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  • Natural Gas Hit with False Breakout as Strength Falters

    From fxempire.com

    video It seems like natural gas is not yet ready to reverse to the upside. It tried earlier in the day but so far has failed to hold the breakout and has fallen back into its previous price range. chart Natural gas broke out above Monday’s 3.56 high early in the day to eventually rally into resistance at the 12-Day EMA at 3.59. That’s the high for the day so far. Subsequently, it turned down to eventually fall below Monday’s low thereby generating an outside day. So far, natural gas is also trading inside week. The early-morning rally also provided a false breakout of the declining parallel channel as price ... (full story)

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    US to Develop Nuclear Engine to Power Crewed Missions to Mars

    From bnnbloomberg.ca|Jan 24, 2023

    NASA and the Defense Advanced Research Projects Agency said on Tuesday they will jointly develop a nuclear thermal rocket engine that will help the US stage crewed missions to ...

    API: Crude: +3.378M, Cushing: +3.928M, Gasoline: +0.620M, Distillates: -1.929M

    From @EnergyAndOil|Jan 24, 2023

    tweet at 4:32pm: #API Crude: +3.378M Cushing: +3.928M Gasoline: +0.620M Distillates: -1.929M #OOTTWTI Holds Losses After API Reports Biggest Cushing Build Since April 2020 Oil prices traded down today after punching up to seven-week highs with WTI back to a $79 handle after weak 'soft' survey data poured more cold water on the idea of a 'soft landing'., along with disappointing results from a handful of economic-activity bellwethers, such as Union Pacific and 3M. These results have tempered optimism for the economy in the near-term. Oil prices declined on "uncertainty about how much of a demand boost we'll see, and concerns over a weakening U.S. economy constrains the upside," said Michael Hewson, chief market analyst at CMC Markets U.K. "With the latest PMI numbers in US, Europe and the U.K. showing signs of weakness despite lower energy prices, some doubt is creeping in around any sort of rebound in economic activity," he said in market commentary. After two crazy weeks of inventory builds (in crude and at Cushing), all eyes are on this week's data as the impact of storms and deep-freezes begins to wear off.

    Biden May Cancel SPR Sale: Report

    From oilprice.com|Jan 24, 2023

    The White House may cancel a scheduled sale of crude oil from the strategic petroleum reserve this year, Energy Intelligence has reported, citing unnamed sources. According to the ...

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    Energy Market Commentary: Bob Iaccino, 1/24/23

    From youtube.com/cmegroup|Jan 24, 2023

    After rallying nine of 11 sessions, WTI futures take a two-session pause. Bob Iaccino has more.

    How to position for USD weakness?

    From andreassteno.substack.com|Jan 24, 2023

    In this article we will let the data do most of the talking - exactly like we prefer - and briefly boil down the most striking conclusions, which we can extrapolate. We find that ...

    Rising Crude, Gasoline Inventories Weigh On Oil Prices

    From oilprice.com|Jan 24, 2023

    Crude oil inventories rose by 3.378 million barrels, American Petroleum Institute (API) data showed on Tuesday. U.S. crude inventories increased 13 million barrels last year, ...

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  • Posted: Jan 24, 2023 5:35pm
  • Submitted by:
     Newsstand
    Category: Technical Analysis
    Comments: 0  /  Views: 66
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