Daily Spot: Energies

A weekly summary of one complex, including daily updates of other developments elsewhere.[pay]

Crude Oil Feb (CLH) Buyers can still earn a benefit of the doubt. (Rolling coverage forward from Feb to Mar) Finally closed under 92.00, but due mostly to a late dip. A valid break would target 88.75. Closing above 92.50 would next target 94.40 above.

Natural Gas Feb (NGG) Noise in a range, until proved otherwise. The highest close in more than a week finally closed agbove 455.00, but only barely. And not until the open would create a gap below. Seems too little, too late for a breakout. But extending higher Thursday would be credible.

Dollar Basket Mar (DXH) Supported now only by disbelief. Wednesday’s gap down spent the entire session in negative territory. Since no lower low’s probe was rejected, it was not “ineffectual pessimism,” so the decline’s momentum remains intact.

Gold Feb (GCG) Another false start? If it doesn’t quickly re-start. Tuesday’s close above 1365.00 was exploited only initially Wednesday. Its gap up was under the prior day’s high, do it doesn’t require being filled. And most of Wednesday’s action hovered optimistically just above the gap back to Tuesday’s close. Avoiding near-term weakness would maintain potential to fill gap back up to 1383.40. Otherwise, risk of resuming decline.

30-year Treasury Mar (USH) Not manipulated. Seriously. Still range-bound, awaiting close beyond 120’14-121’14 range.

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Daily Spot coverage schedule is: Currencies (Mon), Metals (Tue), Energies (Wed), Rates (Thu), Weekender (Fri).