Crude Oil Industry Headlines News

"US Pres. Vows to Break 'Addiction' to Foreign Oil, Increase Domestic Production"
US President Barack Obama spared no time in stepping up to energy issues, posting an energy agenda on the administration's new White House website on the day of his inauguration....Complete Story

"ExxonMobil Notifies ANP of Offshore Brazil Oil Discovery"
The Brazilian unit of global oil titan ExxonMobil notified Brazil's National Petroleum Agency that it has discovered oil in the BM-S-22 offshore block....Complete Story

"Shell UK Extends Alliance Contract with Foster Wheeler for 2 More Years"
Foster Wheeler has been awarded a two-year extension of its existing alliance contract with Shell for the provision of basic design, engineering, procurement and construction management services in the UK....Complete Story

"NPD Grants Drilling Permit to ExxonMobil for Wellbore 15/6-10"
The Norwegian Petroleum Directorate has granted ExxonMobil E&P Norway a drilling permit for wellbore 15/6-10, which will be drilled from the Bredford Dolphin semisub....Complete Story

Crude Oil Industry Headline News

"Gaza Aftermath May Impact Israel Oil Pipe Development"
Israel's offensive in Gaza will certainly have an effect on the country's status as an energy corridor, experts say....Complete Story

"Phase II Starts on Chevron's Tahiti, Cameron Catches Subsea Contract"
Cameron has received an order worth approximately $83 million for the supply of subsea production systems for Phase II of Chevron's Tahiti subsea development in the Gulf of Mexico....Complete Story

"CNOOC Cites Strong Production Growth, Anticipates Busy Schedule in '09"
CNOOC anticipates a busy schedule in the engineering, development and production sector in 2009, with over 20 development projects under construction....Complete Story

"DNO Posts December Production Results for Yemen, Iraq"
DNO has reported its fourth quarter and December 2008 production together with a summary of ongoing drilling activities for its Middle East operations....Complete Story

Stock Market Winners and Losers

Winners

Tesoro Petroleum 10.26%
Abraxas Petroleum 8.85%
Input/Output 8.29%
Syntroleum 6.98%
Sunoco 6.04%

Losers

Energy Partners -11.84%
RPC -8.94%
Allis-Chalmers Energy -8.73%
Parallel Petroleum -7.11%
Harvest Natural Resources -6.44%

Change based on the last 2 days of trading

Crude Oil Industry Headline News

"Crude Oil Declines After IEA Reduces Global Demand Forecast"
Crude oil fell for a third day in New York after the International Energy Agency said that global demand will decline for a second year, the first back-to-back contraction since 1983. The IEA, which advises 28 nations on energy policy, cut its 2009 forecast by 1 million barrels a day on....Complete Story

"Indonesia Rejects Exxon Mobil's Natuna Gas Proposal"
Indonesia has rejected a proposal by Exxon Mobil Corp to develop the giant Natuna D-Alpha gas field, since it believes the contract held by the U.S. oil major expired in 2005....Complete Story

"Norway, China Shake Hands on Continued Cooperation in Petroleum Sector"
Norway and China have signed a strategic agreement in Beijing for enhanced cooperation in the petroleum sector....Complete Story

"Crude Oil Prices Up Slightly"
Crude oil prices rose slightly on the New York Mercantile Exchange Friday, but remain in a downward trend in part due to a storage problem, traders said....Complete Story

Crude Oil Market Commentary For Friday Morning

Sorry we are late today as we experienced server problems this morning. Good luck in the markets today!

February crude oil was higher overnight due to short covering as it consolidates some of this month's decline.

Stochastics and the RSI remain bearish but are oversold hinting that a low might be near.

If February extends this month's decline, psychological support crossing at $30.00 is the next downside target.

Closes above the 10 day moving average crossing at $40.64 would signal that a short term low has likely been posted.

Closes above last Tuesday's high crossing at $50.47 are needed to renew the rally off December's low.

First resistance is the 10 day moving average crossing at $40.64. Second resistance is last Tuesday's high crossing at $50.47.

First support is Thursday's low crossing at $33.20.

Second support is psychological support crossing at $30.00.

Crude Oil Industry Headline News

"Crude Oil Falls Below $34 a Barrel After OPEC Reduces 2009 Demand Forecast"
Crude oil fell below $34 a barrel to a four-week low after OPEC said that demand for its crude will decline 4.2 percent this year as the recession curbs fuel use....Complete Story

"Obama May Bar Offshore Drilling in Some Areas, Interior Pick Salazar Says" President-elect Barack Obama may ban offshore oil and gas drilling in some areas of the Outer Continental Shelf, according to Ken Salazar, Obama’s choice for secretary of the Interior Department....Complete Story

"Iraq Invites IOCs to Workshop on Oil Deals"
The Iraqi oil ministry will hold a workshop in Istanbul on Feb. 12-14 for international oil companies interested in bidding for the country's first licensing round to develop one of the world's largest oil and gas fields....Complete Story

"Chavez Reaching Across Ideologies for Oil, Looks to West for Help"
Venezuelan President Hugo Chavez is inviting Western oil companies to submit bids to develop new areas of the Orinoco Belt for petroleum production....Complete Story

"With Oil Use Off, Market Yawns at OPEC Talk"
Saudi Arabia, the world's largest oil exporter, said it plans to cut output next month to below its OPEC-assigned quota. Even so, oil markets essentially yawned and continued to move lower....Complete Story

"China, Iran Oilfield Cooperation to Help Stabilize Market"
Joint commercial oilfield development by China and Iran would help stabilize the oil market, China's Foreign Ministry spokeswoman Jiang Yu said here Thursday. Iran and China signed a US $1.76 billion deal....Complete Story

Crude Oil Industry Headline News

"Oil Falls After U.S. Inventories Rise to 16-Month High as Demand Tumbles"
Crude oil fell after a U.S. government report showed that crude stockpiles climbed to a 16 month high as fuel demand tumbled....Complete Story

"Oil Collapse Forces Gulf Nations to Run Deficits, Cut Foreign Investment"
Tumbling oil prices are forcing many of the richest Persian Gulf states to record budget deficits and limit a critical source of foreign investment for poorer Arab countries....Complete Story

"Inpex Denies Talks on Indonesia LNG Project Stake Sale"
Inpex Corp. said Wednesday it isn't ruling out the possibility of inviting companies to take part in its liquefied natural gas project in Indonesia in the future, but the company so far hasn't held any talks with anyone on a stake sale....Complete Story

"China's CNPC Signs Deal for Iran Oil Field"
CNPC has signed a deal to develop Iran's north Azadegan oil field. Under the first phase, Azadegan's crude output capacity would reach 75,000 barrels per day....Complete Story

Trend Analysis , DXO Double Long Crude

DXO Trend Call.....Sidelines Mode

Smart Scan Chart Analysis indicates a counter trend rally is underway.

It also indicates that the current down trend could be changing and moving into a trading range Sidelines Mode.

Based on a pre-defined weighted trend formula for chart analysis, DXO scored -55 on a scale from -100 (strong downtrend) to +100 (strong uptrend):

-10 Last Hour Close Below 5 hour Moving Average
-15 New 3 Day Low on Monday
+20 Last Price Above 20 Day Moving Average
+25 New 3 Week High, Week Ending January 10th
-30 New 3 Month Low in December
-55 Total Score



To get free daily portfolio trend analysis in your email sign up at out INO .Com Just click the link below!

Crude Oil Industry Headline News

"Oil Rises After Saudi Arabia Announces Plans to Lower Output Next Month"
Crude oil rose for the first time in six days in New York after Saudi Arabia said it will make deeper supply cuts than announced to bolster prices....Complete Story

"Naimi Says Saudi Arabia Will Produce Less Than Its OPEC Quota in February"
Saudi Arabia, the world’s largest oil exporter, said it will take the lead among OPEC oil producers in trying to halt a six-month slide in prices....Complete Story

"Petrobras to Spend $4 Billion by 2012 to Cut Sulfur Content in Diesel Fuel"
Petroleo Brasileiro SA, Brazil’s state-controlled oil company, will spend $4 billion by the end of 2012 to reduce sulfur in diesel, the country’s most-used fuel....Complete Story

"Libya Gains $5.4B from Altering Oil Deals"
Libya has earned $5.4 billion in additional oil revenues from changes of contracts with four foreign companies last year....Complete Story

"EIA Predicts 'Fairly Loose Oil Market' over Next 2 Years"
The U.S. on Tuesday forecast that crude oil markets will stay "fairly loose" over the next two years, noting that OPEC will have difficulty implementing pledged crude output cuts....Complete Story

Crude Oil Industry Headline News

"Transocean Provides Fleet Status Report"
Transocean (ticker RIG) today issued an updated fleet status report covering the company's 136-unit offshore drilling fleet. Drilling rig status and contract information on the company's offshore drilling fleet has been condensed into a report titled "Transocean Fleet Status Report," which is available through...Complete Story

"Kuwait's Foreign Minister Named Acting Oil Minister"
Kuwait's foreign minister has been appointed acting oil minister in a new cabinet as the Gulf Arab state tries to end a political standoff which has delayed reforms in the OPEC producer, state media reported on Monday....Complete Story

"Ecuador Ends Oil Contracts Due to Low Prices"
Ecuador will end its oil contracts with companies in France and Italy due to low prices, Mining and Oil Minister, Derlis Palacios, said on Friday....Complete Story

"OPEC Oil Prices Rebound Slightly"
The weekly average prices of OPEC rebounded slightly above $40 per barrel last week to $43.99, the Vienna-based cartel said on Monday....Complete Story

Crude Oil Industry Headline News

"Saudi Supertanker Sirius Sails to Dammam After Pirates Hijack"
Saudi Arabian oil supertanker Sirius Star, which was hijacked by Somali pirates in November, has been released and is leaving the African country’s territorial waters....Complete Story

"Cuba Produced 4MM Tons Of Oil And Gas In 2008"
State owned Cubapetroleo produced the equivalent of more than 4 million tons of oil and accompanying gas in 2008, up 1.3% over the previous year....Complete Story

"Ecuador Suspends Output Of Foreign Oil Firms To Comply With OPEC Cuts"
The Ecuadorian government has decided to suspend oil production by Italy's Agip and France's Perenco, both of which operate in the Amazon region, to comply with new OPEC cuts....Complete Story

Crude Oil Industry Headline News

"Oil Falls For A Fourth Day As U.S. Job Losses Add To Concern Over Demand"
Crude oil fell a fourth day after a report showing that the U.S. unemployment rate surged in December raised concern demand will drop faster than OPEC cuts output....Complete Story

"Petrobras Will Pay Most In Bond Market Since 2003 To Fund Tupi Investment"
Petroleo Brasileiro SA, owner of the Americas’ biggest oil discovery in three decades, will pay the most in the bond market in five years to finance a record investment plan after crude prices tumbled....Complete Story

"Exxon Mobil's Cash Hoard Offers Major Growth Options"
With nearly $40 billion in cash in its coffers, Exxon Mobil holds enough financial firepower to pull off an industry changing transaction....Complete Story

"Santos LNG JV Plans to Boost Employment in '09"
Santos said plans are in place to hire 120 employees in 2009 to work on the proposed Gladstone LNG project that it wants to build with Malaysia's Petronas....Complete Story

"Schlumberger Begins Laying Off Hundreds of US Workers"
Schlumberger has begun laying off hundreds of workers in the U.S. and around the world in the first of what experts say will likely be a wave of job cuts in the energy industry....Complete Story

The Trade Triangle - Trade The Market, Not The Economy

Click here For Free Video

What do we mean when we say... trade the market and not the economy? It may sound like we are saying to trade the same thing... but in many cases they're different. The difference is that the market is driven by fear and greed, while the economy is driven by fundamentals. Our "Trade Triangle" technology allows us to analyze the market... leaving the fundamentals and our own emotions at the door. Let's look at some of the major markets and see which direction the trend is headed.

* The equity markets are still in a negative trend.

* Crude oil is still in a negative trend.

* Gold is in an erratic upward trend.

* The dollar is also in an erratic upward trend.

All of these markets are still in entrenched trends and there is no reason to suggest that they will be reversing anytime soon.

We have just finished a short video on crude oil (NYMEX:CL). This market is making moves, which we will tell you all about using the "Trade Triangle" technology.

We recently received a trading signal in this market which I think is an important one. You will also get a chance to see several of the previous signals that were issued. The video is definitely worth watching for that benefit alone.

The silly season which we talked about in December is rapidly coming to a close. We would expect that the volume and liquidity will return to the markets by the 15th of January. So get ready... cause there is money to be made.

Click Here To Enjoy The Video

Trade the market and not the economy.

Crude Oil Industry Headline News

"Oil Falls a Third Day on Concern the Recession Will Cut Demand"
Crude oil fell for a third day as the rising number of jobless workers in the U.S. intensified concern that the recession will cut fuel use in the world’s biggest energy-consuming country....Complete Story

"Schlumberger Eliminates 1,000 Jobs in North America"
Schlumberger Ltd., the world’s largest oilfield-services company, cut 1,000 jobs in North America yesterday to curb costs during a slump in oil and natural-gas exploration spending as economies slow....Complete Story

"Gazprom, Naftogaz Officials in Brussels"
The heads of Ukraine and Russia's energy companies arrived in Brussels to negotiate an end to a natural gas lock down that has left much of Europe cold....Complete Story

"Recovery of US Economy Crucial to Increase Crude Oil Demand"
The global financial crisis and slowing down of the US economy will have an impact on the Oil & Gas industry in Asia for the coming year. However, 2009 upstream investment and activity looks encouraging in both Malaysia and Singapore....Complete Story

"Chesapeake Energy Chief to Remain for 5 More Years"
Chesapeake's Chief Executive Aubrey McClendon agreed to remain at the helm of the natural gas producer for at least five years, under a new employment contract that provides him a $75 million bonus....Complete Story

Crude Oil Industry Headline News

"Crude Oil Plunges After Report of Larger Than Expected U.S. Supply Gains"
Oil futures tumbled after a U.S. government report showed a bigger-than-expected increase in supplies of crude oil, gasoline and distillate fuel....Complete Story

"Gas Crisis Freezes Economies in Balkans, Turkey"
Russian halted natural gas deliveries to Europe via Ukraine Wednesday amid freezing winter temperatures, escalating a dispute with the government in Kiev over the pricing and alleged theft of gas from the transit pipeline....Complete Story

"Petrobras-Led Consortium Gets Go-Ahead to Drill BCAM-40 Prospects"
Norse Energy, in partnership with Petrobras (Operator), Queiroz Galvao Oil & Gas and Brasoil, announce that the consortium has received the environmental licenses for the drilling of the BCAM-40 exploration prospects....Complete Story

Crude Inventory Numbers Spike Up

Crude oil inventory numbers took a big jump up on Wednesday with crude levels up more than 6 million barrels. A much larger gain then analyst predicted. This combined with a potential cease fire in the middle east has crude dropping more than $3.00 per barrel within minutes of inventory numbers being released at 10:30 eastern time.

Congratulations to all the traders out there that went short yesterday or this morning, make sure to take your profits. The DXO [long crude] traders will surely be looking at this as a buying opportunity and will be more than happy to strip your profits from you. First support is $44.05.

As I click the publish button on this blog post crude has fell $3.83.....is this fun or what?

Reasons To Be Bullish On Crude Oil

With crude oil prices dropping on lower demand there seems to be crude bulls coming out of the woodwork. Why? There are plenty of reasons.....

Reason One.....
It appears that the recent OPEC production cuts are starting to be effective.

Reason Two.....
With Hamas rocket attacks on Israel finally being responded to, natural gas controversy in Europe and civil war in Nigeria the geopolitical front is having an obvious effect.

Reason Three....
The Bush administration and the current Energy Department has begun scheduling the purchase of crude oil over the next few months to replace oil drawn from the Strategic Petroleum Reserves during last years hurricane season. This could add up to 25 million barrels this year alone.

Reason Four...
The Chinese government has announced that it will be buying another 19 million barrels for the own reserves over the next few months. They will also complete the next phase of construction on storage facilities adding another 170 million barrels of storage capacity.

For now the trend has shifted sideways to higher for crude oil. But ultimately, regardless of all of these reasons to be bullish, the U.S. and now the Chinese consumer remains in the driver seat, literally.

Crude Oil Industry Headline News

"Smart Money Moves Back into Energy, But Carefully"
A pair of deals by Oklahoma billionaire George B. Kaiser, widely considered one of the country's savviest energy investors, could be an early sign that after a massive selloff, the smart money is getting back into the oil industry....Complete Story

"Crude Hits One-Month Highs on Gas Spat Jitters"
Crude oil futures climbed more than $2 to above the psychologically important $50 a barrel Tuesday, spurred by concerns that a reduction in Russian natural gas flows to Europe could spark an increased demand for oil....Complete Story

"Chesapeake Energy Defies Skeptics"
Chesapeake capped a busy 2008 with the $412 million sale of natural-gas production in Oklahoma and Arkansas, proving to skeptics that the company knows how to get a deal done. Total value of Cheasapeake's deals for 2008 is roughly $12 billion....Complete Story

"OPEC Cuts Biting Into Oil Cos' Output Growth Areas"
Oil majors that derive a large part of their income from production in member states of the Organization of the Petroleum Exporting Countries are finding the cartel's production cuts are....Complete Story

Crude Oil Industry Headline News

"Crude Oil Up But Seesaws On Gaza, Russia, Dollar"
U.S. crude oil futures edged upbut trading seesawed on Monday as a stronger dollar brought prices down from early highs hit as fighting in Gaza intensified....Complete Story

"Venezuela International Reserves Hit Record $42.2B in 2008"
Venezuela's international reserves were $42.2 billion at the end of 2008, the highest level on record because of lofty oil prices for most of the year....Complete Story

"Oil Curve Steeper Than '99 Shows Possible Gain In '09"
The steepest plunge in crude prices on record may be setting up oil investors for a rally this year, if history is any guide. The so-called forward curve of futures contracts traded on the New York....Complete Story

"Iran Says OPEC to Hold Emergency Meeting in February"
Iran's representative to OPEC said Monday that the organization would hold an emergency meeting in Kuwait in February. As part of OPEC's new plan, Iran will cut its crude oil output by 545,000 b/d in January....Complete Story

"China Filling Oil Reserves"
As the U.S. seeks to stockpile oil, China has been doing the same, observers say, and is expected to quicken the pace -- a development that already may be helping to boost oil prices....Complete Story

How Do We Connect The Stock Market Dots In 2009

One of the easiest ways for a trader to determine the trend of the stock market in the new year is to simply connect the dots. In this new five minute video, I explain how you can connect the dots in any market to determine its trend. I will show you three examples of connecting the dots.

1. How to determine a downtrend.
2. How to determine an uptrend.
3. How to determine when a market is making a change of direction.

One of the key components we look for is how a market closes on a Friday or the last trading day of the week. This is when traders have to decide what they want to do with their positions. It also tells you with a high degree of probability which way the market is headed for the upcoming week. This trading secret is brought to us by Adam Hewison who learned this from years of trading on the floor of the exchange in Chicago and it is one we would like to share with you today. I feel that this technique has a lot of validity, particularly in light of today's volatile markets.

Just Click Here To Enjoy The Free Video