Miscellaneous but Bullish Points
by Keith Schaefer on February 5, 2009
Exxon Mobile was up almost 3% today, to just under $80. On its stock chart, its wedge formation is drawing to a close – generally meaning a move is imminent. It is only 15 cents below its 200 day moving average.
The Baltic Dry Index – the global benchmark for freight costs for dry bulk commodities and a major barometer of worlwide economic health - moved up almost 15% – a bullish sign.
In Canadian oil and gas, more wells were completed last week – 345 – than the same week a year ago – 279. Bearish for natural gas. But that’s down from 525 same week last year. Bullish – for later.
Natural gas inventories declined 195 billion cubic in the US, which is what the market expected. Natural gas was up a few pennies in both the US and Canada. No change in trend yet.
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Related posts:
- Speculators Leaving the Oil Market: A Bullish Case for Oil?
- Report on Junior Oil Shale Plays
- 2012 Outlook for Natural Gas: The Norm Lamarche Interview
- Why Gold May Top in the Next 3 Weeks
- Goldman Sachs predicts that U.S. will be world’s largest producer of oil in 2017
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