Monday, April 16, 2012

Crude Oil Up on Weaker Dollar, Seaway Pipeline News

Crude oil rose as the reversal date for the Seaway crude pipeline was moved up, causing the spread between New York traded futures and Brent in London to narrow. The bulls also gained support from retail sales in the U.S. increased more than forecast in March.

Oil closed up $0.16 a barrel at $102.99 today. Prices closed nearer the session high today and saw more short covering and bargain hunting. A lower U.S. dollar index supported crude today. However, a six week old downtrend line is still in place on the daily bar chart. Bulls and bears are on a level near term technical playing field.

Gold futures closed down $11.20 an ounce at $1,649.00 today. Prices closed near mid range today as the bulls are fading again. Bears are working on re establishing a six week old downtrend on the daily bar chart. The bears have regained the slight near term technical advantage.

Natural gas closed up 3.6 cents at $2.016 today. Prices closed nearer the session high today and saw tepid short covering in a bear market. Prices Friday hit a contract and 10 year low. The bears have the solid overall near term technical advantage. There are no early clues to suggest a market low is close at hand.

The U.S. dollar index closed down 33 points at 79.72 today. Prices closed nearer the session low today. Bulls and bears are on a level near term technical playing field amid choppy and sideways trading. Bulls' next upside price breakout objective is to close prices above solid technical resistance at the April high of 80.38.

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