Big Oil – Bull or Bear
The Oil and Gas market has been HOT, reaching a high of $123/BBL on June 14th.
Following the recent high, large profit taking took place amongst futures traders and large cap stock traders.
More recently futures found major support on the 200-day MA and look to be setting up for another rebound during the last half of summer into fall. With political policies and overseas instability setting the stage for a continued trend into the low 100’s for the foreseeable future.
Natural Gas – is this natural
Natural Gas has also enjoyed excellent pricing through the first half of the year, with a high of $9.65/MMCF on June 8th, following the high, massive profit taking took place amongst futures traders as well as large/small cap oil stock traders. Major support was found on July 6th at $5.50 on the 200-day MA and has continued up past the 50 MA as of July 21st closing at $7.85/MMCF.
With overseas instability and European energy crisis’ deepening following a massive heatwave through July, expect to see continued surging in prices throughout the remainder of 2022 fall and winter months.
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