Energies Reverse Early Losses & Settle Near Highs Of Session

09 Jun in Blog, commodity trading, crude oil futures, futures broker, heating oil futures, Michael Seery, natural gas futures, option broker, Seery Futures LLC, unleaded gasoline futures

 Energy Futures--- Energy futures this week had another wild ride with many of the stock markets around the world and many of the commodity markets as well with crude oil this Friday down around $2 dollars a barrel in early trade only to rally at the closing bell to finish down .40 cents at 84.45 in a hectic trade this week basically unchanged for the week, however yesterday traded as high as 87.03 and on Monday traded as low as 81.21 in an incredibly wild trading week due to the fact of Spain and the European crisis which is forcing commodities up and down on a daily basis because of the great fluctuations of the Euro currency in the last couple of weeks. I look for volatility to continue at these high rates for a long period of time until some type of solution comes out of the European Union until then expect $2-3 dollar moves basically on a daily basis while heating oil futures are also right near seven-month lows down another 200 points in early trade before rallying to finish up 100 point for the trading session to trade at 2.6783 a gallon basically unchanged for the week as well while unleaded gasoline was down another 400 points in early trade only to rally finishing higher by 50 points to trade around 2.69 a gallon also near the lower end of its trading range for the week and still right near contract lows. Natural gas futures for the July contract continue to slide this week however today is up 1 point at 2 .30 looking at the next contract low as major support at about 2.10 and in my opinion will retest within the next couple of weeks but we will see if it breaks it to create new contract lows and in my opinion I believe we are going to have a hot summer which could push up natural gas prices so if you're out there looking to buy natural gas see if it retests 2.10 level and if it bounces off it might be a good opportunity to get long this market with a tight stop loss. As I've stated in previous blogs I am still bearish many of the commodities however this week we got a tremendous rally in several of them making me more neutral on about half of the commodities and many of them in the agricultural sectors, however the crude oil sector is still bearish and still in a severe downtrend and until this European situation is taken care of I look for crude oil prices to retest the 2010 lows of around $75 a barrel which was the last time we ran in to this European problem which never seems to go away because of the fact that these countries keep bailing out Greece and Spain and they are not changing their governing ways. If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.

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