Commodities

Gasoline Prices….Back, Back, Back and Forth

Let me see you go back

Let me see you come forth

Now let me see you go back

Let me see you come forth

Let me see you go back

Let me see you come forth

Let me see you go back

Let me see you come forth

Let me see you, let me see you go

Back, back, forth and forth

Back, back, forth and forth

Back, back, forth and forth

Back, back, forth and forth

That song was from Aaliyah’s (R.I.P) Album from 1994, Age Ain't Nothing But A Number

Image result for age ain't nothing but a number

But the song has so much relevancy when it comes to Gasoline futures.

Back in June, I said the chart suggests if gasoline can rise a bit higher to short (due to gasoline supply concern) price at the daily supply at $2.015.

Gasoline Analysis Report 6/27/19 - Will Prices Continue To Rise???

In August, I wrote another post showing how price hit the daily supply at $2.015, anticipate retail gasoline prices continue to decline in the coming months and the gasoline futures’ chart suggests price is heading down to $1.4500.

Gasoline Analysis Report 8/9/19 - More Declines To Come

U.S. motorists most likely to feel the hit from rising gas prices following the attacks on Saudi Arabia's oil facilities are on the West Coast, which accounts for nearly half of all of U.S. crude imports from the kingdom.

The attacks on Saudi Arabia's oil facilities on Saturday knocked out more than 5% of global oil supply and sent oil prices surging as much as 20%.

U.S. pump prices are likely to rise in coming days as gasoline futures spiked by more than 10% on Sunday trading, analysts said. The national average price of regular gasoline was currently $2.57 per gallon, according to AAA.

Source

Price has since hit the target at $1.4500.

Why did it bounce at the target...well there was demand at that level?

Why is price heading down now...well there is supply, meaning sellers at that level?

So where do I think price is headed next, I think price is headed lower with target at $1.615.

With my next target at the daily demand at $1.4275.

This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.

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