Daily Spot: Energies

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

Crude Oil Apr (CLJ) Patience is a virtue. Despite gapping up to fresh highs and ranging exclusively in positive territory Monday was not “ineffectual optimism.” Its high is likely to be probed. So Tuesday’s dip only sweetened the pot. Higher highs still target 107.25, and probably also 111.45 to compensate for the delay.

Natural Gas Apr (NGJ) Impatience is running high. Tuesday’s opening surge back to Monday’s surge’s peak suggested the rally was getting underway. But it peaked 1 penny short of the 4.03 trigger, and then plunged back under 3.93. Sellers will have regained traction unless Wednesday rally’s sharply.

Dollar Basket Mar (DXH) Impatient buyers briefly rally. Gapping up to extend Monday’s session-long rally was not impressive. Not retracing the early peak only expended buying pressure without gaining traction for the effort. A dip to 76.28 would help to form a better bottom.

Gold Apr (GCJ) Patiently waiting for a fresh high. Tuesday did not recover from Monday’s  close under 1435.00, which signaled that buyers had lost traction. But sellers haven’t gained traction. An accumulation pattern would help to resume the rally.

30-year Treasury Jun (USM) Patiently waiting a setup. Tuesday’s close under 118’26 only retraced Monday’s range. Closing under 118’04 would confirm momentum was reversing down . Otherwise, not exploiting this second opportunity to decline would all but ensure another probe of prior highs above 120’17.

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