Oil Went Up, Oil Went Down

Well it was an interesting month for crude oil while I was away. Crude had been bouncing off the daily 34 EMA (white) for months and had not broken the 89 EMA (yellow) since February. Now it looks like the 144 EMA (blue) could be next.

We shall see.

NYMEX Light Sweet Crude Oil Daily Chart (click to view)

The fall for natural gas has been even more dramatic as the seasonal demand drops it adds to the short pressure.

NYMEX Henry Hub Natural Gas Chart

Hopefully volume sticks around for August and we see more action like this.

If you want to see some pics from this trip and others check out the solfest photography link.


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