Oil and Natural Gas

WTI support and resistance. Wednesday was picture perfect pinbar. Today holding on current support:

I think you are right there is a resistance but it looks like there will be attempts to make new high slightly higher than the previous one (double top)

58.25- 58.40 was held as support 3 times on thursday to friday!

I had my finger on the sell button if it didnt and it would have tanked since many people had stop loss orders below that area.

Volume would have been off the charts below 58.25 making it go all the way to 55 most likely by the end of this upcoming week.

Becuase it didn't im still like technically up to 65$ for July and June Futures in WTI Crude.

Long term speaking: fundamentally, if crude supplies keep shrinking the prices will be supportive. Now as for the article with how market oil price and future prices are way off, that makes sense for the last 20 years! it has never been close to each other! that article is basically saying this: "gasoline is used to put in cars to drive".

thanks for the information WE ALREADY EFFING KNOW! AP!

Could be. We have no idea from where your green dotted line is referencing?

Hello, can u advise me please good broker for trading gas? Thank you.

You chart, channel and cycles look great. Im expecting resistence around 70-73 though.

UK elections made impact on gbp and that made brent and crude drop fast recently. So if gbp drops after rate decision tomorrow then possibly crude will be back at old trading rage close to 62. If this happens i will consider it a false breakout and wait for another drop. Think gbp is going to be very decisive this month.

a slightly different count...

oil

It looks to be supported around 58 as stated one month ago.
I also see 54 as being next level of support if 58 is taken out.
I still see 58-73 range this summer months.

NAtural gas storage came in 1 million short of forecast yet still increased by 35-40% from last weeks storage report yet prices spike near to 3$.

Anyone selling Natural Gas right now or soon ahead of summer ?

Brent activity disturbing crude as well imo

brent, bet more down

Goldman Sachs just (Saturday) downgraded 2 oil companies to 'sell' and issued a note about future crude prices.

Brent seen around $60 for the next few years reducing to $55 in 2020.
Supply seen as being met by US shale output, which is improving its extraction efficiency, and by OPEC.

....can't help thinking that sounds a little insular, my experience is that governments are buying their local production in places such as Iraq.

i went from bullish on crude to bearish after more middle east production and supply reports.
I know wti's sell of today has to do with monthly contract expiration for 5/19 as we move to next month trading contracts on nymex.

Crude is under a lot of bearish pressure the last week

Deep already but could be much better if gbp moves a bit

nat gas and crude both down a lot.....summer weather forecast shot nat gas down which was expected and OPEC production reports and underlying fundamental supply reports in the world are driving oil traders to sell right now. major technical level broken in crude near 59

Ngas

USOil is approaching requirement to sell just above 61.82% retracement of wave iii, for medium term short positions.

$70 crude?

usoil

range support definitely at 58


now breakout time......

Might be support that breaks next on H1 chart: