CNBC's Carl Quintanilla: Gasoline Continues To Drop In Wholesale Price

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Oil prices are also falling. Ditto oil stocks as usual.

Reduced demand due to shut downs in China? Slowing economy? Relatively mild winter some places.


Gasoline has it’s spelunker helmet on with newly charge flashlight beam on its brim:

$GASO daily, weekly, and monthly charts (Notice the breakdowns of trendline and horizontal supports on all 3 charts:. Somebody take a sharp stick and jab that crazy woman from Georgia who continues to harp on inflation in gasoline prices. It’s like the woman must ride an EV bicycle and cannot read the falling prices at her local gas stations.

$WTIC daily, weekly, and monthly charts (The Russian/OPEC+ collusion to keep OIL at $100 a barrel doesn’t seem to be taking hold. And that’s with China refilling its strategic reserves with cheap Russian oil transferred at sea from “black” tankers.

$NATGAS daily, weekly, and monthly charts

$BOIL daily, weekly, and monthly charts(I closed a $BOIL trade (3x Long NAT GAS) last week and made big double-digit profits.

Started nibbling again on $BOIL last Friday and should have waited. But, I did add to the nibble yesterday - intraday - and even stayed with the trade despite it dropping from my add price.

Hence, I am still holding a losing position in $BOIL and look to add if we take off from here. This trade is based on the slow stochastic study you see at the bottom of my daily chart. It’s telling me we are basing and will rebound again soon.

My new averaged down price is 39.26. I might buy a tad more this morning as the Nat Gas futures are up.