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WTI Crude Oil and Natural Gas Forecast

By: DailyForex.com

WTI Crude Oil

The WTI Crude Oil market rallied significantly during the day on Friday, mainly in reaction to a nice uptrend, and of course the US airstrikes against the Syrian military. However, a less than stellar job report turned everything around and we ended up forming something akin to a shooting star. While I do not suspect that this market’s going to break down right away, I do recognize that the market is starting to run out of momentum. Because of this, a breakdown below the bottom of the candle would be and I selling opportunity and should send this market looking for the $51 level, and then possibly the $50 level. A break above the top of the candle should be a buying opportunity in theory, but there is a lot of noise above that will come into play, making it a very difficult trade.

Crude oil

Natural Gas

The natural gas markets rallied initially as well, but turned around to test the $3.25 level. The market breaking down below there could send the market down to the $3.13 level, an area that has been supportive. There is a gap down there, so I think that at this point we will more than likely will find buyers that will keep the market somewhat afloat. At this point, it looks as if choppy conditions will continue, but it’s more than likely going to be bullish in general. Short-term, I’m looking to sell but I do expect to see the buyers return.

If we broke down below the $3.10 level, then I think the trend may turn around, but we have seen such a move higher and the fact that the 50 and the 100-day exponential moving averages have crossed suggests that there is still a significant amount of bullish pressure underneath in the natural gas markets.

Natural gas

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Why Are EOG Resources’ Crude Oil Operations More Important Than Its Natural Gas Operations?

– NASDAQ.com

Over the years, EOG Resources (EOG), the US-based oil and gas producer, has acquired acreage in various crude oil plays across the US, such as Eagle Ford, Bakken, and Delaware Basin. These high quality assets have much higher production rates and much lower operating costs compared to some of the oil plays in the US. As a result, the independent exploration and production company has shifted its focus from natural gas to crude oil over the last five years. In fact, the company’s crude oil operations accounted for more than 75% of its revenue and profitability in 2015. The company’s conscious decision to produce more oil than gas has enabled it to sustain its operations even in the ongoing commodity slump.
• How Will EOG Resources’ Production Trend Over The Next Few Years?
• How Will EOG Resources’ Revenue Move If Crude Oil Prices Rebound To $100 Per Barrel By 2018?
•How Will EOG Resources’ Revenue Move If Crude Oil Prices Average At $50 Per Barrel Till 2018?
•How Will EOG Resources’ Revenue And EBITDA Grow Over The Next Five Years?
•How Has EOG Resources’ Revenue And EBITDA Changed Over The Last Five Years?
•What Will Be EOG Resources’ Revenue And EBITDA Composition In 2016?
•What Is EOG Resources’ Fundamental Value Based On 2016 Estimated Numbers?
•Why Is China A Key Factor In Determining Crude Oil Prices?
•EOG Resources Posted Weak 1Q’16 Results Driven By Ongoing Commodity Downturn
•Expect Another Weak Quarter From EOG Resources On The Back Of Depressed Commodity Prices
•Is Saudi Arabia Moving Away From Crude Oil?
•How Are Crude Oil Prices And Global Oil Rig Count Correlated?
•How Are Natural Gas Prices And Global Gas Rig Count Correlated?

Notes:

1) The purpose of these analyses is to help readers focus on a few important things. We hope such lean communication sparks thinking, and encourages readers to comment and ask questions on the comment section, or email content@trefis.com

2) Figures mentioned are approximate values to help our readers remember the key concepts more intuitively. For precise figures, please refer to our complete analysis for EOG Resources

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