Oil and natural gas futures prices rose sharply today on the weakening dollar and on new signs of life from manufacturers that suggest the recession may be near the end. NYMEX Crude Oil rose 3 percent, over 2 dollars a barrel to settle at $71.58 a barrel. It was the third straight day of substantial increases on the energy futures markets and the first time in a month that crude traded above $70. Crude oil is trading near to a 10 month high.
After being short and wrong in the april-may oil rally I have been avoiding oil and focusing my trades on the S&P Futures and on the european interest rate complex.
Contango is geting fatter again so I can try a small short line in the near future but for the moment I am watching oil from the balcony.
Petroleum Oil Gas info Blog is a website for active online futures and stock traders. I will provide my real time trading decisions and my market thoughts on this webpage.
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