#crudeoilfutures #naturalgasfutures

CRUDE_ CLM26

Weekly – In the January 2026 uptrend. Trade pressures remain up, but declining to near neutral. Volumes are are now bearish.

Daily – Short. Rallied to resistance. In the mve down from 102.82 on 5/5. Trade pressures down.  Volumes are now bullish.

The next target down is 93.58, which is also support. The expected oversold level declines to 91.01.

A close above 97.92 would signal higher. The expected overbought levels declines to 107.88.

[OB/OS channel is rising.] expect increasing volatility.
OVX (oil volatility) holding at 72; still high.

(One of the larger components in the measure of inflation.The Hedgeye.com inflation nowcast now expects inflation rising in the 2nd thru the 4th quarters of 2026.)

[5-8-26: Set the SL at 97.05.]

 

NAT GAS_ NGM26

Weekly – In the January 2025 uptrend. Trade pressures remain down.  Volumes remain bearish.

Daily – Flat, The move up started at 2.67. Back-tested the entry on 5/7, then higher again. Trade pressures are up.  Volumes are bearish.

The next target up is 2.85 resistance. The expected overbought level rises to 2.91.

A close below 2.73 would signal lower.  The expected oversold level rises to 2.61.

[OB/OS channel is rising.]
Natural gas is produced with oil production. Natural gas production as a ratio of oil production has been rising, amounting to 47% of the permian basin oil production in 2024. Currently an overproduction of gas and diesel has created a natural gas glut; driving prices down.

[5-8-26: Set a SL at 2.73.]