in Natural Gas. At that time, we predicted...
- Midday Market Minute
Making sense of the volatility. ES, Crude, Gold and more
- Pessimism and Fed - Blue Line Morning Express
Out to brokerage clients every single morning with actionable trading ideas.
- Floundering. The Energy Report 12/17/18
Oil is still trying to find a bottom as macroeconomic fears are outweighing common sense. The sharp break in oil prices has caused a drop [...]
- Retail Sales Doesn't Save Markets
On Friday Retail Sales that exceeded expectation wasn't enough to stop the markets from a freefall. Will this change today? Read on to learn more......
Futures Market News and Commentary
Jan WTI crude oil (CLF19) on Monday closed down by -$1.32 per barrel (-2.58%) and Feb Brent crude (CBG19) closed down -$0.67 (-1.11%). Jan RBOB gasoline (RBF19) closed down by -2.39 cents per gallon (-1.67%). Crude oil gave up an early rally Monday and sold off to a 2-week low on signs of increased global production and suspect energy demand. Russian oil crude output is on the rise after Interfax reported that Russian December crude production rose by +60,000 bpd to 11.43 million bpd from November's level. Also, a slump in the S&P 500 to a 14-1/2 month low Monday undercut confidence in the economic outlook and in energy demand. Crude prices opened higher Monday on the lower dollar and on positive carry-over from last Friday's data from Baker Hughes that showed active U.S. oil rigs in the week ended December 14 fell by -4 rigs to a 1-3/4 month low of 873 rigs.
Jan Nymex natural gas (NGF19) on Monday closed sharply lower by -0.299 (-7.81%). Jan nat-gas gapped lower and plunged to a 5-week low Monday as forecasts for warmer weather in the U.S. spurred fund selling. Nat-gas prices moved lower for a fifth consecutive session after NOAA forecast warmer-than-normal temperatures across most of the U.S. from Dec 22-26 that may linger to the end of the month. Nat-gas prices were already on the defensive from last Thursday's EIA data showing that U.S. nat-gas inventories fell -77 bcf, less than expectations of -80 bcf. However, U.S. nat-gas inventories remain tight at 2.914 bcf as of Dec 7, -19.9% below the 5-year average and -19.6% y/y and the lowest seasonally since 2002.