Crude Oil Industry Headline News

"Total in Fresh Talks with Venezuela on Expanding Ops"
Total is in fresh talks with the Venezuela government about expanding its operations in the South American nation....Complete Story

"Exxon, Chevron Top Analyst Earnings Estimates on Refining Gains"
Exxon Mobil Corp. and Chevron Corp., the biggest U.S. oil companies, exceeded analyst earnings estimates as increased fourth quarter refining profits blunted the impact of a record drop in crude prices....Complete Story

"Mexico's President Meets with Top Oil Cos, Talks Energy Reform"
Mexican President Felipe Calderon met with top executives from some of the world's largest oil companies at the World Economic Forum in Davos....Complete Story

"Nigerian Militants to End Truce in Oil-Rich Delta"
Nigeria's main militant group said on Friday it was calling off a ceasefire after a military strike on one of its camps in the Niger Delta, warning of a "sweeping assault" on the oil industry....Complete Story

"California Rejects Offshore Oil Deal"
California's Land Commission said no to an offshore oil drilling deal saying it would open the door for further offshore development. Environmental groups and the Plains Exploration and Production company....Complete Story

Chevron 4th Quarter Conference Call

Chevron Corp. (ticker CVX) reports fourth-quarter 2008 results Friday January 30, in a conference call at 11:00 AM ET hosted by Dave O'Reilly, Chevron's chairman and chief executive officer, Pat Yarrington, Chevron's vice president and chief financial officer, and James Aleveras, Chevron's general manager of investor relations. To take in the conference call by phone just dial 703-639-1116 or 866-219-5256. The conference ID is 1320201. Or on the internet you can catch the live webcast of the call on the company's website. Just Click Here!

Crude Oil Industry Headline News

"Shell Remains Bullish on Long-Term Energy Prices"
Royal Dutch Shell Plc expects energy to be expensive in the long term as the world tries to meet growing demand without harming the environment, its chief executive said on Thursday....Complete Story

"OPEC Ready for Further Output Cut"
The Organization of Petroleum Exporting Countries (OPEC) stands ready to make further cuts in oil supply if prices remain subdued, the cartel's secretary general said Thursday....Complete Story

"Shell to Boost Investment Despite Oil Drop"
Oil major Royal Dutch Shell Plc plans to buck an industry-wide trend of investment cuts on the back of a $100/barrel drop in crude prices and lift its capital expenditure....Complete Story

Crude Oil Industry Headline News

"Exxon Allowed to Drill on Contentious Alaska Oil Field"
Alaska officials gave ExxonMobil permission to proceed with drilling on a dormant North Slope oil and gas field that had been the subject of a legal battle....Complete Story

"Obama's Interior Secretary Voices Openness for Offshore Drilling"
Interior Secretary Ken Salazar indicated Tuesday that the Obama Administration could be open to expanded offshore drilling and is considering doing away with the controversial "royalty-in-kind" program....Complete Story

"ConocoPhillips Has Big Loss But Shares Up"
ConocoPhillips reported a massive fourth-quarter loss on Wednesday compared with a year-earlier profit, but the company's shares rose about 1% in premarket trading....Complete Story

New Trading Video "USO and DTO"

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Lately one of my favorite traders is Salvador Lara. He has been, to use a cliche, hitting the cover off the ball!

Check out his latest video on the USO and DTO.

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Crude Oil Industry Headline News

"Crude Oil Futures Decline on Speculation That U.S. Recession is Deepening"
Crude oil fell the most in two weeks after a report that U.S. home prices tumbled, a sign that the recession in the biggest energy-consuming country is deepening....Complete Story

"Shell Unloads Oil Cargo, Phibro Tanker Lifts Anchor as Contango Disappears"
Royal Dutch Shell Plc sold a cargo of crude stored off the U.K. and a vessel hired by Citigroup Inc.’s Phibro LLC left its anchorage in Scotland for the U.S. as the incentive to keep oil in tankers disappears....Complete Story

"Baker Hughes Will Cut 1,500 Jobs, Including 200 in Houston"
Baker Hughes has begun laying off nearly 4% of its global work force, including some employees in Houston, making it the latest major oil field services company to announce cuts in response to building industry headwinds....Complete Story

Crude Oil Industry Headlines News

"Petrobras' P-51 Kicks Off Production in the Campos Basin"
The P-51 semisubmersible platform went on stream Jan. 24, beginning production of well MLS-99 in the Campos Basin's Marlim Sul field....Complete Story

"Infrastructure Investment: Eni OKs 2 Greater Longhorn Developments"
For a combined investment of $341 million, Eni plans to add a subsea well to the Longhorn development and increase production capacity on the Appaloosa field's Corral platform....Complete Story

"Schlumberger Says Mideast Job Cuts Below 5% Global Average"
Schlumberger will cut jobs in the Middle East amid slowing oil field activities, but less than the global average of 5%....Complete Story

Crude Oil Industry Headline News

"Pemex Plans $20B E&P Investment to Boost Production"
Pemex plans to invest nearly $20 billion this year in exploration and production, with $2.2 billion slated for Cantarell and $2.3 billion for Chicontepec....Complete Story

"A Rebound in Oil Prices May Presage Pick Up in Demand"
Oil dropped and rebounded after the EIA reported a larger-than-expected build-up in crude oil and gasoline stocks, a move that suggests the market is seeing a change....Complete Story

"Schlumberger's Net Falls 17%; Gould Says Job Cuts Affect 5,000 Worldwide"
Schlumberger Ltd., the world’s largest oilfield-services provider, said fourth-quarter profit fell 17 percent as a collapse in petroleum prices slowed exploration spending by customers. The company said job cuts “concern” 5,000 people worldwide....Complete Story

Crude Oil Stock Market Winners and Losers

Winners

Meridian Resource 21.88%
Parallel Petroleum 19.91%
NATCO Group 19.14%
Allis-Chalmers Energy 18.97%
Berry Petroleum 17.36%

Losers

Daugherty Resources -5.42%
Parker Drilling -1.13%
Duke Energy -0.20%
TransCanada PipeLines Limited 0.95%
Trican Well Service Ltd. 1.34%

Change based on the last 2 days of trading

Crude Oil Industry Headline News

"Oil Declines as U.S. Crude, Fuel Inventories Increase More Than Expected"
Crude oil futures plunged after a U.S. government report showed a bigger than forecast increase in crude and fuel inventories as the recession curbed demand....Complete Story

"Saudi Arabia Will Cut Production 300,000 Barrels Below Quota, Khelil Says"
Saudi Arabia, the world’s top oil exporter, will cut production by 300,000 barrels a day below the quota agreed on with OPEC to prop up prices, Algerian Oil Minister Chakib Khelil said....Complete Story

"US Interior Department to Go Ahead with Offshore Drilling Plan"
A proposal issued in the final days of the Bush administration to expand offshore drilling in previously banned areas will move forward under the administration of U.S. President Barack Obama, Reuters reported Wednesday....Complete Story

"Iceland Opens First-Ever Offshore Licensing Round"
Applications are now being accepted in the First Oil and Gas Licensing Round in Icelandic Waters....Complete Story

"Energy Companies Find Money Pipeline Is Open Again"
Credit markets are showing some signs of life after months of inactivity, with energy companies helping to lead a surge in new debt and equity deals in recent weeks....Complete Story

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