Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.
Trading positions
- Crude Oil [CLX21] We project the $74.83-75.45 as new support onto which prices could rebound, so we would go long after a dip around that area with a stop just below $73.14 and with a target around $80 (see on Figure 2) – Updated trading position.
- Natural Gas [NGX21] If our current support around $5.480-5.568 breaks, we will then readjust our long position to the lower one around $5.073-5.147. More details can be found here.
Trading Charts
Figure 1 – Henry Hub Natural Gas (NGX21) Futures (November contract, daily chart)
Figure 2 – WTI Crude Oil (CLX21) Futures (November contract, daily chart)
Today we provided you with updated trading positions. In our next article to be published on Monday, we will answer one of our readers’ questions about Master Limited Partnership (MLP). Thanks Simon!
Have a nice weekend!
As always, we’ll keep you, our subscribers, well-informed.
Thank you.
Sebastien Bischeri
Oil & Gas Trading Strategist
