Home Market News Oil & Gas Bull or Bear? The state of the Oil and Gas market

Bull or Bear? The state of the Oil and Gas market

Bullish or Bearish bets on Big oil

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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.

Despite High Gas Prices, Big Oil Brought in over $46 Billion Total Earnings Last Quarter (entrepreneur.com)

 

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