Oily tidbits from around the net.
Why did price not drop on the bad inventory? Because the boyz were watching tanker rates fall as available for charter boats increased in the Arabian Gulf confirming that the December export (imports for us) surge was over. Sailing time 47 days.http://www.cnbc.com/2017/02/08/oil-news ... -says.html
EIA forecasting a half million barrels a day increase in US shale production this year. I have read some analysts who say the models are too conservative as methods in the Permian Basin are rapidly changing.
We are still in the sweet spot for OPEC/NOPEC as they have done nothing and are making more money. Help has come from a cold winter in Europe bringing total OECD stocks back down inside the 5 year average.
Nat Gas- Clipper Data says several empty LNG tankers are heading for the US export platforms. So over the next couple of weeks inventory draws will be larger than weather alone would forecast. John Kemp at Reuters has a couple of good charts that show the effect of exports. While we are back into the middle of the 5 year supply curve the number of active drill rigs is increasing. The girl child has left the pacific (La Nina) and we are at normal temperatures so that implies a normal hurricane season which is not good for Natgas (fewer platform shut downs) but I do not know what it means for summer heat.
Trades with cats wrote:Nat Gas- Clipper Data says several empty LNG tankers are heading for the US export platforms. So over the next couple of weeks inventory draws will be larger than weather alone would forecast. John Kemp at Reuters has a couple of good charts that show the effect of exports. While we are back into the middle of the 5 year supply curve the number of active drill rigs is increasing. The girl child has left the pacific (La Nina) and we are at normal temperatures so that implies a normal hurricane season which is not good for Natgas (fewer platform shut downs) but I do not know what it means for summer heat.
UNG is down but not out.
Long term = Buy
short term, a trade below 7 Ill be very worry.
My comments are for entertainment/educational purpose only. NOT a trade advice.
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still could be 3 push up but bulls at least have one more chance to buy dip, i.e. one more push up.
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