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Market Wrap - Oil & Energy

Commodities / Forecasts & Technical Analysis Feb 06, 2007 - 12:40 AM GMT

By: Douglas_V_Gnazzo

Commodities

Crude Oil rose to $59 a barrel based on increased demand due to cold weather finally settling in across most of the nation. In many areas the temperature was colder than normal.

Prior to this snap of cold weather, the winter season has been one of the mildest on record. OPEC also plans on cutting production, which coupled with increased demand results in higher prices.


However, as the chart below shows - the recent rally in oil prices appear to be a counter trend rally that will most likely not continue for too much longer. Long term may be a different story. Time will tell.

Natural Gas

The Energy Department reported that U.S. gas inventories are up a huge 21% compared to the five year average. Due to the mild winter so far this year, the larger than normal supply of stored gas is more then adequate for the lessened demand.

Consequently, natural gas fell 5.4 cents, or 0.7% for the week, to $7.476 dollars per million BTU's, as priced on the New York Mercantile Exchange. However, the price of NG has gained 19% in the past month, as we predicted it would.

Did we catch the rise - no we didn't. Another incident of being asleep at the wheel. There is a lesson here, as is obvious. Hopefully we will learn from it for future use.

Douglas V. Gnazzo
Honest Money Gold & Silver Report

Douglas V. Gnazzo is the retired CEO of New England Renovation LLC, a historical restoration contractor that specialized in the restoration of older buildings and vintage historic landmarks. Mr. Gnazzo writes for numerous websites, and his work appears both here and abroad. Just recently, he was honored by being chosen as a Foundation Scholar for the Foundation of Monetary Education (FAME).

Disclaimer: The contents of this article represent the opinions of Douglas V. Gnazzo. Nothing contained herein is intended as investment advice or recommendations for specific investment decisions, and you should not rely on it as such. Douglas V. Gnazzo is not a registered investment advisor. Information and analysis above are derived from sources and using methods believed to be reliable, but Douglas. V. Gnazzo cannot accept responsibility for any trading losses you may incur as a result of your reliance on this analysis and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Individuals should consult with their broker and personal financial advisors before engaging in any trading activities. Do your own due diligence regarding personal investment decisions. This article may contain information that is confidential and/or protected by law. The purpose of this article is intended to be used as an educational discussion of the issues involved. Douglas V. Gnazzo is not a lawyer or a legal scholar. Information and analysis derived from the quoted sources are believed to be reliable and are offered in good faith. Only a highly trained and certified and registered legal professional should be regarded as an authority on the issues involved; and all those seeking such an authoritative opinion should do their own due diligence and seek out the advice of a legal professional. Lastly, Douglas V. Gnazzo believes that The United States of America is the greatest country on Earth, but that it can yet become greater. This article is written to help facilitate that greater becoming. God Bless America.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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