Week End Take Away

Baker Hughes rig count is down a little this week thanks to Canadian rigs -157. The U.S rig count is still at very high levels not seen since 2008. The World Wide Rig Count is 3536, exceeded only once  in Sept. of 2008 at 3557.

Nifty charts courtesy of Reuters;

 Note the NG O.I. changes  above. This was highlighted in the Wed Mar. 9 Crudewire post 
Natural Gas Update and Reuters NA Power and Gas Forum interview on the same date.
"With short O.I. like this any number of events can trigger short covering...weather, cross commodity spread liquidation, margin changes etc.". Also from the same post,
"So a bounce ( at a minimum) could be expected. Fib retrace of that last leg of .618 is at 4.44 , and 50% 4.30, there is also a little gap i think 4.27/4.28."

Also over the Week End Zero Hedge posted a technical research piece by John Noyce of Goldman Sachs, Charting The Week Ahead: Triple Divergence In EURUSD, Fib Support Holds In S&P, And More
Here's his take on Natty;
 click to enlarge


Popular posts from this blog

WTI Update- a 4 Handle Future?

Biden Climate Plan and Global GDP

Gasoline a By-product of Distillate