We've asked Michael Seery of SEERYFUTURES.COM to give our INO readers a weekly recap of the Futures market. He has been Senior Analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets.
Michael frequently appears on multiple business networks including Bloomberg news, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He is also a guest on First Business, which is a national and internationally syndicated business show.
Crude Oil Futures
Crude oil futures in the April contract settled last Friday in New York at 38.50 a barrel while currently trading 40.65 up over $2 for the trading week now trading above its 20 and 100-day moving average for the first time in 6 months. The selloff in the U.S dollar has pushed up oil prices tremendously over the last several weeks. Oil prices are trading higher for the 3rd consecutive day; however this rally has been based on very low volume which is a little concerning as I'm sitting on the sidelines in this market as I have missed the rally to the upside. The U.S dollar has hit a 6 month low and that has propped up many commodity prices and especially crude oil as gasoline and heating oil also have rallied substantially. You will notice this at your local gas station as you are paying much more than you were just three or four weeks ago as the tide has turned in the commodity markets. Rumors are circulating that Saudi Arabia is going to urge OPEC to start cutting production, therefore, pushing up prices even higher as their economy is struggling due to low prices. Continue reading "Weekly Futures Recap With Mike Seery" →
