Interim peak in Heating Oil

At the close of trading on Tuesday October 5, 2021, much of the energy complex was overbought and extended on many measures.

As much as I try to call tops, bottoms and pivot prices, probability suggests that one shouldn’t ‘go long’ with new money and new positions amongst the energy commodities at current prices.

So, with that my view on Natural Gas, Crude Oil, Gasoline, Gasoil & Heating Oil is that they are reaching a trading peak and selling is more prudent than buying.

The latter (Heating Oil) appears in the chart below.

October 6, 2021

by Rob Zdravevski

rob@karriasset.com.au