WTI Crude Oil
The WTI Crude Oil market went back and forth during the trading session on Thursday, as we continue to see a lot of volatility when it comes to the crude oil markets. The $72 level above is short-term resistance, but I think the hammer that sits at the $70 level that extends down to the $68 level should send this market higher. I believe that market participants will continue to look at this as an opportunity to pick up value every time we dip. The $72.50 level above is the short-term target, and then I think we should go to the $75 level. Quite frankly, I think that the $70 level should be massively supportive, and that we should continue to go much higher. I have no interest in shorting, I believe the $67 level is essentially the act as a “hard floor.”
Natural Gas
Natural gas markets initially fell during the day on Thursday but found enough support at the $2.70 level to turn things around and break much higher. The market reached towards the $2.80 level, which is an area that is a major resistance barrier, and I think if we can break above the $2.82 level, the market should continue to go even higher than that. I think that we could have a bit of a momentum trade at that point, but obviously we need to wait to see if we can break above that level. I think that the $3.00 level above is massive resistance, so I don’t think this market will struggle to get above there. I think it would essentially be a quick “smash and grab” situation if we break out to the upside. Otherwise, I anticipate short-term traders will come in and start shorting the market.
