U.S. oil slumps as China threatens duty on U.S. crude imports
U.S. oil prices slumped on Monday after China threatened duties on American crude imports in an escalating trade dispute with Washington.
U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $63.84 a barrel, down $1.22, or 1.9 percent, from their last settlement.
In an escalating spat over the American trade deficit with most of its major trading partners, including China, U.S. President Donald Trump last week pushed ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6.
China on Friday said it would retaliate by slapping duties on American export products, including crude oil.
Natural Gas Price Fundamental Daily Forecast – Move Over $3.00 Means Weather Market Has Started
It comes down to the duration of the current high temperature forecast. The market is likely to handle 2 to 3 days of above average temperatures, but if the weather experts start to use terms like “lingering” or “high pressure dome” then we could see a huge breakout to the upside over $3.041.
It comes down to the duration of the current high temperature forecast. The market is likely to handle 2 to 3 days of above average temperatures, but if the weather experts start to use terms like “lingering” or “high pressure dome” then we could see a huge breakout to the upside over $3.041.
At this time, it’s best to look at the monthly chart because it shows the formation of a long support base as this chart pattern is usually indicative of impending volatility.
The major range is $4.600 to $2.480. If buyers can take out $3.041 with conviction then this could create the upside momentum needed to carry August natural gas to its retracement zone at $3.540 to $3.790.
The fundamentals are stacked on the side of the bulls. We have a supply deficit and increasing demand due to the hot weather. Now the bulls have to come in with enough volume on a breakout over $3.041 to take out buy stops and any hedging pressure that shows up.
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