Rough sledding was the only way to describe the action in the energy markets on Thursday with the price of crude all over the place.
Early in the session crude slid lower with the latest data showing not only supplies had outstripped demand, but that seasonal crude inventories had reached their highest levels since 2006.
However later in the session, crude turned higher after the dollar weakened. As you know, a weaker dollar often lifts commodities because it becomes less expensive to buyers using other currencies – which in turn drives demand. Also, investors are attracted to to commodities as a hedge.
Meanwhile, nat gas futures surged to a 4-month high after a report showed a smaller-than-expected weekly increase in stockpiles as hot weather boosted demand for nat gas, used by power-plants to generate electricity.
The recent run-up has nat gas making the elusive "golden cross" technical pattern.
Despite the bullish setup, Daniel Fisher of MBF Trading is looking for the right moment to sell.
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