9 May 2022

Investing in Commodities – Oil, Gold, Copper, Natural Gas – May 9, 2022 #oil #gold #copper #naturalgas (pubblicato alle ore 16:57)


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Oil, Gold, Copper, Natural Gas – May 9, 2022

Our column on the Futures market for these three important commodities. Information, technical analysis, and operations using our trading model on oil, gold, copper, natural gas  and some weekly news collected around the web from respected sources for those who want to delve into the topics and that we recommend reading.

Visit our TRAINING area to learn more about the indicators we use.

Flashes of the Week:

    • With Europe pulling away from Russian oil, natural gas, and coal, President Putin has ordered a redirection of Russian commodity exports, sending more cargo to Asia, building new pipelines, and expanding rail links eastward, but … the new infrastructure Russia needs to divert exports that Europe used to buy will take years to build!!! (wsj.com)
    • Europe is scrambling to replenish its oil and natural gas supplies before imposing tougher sanctions on Russian energy. Natural gas import terminals saw record amounts of fuel in April, considering the time of year, while oil imports from non-Russian suppliers reached their highest level since the start of the pandemic. (wsj.com)

Oil

    • European Union has proposed an embargo on crude oil imports from Russia within six months and on refined oil products by the end of the year. Upon the announcement, crude oil prices immediately rose while member states remain on the lookout for alternatives. Traders and analysts say a European embargo could reduce global oil supplies since not all the barrels of Russian oil that once arrived in Europe will be diverted to buyers in other markets. (wsj.com)
    • BP posted an accounting write-off of $25.5 billion due to its decision to exit its holdings in Russia, including government-controlled oil producer Rosneft. Excluding such a loss, BP’s results beat analysts’ expectations with “outstanding” results in global oil and gas trading. (wsj.com)

Long & Short – Technical Analysis and Trading Signals for Oil

Oil continues its ascent with Buy reported on April 28. MACD rose above zero even if ADX, also positive, still looks uncertain. Prices rose above the KUMO, confirming the possible strengthening of the uptrend.

Oil Future – Daily Candlestick
    • Long (and/or close Short position) on CL1! at the price of 110
    • STOP LOSS / Reversal Price: 104

CURRENT SWINGS
Swing high: 107.99.
Swing low: 95.28

Target towards 116 after breaking through resistance at 111.37.

Daily and Weekly Trading Signals

Gold

    • This shelter asset is actually holding up quite well. In fact, closely correlated by the fluctuations in the U.S. dollar, when the dollar rebounded in recent days, gold gave back all of its previous gains to return to $1877.00 an ounce. However, compared to other commodities it remains stable, despite the fact that US 10-year yields are moving above 3.0%. At the same time, it is also performing significantly better compared to bitcoin. (marketpulse.com)

Long & Short – Technical Analysis and Trading Signals for Gold

Gold continues its descent. The downtrend is consistent and seems to be strengthening.

Gold/US dollar – Daily Candlestick
    • Short (and/or close Long position) on XAUUSD at the price of 1883
    • STOP LOSS / Reversal Price: 1898

CURRENT SWINGS
Swing high: 1919.98.
Swing low: 1850.47

    • Target 1 1850
    • Target 2 1828

Daily and Weekly Trading Signals

Copper 

    • Chile produced 457,700 tons of copper in March, a 6.36% year-over-year decline from 488,800 tons in the same month of 2021. (metalbullettin.com)
    • A new research study, commissioned by the International Copper Association (ICA), found that copper substitution remains limited due to the material’s ability to provide the best cost-performance combination for many applications, such as electrical plates, strips and foils (PSSF), building wires and appliance wires. In particular, winding wires in electric motors are becoming more advantageous over aluminum due to more stringent energy efficiency requirements. (copperalliance.org)

Long & Short – Technical Analysis and Trading Signals for Copper

Also the Copper continues its descent, now close to the most important support given by the 400 day average (red line). This average has not been violated since June 25, 2020. Trading volumes are average. All indicators are negative, RSI in daily overbought.

Copper Future – Daily Candlestick
    • Short (and/or close Long position) on HG1! at the price of 4.24
    • STOP LOSS / Reversal Price: 4.39

CURRENT SWINGS
Swing high: 4.51.
Swing low: 4.2

Target 4,02

Also from the weekly point of view the bearish approach is confirmed and very close to the crossing of the last support barrier given by KUMO.

Copper Future – Weekly Candlestick

Natural Gas

    • Natural gas drilling has rarely been so profitable. Yet U.S. producers say they’d rather decrease debt, buy back stock and pay dividends than increase production. Natural gas prices have more than doubled to date in 2022, rising at a time of year when they normally fall for spring weather. (wsj.com)

Long & Short – Technical Analysis and Trading Signals for Natural Gas

NATGAS in correction phase of a strong uptrend. Probably headed for support towards 8.19. We will re-enter Long after the rebound on such support.

NatGas – Daily Candlestick
    • Short (and/or close Long position) on NatGAS at the price of 7,99
    • STOP LOSS / Reversal Price: 8,75

CURRENT SWINGS
Swing high: 8,19
Swing low: 7,53

Dutch Gas Futures
Flat trend confirmed by all indicators. The market is waiting for the European decisions on the embargo.
No operations.
Dutch TTF GAS- Daily Candlestick
    • Short (and/or close Long position) on Dutch Gas at the price of 101,78
    • STOP LOSS / Reversal Price: 94,61

Indicators are all flat and prices in sideways direction.

Visit our TRAINING area to learn more about the indicators we use.

This is only our operation and does not constitute any advice to operate in the financial markets.

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