CNBC Guest Blog
- Yoshikami: Four Things You Need to Know About Gold Now
- Steinbock: The Euro Zone Endgame Begins
- Laouchez: Leadership in Financial Services — Missing in Action?
- Kuntz: Finding Opportunity in Emerging Markets
- Busch: How to Trade the Euro on an Outside Reversal
- Dunkelberg: The Real Banking Crisis - They're Too Big to Manage
- Greek Exit a Worse Mistake Than Adoption of Euro
- Tamminen: Waste Not, Want Not
- Morici: The Eclipse of American Banking
- Will This Decade Be More Grim Than the 1930s?
MOST SHARED
- Greece Pours $22.6 Billion Into Four Biggest Banks
- Spain's Borrowing Costs Near Danger Level: Bailout Next?
- Will the Euro Misery Give Rise to Another Soros?
- Greece to Leave Euro Zone on June 18: Wealth Manager
- 5 Spots Where the Dollar Buys a Great Vacation
- European Firms Plan for Greek Unrest and Euro Exit
- Public Pensions Faulted for Bets on Rosy Returns
- Winemaking Lures the Wealthy, But Not With Profits
- Hostage to Headlines
- Citigroup Lost $20 Million on Facebook IPO Trades
- A New Look at the ‘New Poor’
- Six Pack: Beer Buzz of the Week
- Greek Exit Could Trigger 50% Fall in Euro Stocks: Analyst
- Under Pressure, FHA Skews to Wealthier Home Buyers
- Big Stock Upside for Hudson City Deal: Analyst
- 5 High-Yield Stocks Ready to Boost Dividends
- Yoshikami: Four Things You Need to Know About Gold Now
- Steinbock: The Euro Zone Endgame Begins
- Option Bulls Take Another Shot on Idenix
- Spain's Debt Costs Near Danger Level: Is Bailout Next?
- European Companies Plan for Greek Unrest and Euro Exit
- Public Pensions Faulted for Bets on Rosy Returns
- Will the Euro Misery Give Rise to Another Soros?
- Greece to Leave Euro Zone on June 18: Wealth Manager
- Italy 2-Year Borrowing Costs at Peak Since December
- Euro Bond Wins Supporters, but Details Remain Vague
- German, UK Bond Yields Will Go Even Lower
- Labor Board Member Resigns Over Leak to GOP Allies
RSS FEED
Schork Oil Outlook: Tenuous Bearish Bias
Text Size 
Stephen Schork
Editor of
"The Schork Report"
Energy prices were firm on Thursday. Natural gas futures in New York surged (and that is putting it mildly) in the wake of, what was hardly a bullish, report from the EIA.
 |
Meantime, the liquids markets once again rallied out of a key technical area of support. As far as the rally in the Henry Hub pit goes… if you tell us you have a fundamental explanation, we don’t believe you.
At this point, if you are bearish crude oil, as we are, and Wednesday’s rally did not raise your hackles… then yesterday’s rebound should have.
If it did not, then you are either very confident in your grasp of the market or you are very foolish.
Time will tell.
That said, here at The Schork Report we will maintain our bearish nearby view, but we are wary. After all, the bulls are answering the bell. The market plunged into the 50/62% retracements and they are holding the line.
Thus, it is now up to the bears to break through. If they don’t then it is $75 here we come. In this vein, should the market close above a bearish channel, marked today at 62.85, we will withdraw our daily bearish bias.
_________________________
Stephen Schork is the Editor of, "The Schork Report" and has more than 17 years experience in physical commodity and derivatives trading, risk systems modeling and structured commodity finance.
Data is a real-time snapshot *Data is delayed at least 15 minutes
