United States Oil (USO) and natural gas rig count inched up by one rig week on week to 1,114

United States Oil (USO) and natural gas rig count inched up by one rig week on week to 1,114

United States Oil (USO) and natural gas rig count inched up by one rig week on week to 1,114

The US oil and natural gas rig count inched up by one rig week on week to 1,114, rising for the second week in a row after a relatively lengthy prior period of declines, according to S&P Global Platts Analytics data released Thursday.

The basins where gas rigs rose on a net basis appeared to be largely, or somewhat largely, gas-prone — the Marcellus Shale in Pennsylvania and surrounding states, and the DJ Basin in Colorado, which has a large cache of oil as well as gas.

Most likely the small rig gains are simply the result of new budgets and activity programs, Platts Analytics analyst Taylor Cavey said.

“Crude prices have rallied slightly, which could justify drilling, but I would think it has more to do with producers starting to implement 2019 plans,” Cavey said.

WTI crude prices, which had dipped below $50/b in late December and early January, have floated above that level for several weeks.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 11.87.

The projected lower bound is: 10.28.

The projected closing price is: 11.07.


A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 28 white candles and 21 black candles for a net of 7 white candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 25.1158. This is not an overbought or oversold reading. The last signal was a sell 3 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 50.11. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 29 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -74. This is not a topping or bottoming area. The last signal was a sell 3 period(s) ago.


The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 0 period(s) ago.

Rex Takasugi – TD Profile

UNTD ST OIL FUND closed down -0.250 at 11.070. Volume was 30% below average (neutral) and Bollinger Bands were 64% narrower than normal.

Open High Low Close Volume___
11.260 11.290 10.882 11.070 22,222,592

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 11.29 10.72 13.27
Volatility: 34 48 39
Volume: 21,975,684 32,499,534 25,125,446

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.


UNTD ST OIL FUND is currently 16.5% below its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of USO at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on USO and have had this outlook for the last 21 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

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