Marathon Oil Profit Falls 47% as Energy Prices Drop

Marathon Oil Corp., the fourth largest U.S. energy company, said second quarter profit fell 47 percent after the recession sapped fuel demand, spurring a collapse in petroleum prices. Net income dropped to $413 million, or 58 cents a share, from $774 million, or $1.08, a year earlier, Houston based Marathon said today in a statement. Excluding such items as gains on asset sales, per share profit was 35 cents, 18 cents below the average of 17 analyst estimates compiled by Bloomberg. Marathon was paid an average of $55.49 per barrel of oil, down by more than half from a year earlier, and its average natural gas price tumbled 57 percent. Marathon follows Exxon Mobil Corp., Chevron Corp. and ConocoPhillips, the biggest U.S. oil companies, in reporting declines in second-quarter profits.....Complete Story

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Exxon Mobil Profit Drops 66% as Energy Prices Plunge

Exxon Mobil Corp., the largest U.S. oil company, reported a third straight drop in profit after shrinking demand for diesel, gasoline and natural gas pulled down energy prices. Second quarter net income fell 66 percent to $3.95 billion, or 81 cents a share, from $11.7 billion, or $2.22, a year earlier, Irving, Texas based Exxon Mobil said today in a statement. Per share profit excluding legal costs related to the 1989 Valdez oil spill was 84 cents, 15 cents below the average of 16 analyst estimates compiled by Bloomberg.....Complete Story

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Exxon Mobil Bets on Gas Locked in Colorado Mountains

At one time, even nuclear bombs couldn’t loosen ‘tight gas’ trapped in sandstone. Now Exxon Mobil says it has a way.

Oil and gas producers have known for decades that a massive bounty of natural gas lies beneath western Colorado's mountains. Getting at it, however, can be costly and complicated. With a potential gain of 1 billion cubic feet per day of output from its leased land in the deepest part of the gas rich Piceance Basin which would be about 2 percent of all U.S. gas production Exxon Mobil Corp. spent the last decade perfecting a way to drill less for more gas.....Complete Story

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Profits For Oil Industry Expected to Fall Sharply

For the second straight quarter, Exxon Mobil, Royal Dutch Shell and most of the world’s largest oil companies are poised to report quarterly earnings that pale in comparison to a year ago, when results were buoyed by crude prices that topped out near $150 a barrel. The April-June results may be somewhat better than first quarter earnings, which were the lowest in several years, but declines of 50 percent or more from a year ago are likely to be the norm. That’s what happens when oil prices plunge more than 60 percent.....Complete Story


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Iraq Warily Moving Ahead on Contracts With Oil Companies

On Monday, when Iraq puts development rights to some of its largest oil fields up for auction to foreign companies, the bidding will be a watershed moment, representing the first chance for petroleum giants like ExxonMobil to tap into the resources of a country they were kicked out of almost 40 years ago. Yet, there are widespread doubts about whether Iraq is ready for a sudden infusion of capital from international oil corporations.....Complete Story

Crude Oil Remains Below 20 Moving Average

Crude oil was lower overnight as it consolidates below the 20 day moving average crossing at 69.87. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If July extends this week's decline, the 38% retracement of this spring's rally crossing at 62.25 is the next downside target. Closes above the 10 day moving average crossing at 70.78 are needed to confirm that a short term low has been posted.

Wednesday's pivot point, our line in the sand is 68.17

First resistance is the 20 day moving average crossing at 69.87
Second resistance is the 10 day moving average crossing at 70.78

First support is Tuesday's low crossing at 66.37
Second support is the 38% retracement level at 62.25

Today’s Stock Market Club Trading Triangles

Natural gas was higher due to short covering overnight as it consolidates some of Tuesday's decline but remains below the 20 day moving average crossing at 3.948. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

If July extends this week's decline, the reaction low crossing at 3.55 is the next downside target. Closes above the 10 day moving average crossing at 4.02 would temper the near term bearish outlook in the market.

The natural gas pivot point is 3.90 for Wednesday.

First resistance is the 20 day moving average crossing at 3.95
Second resistance is the 10 day moving average crossing at 4.02

First support is Tuesday's low crossing at 3.83
Second support is the reaction low crossing at 3.55

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Crude Oil Bears Seem To Have Near Term Advantage

Crude oil was lower overnight and is trading below the 20 day moving average crossing at 68.66. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

Closes below the 20 day moving average crossing at 68.66 are needed to confirm that a short term top has been posted while opening the door for a larger degree decline into the end of June.

If July resumes this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target.

Crude oil pivot point for Monday is 70.76

First resistance is the 10 day moving average crossing at 70.75
Second resistance is last Thursday's high crossing at 73.23

First support is the overnight low crossing at 67.89
Second support is the reaction low crossing at 64.95

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Natural gas was lower overnight as it extends last week's decline. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 3.926 would temper the near term friendly outlook in the market.

If July renews this month's rally, May's high crossing at 4.690 is the next upside target.

Natural gas pivot point for Monday is 4.07

First resistance is last Tuesday's high crossing at 4.387
Second resistance is May's high crossing at 4.690

First support is the 10 day moving average crossing at 3.990
Second support is the 20 day moving average crossing at 3.926

Eric Bolling: Street Meat, Got gas?

I don't know about you but I miss Eric Bolling on CNBC. Seems like they dump anyone with a mind of their own. You can't argue this, Eric Bolling knows the energy sector. Check out this video from Fox Business, Street Meat, are oil prices surging?

Natural Gas Rally Appears to be on Hold

Natural gas closed lower on Thursday due to profit taking as it consolidated some of this week's rally. The low range close sets the stage for a steady to lower opening on Friday.

Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If July extends this week's rally, May's high crossing at 4.690 is the next upside target. Closes below the 20 day moving average crossing at 3.892 would confirm that a short term top has been posted.

First resistance is Tuesday's high crossing at 4.387
Second resistance is May's high crossing at 4.690

First support is the 10 day moving average crossing at 3.948
Second support is the 20 day moving average crossing at 3.893

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Thursday Proves To Be Consolidation Day For Crude Oil

Crude oil closed higher due to short covering on Thursday as it consolidated some of this week's decline. The high range close sets the stage for a steady to higher opening on Friday.

Stochastics and the RSI have turned bearish signaling that a short
term top might be in or is near. Closes below the 20 day moving average crossing at 67.90 would confirm that a short term top has been posted.

If July extends the rally off April's low, the 38% retracement level of the 2008-2009 decline crossing at 82.38 is the next upside target.

First resistance is last Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is Wednesday's low crossing at 69.00
Second support is the 20 day moving average crossing at 67.90

Crude Oil Continues Narrow Trading Range

Crude oil was slightly higher overnight as it extends the current narrow trading range, which began last Thursday. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 67.89 are needed to confirm that a short term top has been posted.

If July resumes this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target.

Thursday's pivot point for crude oil, our line in the sand is 70.37

First resistance is last Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is Wednesday's low crossing at 69.00
Second support is the 20 day moving average crossing at 67.89

Today’s Stock Market Club Trading Triangles

Natural gas was slightly higher overnight as it extends this week's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If July extends this week's rally, May's high crossing at 4.690 is the next upside target.

Thursday pivot point for natural gas is 4.19

First resistance is Tuesday's high crossing at 4.387
Second resistance is May's high crossing at 4.690

First support is the 10 day moving average crossing at 3.968
Second support is the 20 day moving average crossing at 3.903

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Crude Oil Stochastics and RSI Hinting Short Term Top

Crude oil was higher overnight as the U.S. Dollar was slightly lower on a small bullish bounce in the Euro. Stochastics and the RSI are diverging and are bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 66.96 are needed to confirm that a short term top has been posted.

If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target.

Crude oil's pivot point, the line in the sand is 70.85

First resistance is last Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 69.99
Second support is the 20 day moving average crossing at 66.96

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Natural gas was higher overnight as it extends Monday's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If July extends the overnight rally, the reaction high crossing at 4.284 is the next upside target.

The natural gas pivot point for Tuesday is 4.07

First resistance is the overnight high crossing at 4.257
Second resistance is the reaction high crossing at 4.284

First support is the 10 day moving average crossing at 3.884
Second support is last Thursday's low crossing at 3.550

Weaker Euro Sends Crude Oil Lower, Dollar Higher

Crude oil was lower overnight due to profit taking and a weaker Euro as it consolidates some of this spring's rally. Stochastics and the RSI are diverging but are neutral to bullish signaling that additional gains are possible.

Day traders may start the regular trading session neutral as they watch the SP 500 closely to see if it will continue trading at the bottom of it's current bullish channel or if we get a serious break out to the downside. If we trade sharply below the channel crude oil will be sure to follow.

If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 66.38 are needed to confirm that a short term top has been posted.

Monday's pivot point for crude oil is 71.82. Below that we are bearish, above the pivot we will play the bullish side.

First resistance is last Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 69.73
Second support is the 20 day moving average crossing at 66.38

Crude Oil Lower, Consolidates Some Of This Week's Rally

New Video Crude Oil, The New World Currency

Crude oil was lower overnight due to profit taking as it consolidates some of this week's rally. Stochastics and the RSI are diverging but are neutral to bullish signaling that additional gains are possible.

If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 65.64 are needed to confirm that a short term top has been posted.

Crude oil's pivot point for Friday is 72.35

First resistance is Thursday's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 69.41
Second support is the 20 day moving average crossing at 65.64

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Natural gas was lower overnight due to profit taking as it consolidates some of Thursday's rally. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.

If July extends Thursday's rally, the reaction high crossing at 4.284 is the next upside target.

First resistance is Thursday's high crossing at 4.07
Second resistance is the reaction high crossing at 4.28

First support is last Thursday's low crossing at 3.56
Second support is the reaction low crossing at 3.50

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The Dollar was higher overnight as it consolidates some of this week's decline. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

If June extends the rally off last week's low, the reaction high crossing at 83.33 is the next upside target. If June extends this week's decline, the reaction low crossing at 78.37 is the next downside target.

First resistance is Monday's high crossing at 81.53
Second resistance is the reaction high crossing at 83.33

First support is Thursday's low crossing at 79.20
Second support is last Tuesday's low crossing at 78.37

Natural Gas Closes Above 20 Day, Short Term Low Is Posted

Crude oil closed higher on Thursday as it extends this spring's rally. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought, diverging but are bullish signaling that sideways to higher prices are possible near term.

If July extends the rally off April's low, the 38% retracement level of the 2008-2009 decline crossing at 82.38 is the next upside target. Closes below the 20 day moving average crossing at 65.03 would confirm that a short term top has been posted.

First resistance is today's high crossing at 73.23
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 68.89
Second support is the 20 day moving average crossing at 65.03

Today’s Stock Market Club Trading Triangles

Natural Gas closed higher on Thursday and above the 20 day moving average crossing at 3.919 confirming that a short term low has been posted. The high range close sets the stage for a steady to higher opening on Friday.

Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. If July extends today's rally, the reaction high crossing at 4.284 is the next upside target.

If July extends the decline off May's high, April's low crossing at 3.395 is the next downside target.

First resistance is today's high crossing at 4.07
Second resistance is the reaction high crossing at 4.29

First support is last Thursday's low crossing at 3.56
Second support is the reaction low crossing at 3.50

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The U.S. Dollar closed lower on Thursday and below support marked by the 10 day moving average crossing at 79.74. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral hinting that sideways to lower prices are possible near term.

If June extends this week's decline, the reaction low crossing at 78.18 is the next downside target. If June renews the rally off last week's low, the reaction high crossing at 83.33 is the next upside target.

First resistance is Monday's high crossing at 81.53
Second resistance is the reaction high crossing at 83.33

First support is today's low crossing at 79.20
Second support is last Tuesday's low crossing at 78.18

Oil Tops $73, ExxonMobil Discussing TransCanada Pipeline, BP Exec. "Gas Has Peaked"

"Oil Tops $73, Gasoline Rises to 8 Month High, on Demand Outlook"
Crude oil climbed above $73 a barrel and gasoline jumped to an eight month high after the International Energy Agency raised its global demand forecast. The IEA, adviser to 28 nations, increased its consumption outlook for the first time since August amid signs the recession is bottoming out. Nouriel Roubini, the New York University professor who predicted the financial crisis, said crude will likely rise to $100 a barrel next year. Oil also advanced as equities rose on lower jobless claims in the U.S. “Futures are forward looking and the market is discounting any present difficulties,” said Jim Ritterbusch, president of Ritterbusch & Associates, a Galena, Illinois, energy consultant.....Complete Story

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"ExxonMobil Enters Talks to Help Build Alaska Gas Pipeline"
ExxonMobil is in discussions with TransCanada to help it build a massive pipeline to move natural gas from the North Slope of Alaska to U.S. markets, according to a source familiar with the deal. The move could undermine a competing effort by ConocoPhillips and BP. Irving based Exxon would not be just a passive customer of the pipeline, which could cost as much as $30 billion and run 1,700 miles, but would likely be involved in the design and construction, according to the source. Exxon has deep expertise with large construction projects, including in harsh climates like Alaska.....Complete Story

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"BP Says Demand for Oil in U.S. Gasoline Market Peaked"
BP Plc Chief Executive Officer Tony Hayward said demand for oil coming from the U.S. gasoline market “has probably peaked” as ethanol blending gains ground and Congress works on enforcing fuel efficiency. The U.S. has the potential to offset future higher energy demand with efficiency measures over the next 10 years, Hayward said at a presentation of BP’s Statistical Review of World Energy yesterday in London. At the same time, investment in more biofuel production and the possible end of ethanol import restrictions.....Complete Story

Today’s Stock Market Club Trading Triangles

Crude Oil Bulls Still Have Near Term Advantage

July crude oil closed up $0.15 at $68.73 a barrel today. Prices closed near the session high and hit another fresh 6 1/2 month high today. Crude oil bulls have the solid near term technical advantage. The "money game" in the commodity markets continues, whereby funds are flowing into commodities with crude oil leading the way. A six week old uptrend is in place on the daily bar chart.

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July natural gas closed down 11.0 cents at $4.139 today. Prices closed nearer the session low today. The key "outside markets" were mixed for the natural gas futures market today, as the U.S. stock indexes were steady higher, crude oil prices were steady lower and the U.S. dollar was lower. Bears still have the near term technical advantage. However, the bulls have gained some momentum recently.

Today’s Stock Market Club Trading Triangles

The September U.S. dollar index closed down 78 points at 78.83 today. Prices closed near the session low and hit another fresh eight month low today. Prices are still in an 11 week old downtrend on the daily bar chart. Bears still have the solid near term technical advantage.

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Artic May Hold More Undiscovered Oil

Is the Artic the new frontier for crude oil discoveries. The Heritage Foundation's Ben Lieberman talks about the possibilty of the Artic holding 40-160 billion dollars worth of crude oil beneath the polar ice caps.

Sunday Morning Reading

"China to Raise Gasoline, Diesel Prices 6-7%" [Reuters]

"Crude Oil Caps Biggest Monthly Gain Since 1999 on Dollar Drop" [Bloomberg]

"Tullow, Heritage Face Tough Choices on Uganda Oil Development" [Rigzone]

"Oil Reserves Could Thaw U.S.- Cuba Tie" [Philly .Com]

"Iran Encourages Japanese Companies To Invest in Oil Sector" [Tehran Times]

"Zoellick Warns Stimulus ‘Sugar High’ Won’t Stem Unemployment" [Bloomberg]

"Lower Highs... Topping or bull flag?" [xtrends]

"Edison Sees Difficulties Boosting Renewable Energy" [Bloomberg]

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Crude Oil Closes Higher In The Face Of Higher Dollar

July crude oil closed higher on Wednesday as it extends this spring's rally. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term.

If July extends the rally off April's low, the 25% retracement level of the 2008-2009 decline crossing at 68.49 is the next upside target. Closes below the 20 day moving average crossing at 58.54 would confirm that a short term top has been posted.

First resistance is today's high crossing at 63.82
Second resistance is the 25% retracement level crossing at 68.49

First support is the 10 day moving average crossing at 60.57
Second support is the 20 day moving average crossing at 58.54

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The June S&P 500 index closed lower on Wednesday due to profit taking as it consolidated some of Tuesday's rally. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near term.

From a broad perspective, June needs to close above 929.00 or below 875.40 to clear up near term direction in the market.

First resistance is today's high crossing at 913.80
Second resistance is last Wednesday's high crossing at 923.20

First support is Tuesday's low crossing at 876.90
Second support is the reaction low crossing at 875.40

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The June Dollar closed higher due to short covering on Wednesday as it consolidated some of this month's decline. The mid range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near term.

If June extends this month's decline, weekly support crossing at 78.77 is the next downside target. Multiple closes above the 20 day moving average crossing at 82.46 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 81.28
Second resistance is the 20 day moving average crossing at 82.46

First support is last Friday's low crossing at 79.90
Second support is weekly support crossing at 78.77