Natural Gas, Crude Oil, Etc...
5/22/2009 12:28:15 AM
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Between May 12th and May 20th, open interest fell 153,316 contracts while prices advanced $2.33/bbl. Such changes in trend are synonymous with price reversals.
fundamentals:
U.S. oil inventories are at their highest level since 1990 while demand is at the lowest level since 1999. U.S. highway miles traveled were reported this week to have fallen 1.2% in March from a year-ago. Japanese GDP and Italian industrial orders were reported weak on Wednesday, while the Fed cut its 2009 outlook for U.S. economic growth. Oil movements showed that OPEC exports will rise 200,000 b/d over the next four weeks.
right now commodities remind of the run last june/july, it's the index funds and the hedge funds vs fundamentals
hard to step in front of those funds
8)
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5/22/2009 12:31:37 AM
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can't resist, let's stop sell 60.94 and try to get one point to 60 rounder
if stopped into trade, buy stop to flatten at 61.44
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5/22/2009 2:11:43 AM
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10pm et and crude went the other way and took out the 61.44, never lost the 61 rounder
DX the dollar is 80.44 down -0.20, so the euro and the crude both responded with upside thus far
i find crude and euro like to be green together often
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