NYMEX WTI Crude Update

I am by no means a technician or a fibonist.  Draw enough lines on a chart and you can create a reason for a price to go anywhere. Take these with a grain of salt.

NYMEX October, 2011 WTI

NYMEX WTI Weekly Continuation

Today's forward curve (at the moment).

I have previously touched on crude's outright price and more than likely will do so again.  As for predictions, prices will go up and then they will go down (repeat).

An Update on the NYMEX Gold Curve

Prior curve here.

The CME GC contract.

There are many gold futures contracts listed throughout the world in a range of currencies and sizes.  A forthcoming post will look at the relationship between CME, NYSELIFFE, and HKFE listed gold futures.

On "nominal highs" and forward curves

CNBC is fond of citing "nominal highs" when silver, gold, crude, or any commodity for that matter, reach new levels.  What they fail to realize, perhaps out of ignorance (my guess), or because it's a watered-down poor excuse for a financial news network, is that the back of the curve is well bid above the front month prices always quoted in financial media.

If $1580/oz scares people, $1750 would send them into paralysis. 

 

I used the futures calendar abbreviations for the expirations on the chart of the curve.