A Rough Refueling

It still seems as though it would be a bit too easy for oil and gas to have topped out for this cycle, and I am not ruling out another run to new highs for both oil and gas prices. In fact, I am on the lookout for a resumption of the prior strength, as both crude and natty are strong this morning. 

While the bounce in tech and bonds off the post-CPI opening lows is garnering tons of headlines this morning, I have an eye on natural gas. 

On the UNG ETF daily chart, below, watch for a push above $23 to clear come meaningful recent resistance. 

And when it comes to crude oil, I am watching $75 on the USO ETF. Oil and gas stocks, not to mention other energy plays like uranium and coals, are mostly green and strong this morning, too, giving energy bulls are shot to reignite the inflation trade into the heart of summer as the supply issues are clearly not abating and The Fed finds itself in an untenable situation.