Oil & Gas end of day prices - Oct 7
Posted: Mon Oct 07, 2019 3:54 pm
WTI prompt month (NOV 19) was down $0.06 on the day, to settle at $52.75/Bbl.
NG prompt month (NOV 19) was down $0.049 on the day, to settle at $2.303/MMBtu.
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My take on days like today when the oil price starts off up and holds up until mid-day is that buyers come in early because they think oil is oversold. When the price stalls, they tighten up their stop loss orders to lock in a nice gains. In the afternoon it only take a few sellers to trigger lots of computer generated sales. A good indications is that WTI stabilized at the end of the trading day and has moved up a bit in after-hours trading.
What's needed is a close tomorrow over $52.50 and bullish storage reports by API and EIA on Tuesday and Wednesday. Last week's reports were "out-of-whack".
$52.50 is the base of the well-defined trading pattern before the attack on Saudi Arabia that was trending up.
Keep an eye on Iraq: https://www.nbcnews.com/news/world/iraq ... 0-n1063121 A lot of violent people live there and the protests can quickly get out of hand.
Iran news: https://www.wral.com/report-iran-plans- ... /18683373/ < This doesn't sound like they are ready to make a deal with Trump.
NG prompt month (NOV 19) was down $0.049 on the day, to settle at $2.303/MMBtu.
-------------------------
My take on days like today when the oil price starts off up and holds up until mid-day is that buyers come in early because they think oil is oversold. When the price stalls, they tighten up their stop loss orders to lock in a nice gains. In the afternoon it only take a few sellers to trigger lots of computer generated sales. A good indications is that WTI stabilized at the end of the trading day and has moved up a bit in after-hours trading.
What's needed is a close tomorrow over $52.50 and bullish storage reports by API and EIA on Tuesday and Wednesday. Last week's reports were "out-of-whack".
$52.50 is the base of the well-defined trading pattern before the attack on Saudi Arabia that was trending up.
Keep an eye on Iraq: https://www.nbcnews.com/news/world/iraq ... 0-n1063121 A lot of violent people live there and the protests can quickly get out of hand.
Iran news: https://www.wral.com/report-iran-plans- ... /18683373/ < This doesn't sound like they are ready to make a deal with Trump.