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Daily Energy Report
November 6, 2024
 
   
 
Crude Oil (WTI)   Brent (ICE)   Natural Gas (NYMEX)   Gasoline RBOB (NYMEX)  
 
 
 
 
  Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.
 
 
     
 
Crude Oil (WTI)‎ (Z4)‎ Intraday: under pressure.
 
Pivot:
71.30
 
Our preference:
Short positions below 71.30 with targets at 70.20 & 69.75 in extension.
 
Alternative scenario:
Above 71.30 look for further upside with 71.80 & 72.25 as targets.
 
Comment:
As long as the resistance at 71.30 is not surpassed, the risk of the break below 70.20 remains high.
 
Analyst Views Chart
 
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Brent (ICE)‎ (F5)‎ Intraday: under pressure.
 
Pivot:
74.90
 
Our preference:
Short positions below 74.90 with targets at 73.65 & 73.30 in extension.
 
Alternative scenario:
Above 74.90 look for further upside with 75.30 & 75.70 as targets.
 
Comment:
The break below 74.90 is a negative signal that has opened a path to 73.65.
 
Analyst Views Chart
 
Trade
 
 
 
 
 
Natural Gas (NYMEX)‎ (DEC4)‎ intraday: short term rebound towards 2.7800
 
Our pivot point is at 2.4900.
 
Our preference:
Short term rebound towards 2.7800.
 
Alternative scenario:
Below 2.4900, expect 2.4300 and 2.3600.
 
Comment:
The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Natural Gas (NYMEX) (DEC4) is trading under both its 20 and 50 period moving average (respectively at 2.6910 and 2.7460).
 
Analyst Views Chart
 
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Gasoline RBOB (NYMEX)‎ (DEC4)‎ intraday: the downside prevails as long as 2.0498 is resistance
 
Our pivot point is at 2.0498.
 
Our preference:
The downside prevails as long as 2.0498 is resistance.
 
Alternative scenario:
Above 2.0498, look for 2.0700 and 2.0820.
 
Comment:
The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Gasoline RBOB (NYMEX) (DEC4) stands below its 20 and 50 period moving average (respectively at 2.0434 and 2.0359).
 
Analyst Views Chart
 
Trade
 
 
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