Daily Spot: Energies

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

Crude Oil Nov (CLX) Buyers had one more day to launch a rally off of 75.65 and above 77.00. It wasn’t immediately, not until EIA reported Wednesday, but 77.00 was recovered to put new relative highs into play.

Natural Gas Nov (NGX) After having bounced first to test 4.00, too soon for buyers to gain traction, Tuesday’s session ended in decline. The pullback fell to 3.92 Wednesday, testing the gap back to Monday’s open. Thanks to having touched “higher prior lows” at 4.00 first, the dip was not arbitrary, and there is now no unfinished business below. A rally would be credible for extending sharply higher.

Gold Dec (GCZ) Despite extending up sharply Tuesday to new highs, ranged narrowly sideways Wednesday. Potential for 2-3 day Pivot Reversal pattern now all but requires closing Thursday under 1286.50. But just closing under 1300.50 would indicate buyers had not gained traction.

30-year Treasury Dec (USZ) Wednesday’s inside day hovered at the range’s highs, no change to the pattern.

Dollar Basket Dec (DXZ) New lows for the fourth consecutive session Wednesday. But it was not recovered back above Tuesday’s lows, which would have repeated the Friday/Monday pattern. Probing of new lows has not ended, but the timing remains unchanged – a recovery attempted on Thursday would be very likely to gain traction.

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