Energies Look For A Top
Energy contracts from the Momentum-5
List are continuing higher despite factors suggesting prices could drop.
Crude and heating oil are rallying for a fourth consecutive day but appear
unlikely to eclipse Friday’s high levels, despite stockpiles resting at 24-year
lows. The perception is that the effect of greater OPEC crude supplies will hit the
market and begin impacting price to the downside. There is also talk that Energy
Secretary Bill Richardson will seek to ease upward price pressure in the energy
complex by offering resources from the Strategic Petroleum Reserve. September
crude is up .63 to 31.65 and heating oil is up .0108 to .8690.
A tropical storm that is expected to intensify to hurricane force is failing to inspire buying of natural gas
(
NGU0 |
Quote |
Chart |
News |
PowerRating) futures. The August 9 spike top and retreat and plateau around 4.450 are signposts of strong resistance building and of a possible topping pattern. Nat gas is down .060 at 4.414.
Dollar index futures,
another contract from the Momentum-5
List, started on a positive note but are moderating, up .14 to 111.20.
Coffee futures continue to get dunked to new contract lows, following through on their breakout from a witches hat pattern and narrow-range consolidation to new lows, down 3.7% or 3.05 to 77.60.