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If the selling pressure gains momentum then look for a test of the December 23, 2016 main bottom at .7159, the May 24, 2016 main bottom at .7145 or the February 29, 2016 main bottom at .7107. On the upside, the first level to watch is yesterday’s close at .7239. Recapturing this level and turning higher for the session will put the AUD/USD in a position to post a closing price reversal bottom.
NEO is on the move early, with a hold on to $16 levels needed to break back through to $17 levels and leave Tuesday’s sub-$14 low in the past.
Natural gas markets broke resistance again during trading on Tuesday, breaking above the $2.97 level. This is another strong sign, but at this point we still haven’t reached the major resistance barrier. That lies above.
Sundance Energy Australia Limited’s (ASX:SEA): Sundance Energy Australia Limited engages in the exploration, development, and production of oil and natural gas in the United States. The US$521.94m market-cap posted aRead More...
Now that the NZD/USD has posted a lower-lower, the number to watch all day is yesterday’s close at .6574. For trend traders, continue to play for an eventual move to .6346. For aggressive counter-trend traders, watch for a closing price reversal bottom and stop buying weakness while trying to pick a bottom. We’re going through a news driven event. This means you’re going to have to time your buy with a change in the news and that’s too hard to do.
Based on the early price action, the direction of the USD/JPY is likely to be determined by trader reaction to the 50% level at 111.126.
Idaho officials violated the U.S. Constitution by forcing several landowners to sell their natural gas and oil to a Texas company without giving them a meaningful way to fight the state's decision, a judge said. The ruling Monday in U.S. District Court in Boise could have significant ramifications for a state-approved process intended to prevent a minority of mineral rights owners from stopping natural gas and oil production. Citizens Allied for Integrity and Accountability sued last year, contending the state discriminated against landowners with an order finalizing a deal that favors Houston-based Alta Mesa.
Oil prices started the day trading up on news that Saudi Arabia had reduced its production in July, but economic uncertainty driven by Turkey’s currency crisis dragged prices down later in the day
After sailing through rough seas for the past few years, Energy Transfer Equity (ETE) seems to have attractive prospects going forward. Its pending consolidation with Energy Transfer Partners (ETP), robust growth in Q2 2018 earnings, and upcoming projects paint a nice picture for the near future.
The Kenai Peninsula Borough wants to boost its role in a project to build a massive pipeline to carry natural gas from Alaska's North Slope to a liquefaction plant and export terminal planned for Nikiski. Borough leaders voted last week to petition the Federal Energy Regulatory Commission for permission to intervene on the project's environmental impact statement. It would allow the borough to request a new hearing of commission decisions or appeal them to a federal court, the Peninsula Clarion newspaper reported .
The GBP/USD has formed a bullish divergence exactly near the M L5 bottom. 1.2710-40 is the zone where the correction could start. If 1.2700 holds the price might retrace to 1.2844 and 1.2900. Break above 1.2923 should target 1.3000 and 1.3052.
The gold market sold-off significantly during the Monday’s session breaking below the $1200 level which offered strong psychological support to the market. The market is strongly impacted by the Turkish situation and relative strong dollar. The next significant support for the gold prices is at $1140 level and in order to turn around, it needs to break above the $1205 level.
One catalyst which led to yesterday’s rapid turnaround was trader reaction to estimates of a light storage injection this week. Additionally, although there are still pockets of heat in the country, the weather forecasts call for mostly cooler temperatures.
Based on the early trade, the direction of the USD/JPY on Tuesday is likely to be determined by trader reaction to the main 50% level at 110.662.
Crude oil markets drifted a bit lower to kick off the week, but at this point as I record this we are starting to run into a bit of support. We are approaching an interesting level, so it’ll be interesting to see what happens next. I think one of the biggest culprits here would be the US dollar strengthening.
Natural gas markets initially dipped during the day on Monday, but as the Americans came on board we rallied a bit. However, I do see a significant amount of resistance in this area, so it’s likely that the market could roll over again.
Gold markets continue to fall during the Monday session, reaching down towards the $1200 level. In fact, as I record this, the gold market has drifted even below there. For me, that is a very negative turn of events, and could lead to the next leg lower.
The Caspian deal is a good base for further negotiation, but crucial pipeline projects might not be completed until market conditions change
On August 13–17, a variety of events could impact oil and natural gas prices. OPEC’s Monthly Oil Market report, which is scheduled to be released at the beginning of the week, is expected to be an important driver for oil prices. The EIA’s (U.S. Energy Information Administration) Drilling Productivity report is scheduled to be released on August 13. The EIA’s report will be another important factor for oil and natural gas prices.
On August 3–10, the United States Natural Gas ETF (UNG) rose 3.4%, while the ProShares Ultra Bloomberg Natural Gas ETF (BOIL) rose 6.7%. These ETFs track natural gas futures.
On August 3–10, US crude oil September futures price fell 1.3% and closed at $67.63 per barrel on August 10—the ninth consecutive close below $70.
Based on the early price action, the direction of the EUR/USD the rest of the day is likely to be determined by trader reaction to the steep downtrending Gann angle at 1.1388. If the market continues to follow this angle then look for a move into the July 5, 2017 main bottom at 1.1312 by August 14.
USDCAD range bound as decline in the Turkish Lira now seems to have come to a pause while bearish factors on Loonie’s end failed to boost US Greenback.
Today, investors will react to fresh weather and production reports. If the weather forecasts continue to call for cooler temperatures over the next 10-14 days and production holds near the 80 Bcf/d level then prices are likely to fall. In what could be another sign that the October futures contract may have topped last week, the NYMEX winter strip, or the November to March futures contracts retreated late last week, which indicates investors are starting to believe that producers will be able to shrink the supply deficit.