Now it is the Gas Bull’s Turn!
Apropos yesterday’s (Thursday's) discussion on the oil market, it is now-or-never for bulls in the natural gas market.
However, before we go there, the US dollar got hammered early yesterday and Nymex crude oil responded in accord. Yet, upward momentum stalled 24 cents short of $84.67, the 62% retracement (May 03rd/25th).
The market then tanked 4% off of intra-day highs as the dollar staged a minor comeback in New York trading.
As such, The Schork Report’s bearish daily bias in Nymex WTI survived for another session. But, we still have a maximum of minimum confidence in this bias. To wit, before yesterday’s selloff, crude oil closed higher in 8 of 10 sessions for an $8.52 gain (+11.4%).
Therefore, yesterday’s “weakness” was the residue of profits being locked in ahead of this morning’s U.S. jobs report.