Price changes during the week were mixed, but in most areas, these changes were moderate. The Henry Hub price rose slightly from $3.73 per million Btu (MMBtu) on Wednesday, September 1, to $3.81 per MMBtu yesterday. The report week was shortened due to the Labor Day holiday.

At the New York Mercantile Exchange, the price of the October 2010 futures contract rose about 5 cents, from $3.762 per MMBtu on September 1 to $3.814 per MMBtu on September 8.

Working natural gas in storage as of Friday, September 3, was 3,164 Bcf, following an implied net injection of 58 Bcf, according to EIA’s Weekly Natural Gas Storage Report.

The West Texas Intermediate crude oil spot price rose 68 cents from $73.97 per barrel, or $12.75 per MMBtu, to $74.65 per barrel, or $12.87 per MMBtu.

The natural gas rotary rig count, according to data released by Baker Hughes Incorporated, rose by 4 to 977 as of September 3 (see “Other Market Trends”).

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EIA Natural Gas Weekly Update is news story from: News and Stories from Energy Editor

Nvidia (NVDA) has been hotter than hot over the last few days. I shorted it on my personal account on the closing bell.

Reuters tried to explain the rise today:

” Nvidia shares surged 12 percent on Wednesday, extending a recent rally ignited by a $1.5 billion legal settlement with Intel and optimism about its ARM-based chip business. Nvidia’s stock was $22.83 in afternoon trading, bringing its gain in January to 48 percent. Intel said earlier this week that it would pay Nvidia $1.5 billion to license its patents, settling a legal dispute and validating Nvidia’s focus on graphics technology.

Nvidia said last week that it was developing an ARM-based PC central processor under the code name ” Project Denver” that would be aimed at everything from workstations to supercomputers, directly challenging”

I think its a short term enthusiasm that will die rather quickly.

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If Nvidia (NVDA) Isn`t A Short Right Now, I Don`t Know What Is! is news story from: News and Stories from Energy Editor

The S&P 500 index closed higher on Thursday as it extended the rally off August’s low. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral bullish signaling that additional gains are possible near term. If September extends the aforementioned rally, August’s high crossing at 1120.90 is the next upside target. Closes below the 20 day moving average crossing at 1069.61 would confirm that a short term top has been posted. First resistance is today’s high crossing at 1106.50. Second resistance is August’s high crossing at 1120.90. First support is the 10 day moving average crossing at 1072.22. Second support is the 20 day moving average crossing at 1069.63.

Crude oil closed lower on Thursday due to profit taking as it extends the trading range of the past two weeks. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 75.58 are needed to confirm that a short-term low has been posted. If October renews the decline off August’s high, May’s low crossing at 70.35 is the next downside target. First resistance is the reaction high crossing at 75.58. Second resistance is today’s high crossing at 75.96. First support is August’s low crossing at 70.76. Second support is May’s low crossing at 70.35.

Natural gas closed lower on Thursday as it extends the trading range of the past two weeks. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish hinting that a short covering rebound is possible near term. Closes above the 20 day moving average crossing at 3.996 are needed to confirm that a short term low has been posted. If October renews this year’s decline, weekly support crossing at 3.225 is the next downside target. First resistance is last Friday’s high crossing at 3.946. Second resistance is the 20 day moving average crossing at 4.048. First support is August’s low crossing at 3.697. Second support is weekly support crossing at 3.225.

Gold closed lower due to profit taking on Thursday as it consolidates some of the rally off July’s low. Stochastics and the RSI are overbought, diverging and are turning bearish hinting that a short term top might be in or is near. If August extends the rally off July’s low, June’s high crossing at 1267.10 is the next upside target. Closes below the 20 day moving average crossing at 1237.10 are needed to confirm that a double top with June’s high has been posted. First resistance is Wednesday’s high crossing at 1263.20. Second resistance is June’s high crossing at 1267.10. First support is today’s low crossing at 1242.30. Second support is the 20 day moving average crossing at 1237.10.

The U.S. Dollar closed higher on Thursday as it extends the trading range of the past four weeks. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term. If December renews the rally off August’s low, the reaction high crossing at 84.94 is the next upside target. If December extends last week’s decline, August’s low crossing at 80.75 is the next downside target. First resistance is Tuesday’s high crossing at 83.29. Second resistance is August’s high crossing at 83.96. First support is last Friday’s low crossing at 82.23. Second support is August’s low crossing at 80.75.

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Market Summary For Thursday Sept. 9th is news story from: News and Stories from Energy Editor

The iPath S&P 500 VIX Short-Term Futures ETN (NYSE:VXX) that tracks the VIX keeps selling off hard as equities continue to hold their ground and march higher. Here`s a chart of the VXX ETF:

Other topic of interest today is the strength of the Euro versus the US Dollar. The Euro is benefiting from a successful bond auction in Portugal this morning. There`s a squeeze going on that may last for a while…

Also catching my attention is the Lennar (LEN) up day on top of yesterday`s big rally and the excellent timing on our SYNNEX Corporation (NYSE:SNX) Earnings 1 Day play. We sold it when it was up gapping 6.5%. Very good move there.

Have a great day.

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VXX Still Selling Off. Down 3.6% Today. is news story from: News and Stories from Energy Editor

After years of peak oil scare stories, could the world soon be drowning in oil? OPEC has just cut its oil demand forecast for OPEC produced oil, citing a slow down in the global economy as the supportive effects of government stimulus wear off and increased non OPEC oil supply. The organization noted that, ” the impact of the slowing economic recovery on oil demand is already evident as growth in oil consumption is slowing down and has even turned negative in some parts of the world,” according to Fox Business.

Their latest move highlights the twin drivers of any potential oil glut scenario: The stagnation of demand growth from major developed economies such as the U.S. and Europe The growth of non OPEC oil supply. Already, the U.S. is sitting on more oil than it has in decades.

Fortune: Despite the Iraq War and the resulting production disruptions, despite the moratorium on drilling in the Gulf, despite turmoil in Nigeria and ongoing cross border trans-shipment quarrels in Central Asia and the multiple, repeated declarations that ” peak oil” has arrived and supplies will inevitably dwindle, the United States has more petroleum on hand today than it has had since at least the beginning of the first Gulf War…..

At the same time, consumers have finally responded to higher gas prices and, perhaps, concern over the environmental impacts of burning fossil fuels. Miles driven by U.S. motorists have fallen over the last couple of years for the first time since such statistics have been collected, indicating that the American love affair with the automobile could be waning. And gasoline demand in China, the world’s largest automotive market, may not skyrocket after all, as the government ramps up its drive to replace internal combustion engines with electric vehicles.

Global demand forecasts are coming down as well:

” In the last 18 months we’ve seen this big trend emerge,” says David Kirsch, research director at PFC Energy in Washington, D.C. ” We spent five to 10 years in a supply-constrained market, characterized by the growth of the BRIC countries [Brazil, Russia, India and China] and concerns over the security of supplies.”

Now, Kirsch remarks, because of the financial crisis and the time it will take to pare down the debt of the major OECD nations, demand growth over the next decade is likely to be lower than previously forecast.

….Read the entire article.

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Is The World About To Be Overwhelmed By A Glut Of Oil? is news story from: News and Stories from Energy Editor

As always, a very interesting and entertaining video interview from Hugh Hendry (my favorite high profile hedge fund manager). Hendry considers that China is one of the greatest risks to the global economy.

Related: China Life Insurance Company Ltd. (ADR) (NYSE:LFC), China Mobile Ltd. (ADR) (NYSE:CHL), Aluminum Corp. of China Limited (ADR) (NYSE:ACH) , PetroChina Company Limited (ADR) (Public, NYSE:PTR), China Petroleum & Chemical Corp. (ADR) (NYSE:SNP), iShares FTSE/Xinhua China 25 Index (ETF) (NYSE:FXI)

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Hugh Hendry On China is news story from: News and Stories from Energy Editor

Yet at the same time one good auction does not solve all of Europe’s problems either. The Portugal bond auction may have eased concerns regarding a total global market meltdown but them Beige Book and dismal demand numbers from the MasterCard Spending Pulse report as well as a downward revision to the demand outlook from the Energy Information Agency has oil traders questioning about the strength of future demand growth the total oil demand growth outlook.

The first sign that things might not be so great was a report from The Energy Information Agency’s much anticipated Short Term Energy Outlook. The EIA revised lower their outlook for demand because of what they see as a slowing economy. The EIA lowered their forecasted GDP growth number from growth projections of 3.1 and 2.7 percent for 2010 and 2011, respectively down to growth of 2.8 percent in 2010 and 2.3 percent in 2011.

That decrease in economic optimism caused them to lower their crude price projection to the current average of…..Read the entire article.

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Phil Flynn: One Bad Auction Don’t Spoil the Whole Bunch Girl is news story from: News and Stories from Energy Editor

Alcoa (AA) shares are down about 2% from the regular session close. The company surpassed earnings expectations by a penny. Revenue came to 5.65 billion USD, barely missing the consensus target of 5.68 billion USD, according to the Thomson Reuters survey.

We shorted it on the Earnings 1 Day Plays and it seems that we might have a winner on our hands. Medium to long term, Alcoa (AA) also seems to be overbought and a correction is probably in the cards.

I will leave you with an artist that I found recently and that I have been enjoying listening to during my trading hours. Meet Pete Francis, Untold.

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Alcoa (AA) Beats On Earnings But Comes Light On Revenues. Down In After Hours Trading. is news story from: News and Stories from Energy Editor

Crude oil rose to a three week high after the government reported an unexpected decline in U.S. stockpiles and applications for unemployment benefits fell, bolstering optimism that the economic recovery will accelerate. Supplies dropped 1.85 million barrels to 359.9 million in the week ended Sept. 3, the Energy Department said today in a weekly report. Inventories were forecast to climb by 1 million barrels, according to a Bloomberg News survey of analysts. Initial jobless claims fell by 27,000 to 451,000 in the week ended Sept. 4, Labor Department figures showed.

“The oil statistics today were bullish to neutral,” said Carl Larry, president of Oil Outlooks and Opinions LLC in Houston. “The economic numbers, in particular the jobless claims, were an encouraging sign. The main driver of the market right now is the economy.” Crude oil for October delivery rose 94 cents, or 1.3 percent, to $75.61 a barrel at 11:23 a.m. on the New York Mercantile Exchange. The contract reached $75.96, the highest level since Aug. 19.

Brent crude oil for October settlement climbed 19 cents to $78.36 a barrel on the London based ICE Futures Europe exchange. Gasoline supplies declined 243,000 barrels to 225.2 million. Stockpiles were forecast to fall 1 million barrels, according to the median of 16 responses from analysts surveyed by Bloomberg News. Initial jobless claims dropped by 27,000 to 451,000, Labor Department figures showed today in Washington. Benefits applications were projected to decrease to 470,000 from a previously reported 472,000 for the prior week, according to the median forecast of 46 economists in a Bloomberg News survey…..Read the entire article.

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Crude Oil Advances After Unexpected Decline in U.S. Stockpiles is news story from: News and Stories from Energy Editor

“There are just four kinds of bets. There are good bets, bad bets, bets that you win, and bets that you lose. Winning a bad bet can be the most dangerous outcome of all, because a success of that kind can encourage you to take more bad bets in the future. You can also lose a good bet, but if you keep placing good bets, over time, the law of averages will be working for you.” – Larry Hite, Futures Trader

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There Are Just 4 Kinds Of Trades is news story from: News and Stories from Energy Editor