|Day's Range||2.648 - 2.648|
* Tohoku Electric Power Co said it had signed the first contract by a Japanese buyer to procure up to 280,000 tonnes per year of liquefied natural gas (LNG) from Mozambique LNG project for 15 years from the start of production in the early 2020s. * The contract was signed with a company set up by Mozambique LNG project participants such as Anadarko Petroleum, the company said.
Oil prices may have closed the week lower on bearish news, but the continuation of the Iran saga continues to create uncertainty in the markets
The Permian is literally burning $1 million every day, and it could lead to an opportunity for miners looking to turn natural gas into bitcoin
Over just the last six years, global oil demand per day has jumped by 10.14% according to the International Energy Agency (IEA). The bad news is that global oil production continues to fall behind demand. This glut manifested thanks to members of the Organization of Petroleum Exporting Countries (OPEC) who sought to limit the production gains of the US shale and fracking operations by driving down crude prices to make field investment unprofitable.
Crude oil markets broke down significantly during the week, slicing through the bottom of the shooting stars from the previous week. That’s a good sign, and it shows that we could see a lot of volatility going forward. Ultimately, this is a market that I think is focusing on several things at once.
The natural gas markets have been on fire as of late, but the weekly candle stick looks horrible. It’s a shooting star at major resistance in the form of the $3.35 level, which was previous support in the past.
The US dollar fell during the week against the Japanese yen after forming a perfect shooting star last week at resistance. This was a classic sell signal, and the astute traders out there benefited. However, as we close out the week, it looks likely that there is support just below.
The British pound shows resiliency during the week against the US dollar, dropping towards the 1.30 level only to turn around and rally again. We are above the 1.3125 handle, and that of course is a very bullish sign.
Silver markets pulled back slightly during the day on Friday, as we are touching major resistance above at the $14.70 level. However, I think that there is more than enough buying pressure underneath the lift silver given enough time. Beyond that, gold has already broken out.
Natural gas markets fell below the $3.20 level during the Friday session to end the week on a soft note. This is a very ugly turn of events, because the weekly candle stick is a massive shooting star.
Since more than 76% of the total production comprises oil, Oasis Petroleum (OAS) has been capitalizing on the significant recovery in oil prices.
Crude futures steadied late in the session on Friday, following the stock market slightly higher after earlier swinging lower on a weakening oil demand outlook. Stock markets worldwide bounced back on Friday after a multi-day sell-off but remained on track for their biggest weekly losses in months, while U.S. Treasury yields inched higher and the dollar held its gains. The International Energy Agency, the West's energy watchdog said in its monthly report that the market looked "adequately supplied for now" and trimmed its forecasts for world oil demand growth this year and next.
Oil markets appear to have taken a bearish turn as stock market volatility and reports of a significant inventory build from the EIA combined to drag prices down
China saw its crude oil imports jump to a total of 37.12 million tons in September, the highest number since May, as refiners prepare for winter season
On October 11, natural gas’s implied volatility was 38%, which was ~23.4% above its 15-day moving average and the highest level since January 31. In the trailing week, natural gas’s implied volatility rose 11.1%. Natural gas November futures rose 1.8% during the same period. Since June, these two metrics have been moving in tandem.
Expensive energy is back and it is threatening global economic growth, the International Energy Agency (IEA) said in its Oil Market Report on Friday
(Bloomberg Opinion) -- Crude oil prices, both Brent and West Texas Intermediate, are at four-year highs. Traders are talking about a return to $100 per barrel, and even higher. But if you’re a long-term investor, look for oil demand to peak and more subdued prices in the years ahead -- not the supply shortages and soaring petroleum costs as some observers fear. Royal Dutch Shell Plc and Norway’s Statoil ASA expect the peak in demand as soon as the mid-2020s, while BP Plc sees it happening between 2035 and 2040 and the International Energy Agency is forecasting 2040.
'Expensive Energy Is Back:' Why the World Should Prepare for Higher Prices Even Though There's Plenty of Oil
The daily chart indicates that traders will be watching a pivot price at $3.239. Trader reaction to this price should determine the direction of the market today.
The winter heating season officially began this month, with U.S. supplies of natural gas nearly 18% below the five-year average.
The S&P 500 went back and forth during the trading session on Thursday as the Americans came on board, essentially dancing around a 50 point range. This is a market that is obviously is still reeling from the massive selloff during the trading session on Wednesday.
WTI and Brent both struggled during the trading session on Thursday, as we continue to see weakness in the commodity markets overall. Commodity markets have been rocked, mainly because of the US dollar strengthening and a certain amount of fear when it comes to global markets.
Natural gas markets fell during the day on Thursday, reaching below the $3.20 level, which was the gap that kicked off the move higher. This is a purely technical move, and it’s likely that we will continue to see a bit of softness in this market in the short term, as we had gotten too far ahead of ourselves.
The British pound continue to grind higher during the trading session on Thursday, reaching above the 1.32 level again. This is a market that continues to grind its way higher, and I think it’s difficult for big moves to occur with all of the uncertainty around the British pound. However, it appears that the “smart money” demands more British pound as they get cheaper.