Expect Higher Energy Prices This Week
Nicholas Santiago | Jul 02, 2013 12:07AM ET
Traders and investors should expect higher energy prices this week as the Independence Day holiday approaches in the United States. Usually, energy prices will trade higher before a major U.S. Holiday. This is also a time of the year when many people will be traveling by car and air. Yesterday, the United States Gasoline ETF (UGA) traded higher by 0.76 cents to $55.02 a share. The UGA has been extremely weak over the past five months as the UGA topped out in March 2013 at $66.00 a share. Traders should note that the UGA has now made its first higher low on the daily chart so there is a chance that the UGA could move higher from here in the near term.
Light sweet crude also moved higher yesterday. Traders can follow the action in light sweet crude by tracking the United States Oil (USO). Some other oil tracking vehicles that traders can follow and trade are the iPath S&P GSCI Crude Oil TR Index ETN (OIL), and the ProShares Ultra DJ-UBS Crude Oil (UCO).
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.