Daily Crude Oil Prices From Market Masters

Yesterday's sharp rebound in crude oil prices reflected an increased appetite for risk as equity markets rallied thereby precipitating a consequent slide in the US Dollar. In addition the oil market appears to have discounted the higher than expected gasoline stocks, instead taking a bullish cue from the larger than anticipated draw in the crude inventory. It is interesting to note that it is exactly one year since the great oil price spike (14th July 2008 - Bastille Day) but following a drop of almost.....Complete Story



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Crude Attempts To Extend Trading Range To The Upside

Crude oil was higher overnight as it extends the current narrow trading range, which began last Thursday. Stochastics and the RSI are turning neutral to bullish with the overnight rally hinting that sideways to higher prices are possible near term.

If July resumes 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 68.46 are needed to confirm that a short term top has been posted.

Friday's pivot point for crude oil is 71.10

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 68.46

Today’s Stock Market Club Trading Triangles

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Crude Oil Moves Higher On Lower Than Expected Inventory Reports

June crude oil closed higher on Wednesday on lower than expected inventory numbers as it extends the rally off April's low. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.

If June extends the rally, January's high crossing at 59.66 is the next upside target. Closes below the 20 day moving average crossing at 51.78 are needed to confirm that a short term top has been posted.

First resistance is today's high crossing at 56.47.
Second resistance is January's high crossing at 59.66.

First support is the 10 day moving average crossing at 52.10.
Second support is the 20 day moving average crossing at 51.78.

Today’s Stock Market Club Trading Triangles

The June Dollar closed lower on Wednesday as it extends this week's decline. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If June extends the decline, March's low crossing at 83.14 is the next downside target. Multiple closes above the 20 day moving average crossing at 85.38 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 84.84.
Second resistance is the 20 day moving average crossing at 85.38.

First support is Tuesday's low crossing at 83.62.
Second support is March's low crossing at 83.14.

Today’s Stock Market Club Trading Triangles

The June S&P 500 index 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 remain neutral to bullish signaling that sideways to higher prices are possible near term.

If June extends the rally off March's low, January's high crossing at 937.00 is the next upside target. Closes below the 20 day moving average crossing at 861.12 are needed to confirm that a short term top has been posted.

First resistance is today's high crossing at 917.30.
Second resistance is January's high crossing at 937.00.

First support is the 10 day moving average crossing at 875.94.
Second support is the 20 day moving average crossing at 861.12.


Do you think this market has what it takes to continue higher? Please feel free to comment and let our readers know what you are thinking!

Crude Supplies Grow Less Than Expected

"Crude Supplies Grow Less Than Expected"
Oil prices rose Wednesday as stocks opened higher, and after a government report showed supplies of crude increased less than expected. In its weekly inventory report, the Energy Information Administration said crude stocks increased by 1.7 million barrels in the week ended April 3. Analysts expected an increase of 2.3 million barrels of crude oil, according to a consensus estimate of industry analysts....Complete Story

Crude Oil Higher Overnight On Short Covering, Lower Prices Probable Near Term

April crude oil was higher overnight due to short covering as it consolidates some of Monday's decline but remains below the 10 day moving average crossing at $40.93.

Stochastics and the RSI are turning neutral signaling that sideways to lower prices are possible near term.

If April extends Monday's decline, February's low crossing at $37.12 is the next downside target.

Closes above last week's high crossing at $45.30 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at $40.93.

Second resistance is the 20 day moving average crossing at $42.21.

First support is the overnight low crossing at $39.44.

Second support is February's low crossing at $37.12.

4:30 PM ET. Feb 27 API Oil Industry Report

Crude Stocks (Net Change) (previous +341K)

Gasoline Stocks (Net Change) (previous -898K)

Distillate Stocks (Net Change) (previous +1.76M)

Refinery Runs (previous 81.9%)

Executives Press Congress On Offshore Drilling, Russia Near Deal In Nigeria

"Oil Executives Ask Congress Not to Delay Offshore Drilling"
Top executives at Devon Energy and Shell said Tuesday they will ask Congress not to stall the opening of new offshore drilling areas that can provide the U.S. with a reliable source of energy and jobs....Complete Story

"Gazprom Sees $2.5B Nigeria Deal Sealed in March"
Russia's Gazprom hopes to conclude a $2.5 billion oil and gas exploration deal with Nigeria by the end of March, establishing a 50/50 joint venture with state oil firm NNPC....Complete Story

"Oil Rises for Second Day After Report Shows Decline in Gasoline Supplies"
Crude oil rose to a three week high after a government report showed that U.S. gasoline inventories fell as refineries cut operating rates and demand strengthened....Complete story

"Gasoline Futures in New York Extend Gains as Report Shows Inventories Fell" Gasoline futures advanced after the Energy Department reported supplies fell the most in five months, refiners cut production and drivers bought more motor fuel...Complete story

Crude Oil Industry Headline News For Monday

"Oil Falls on Speculation Fuel Demand Will Drop More as Recession Deepens"
Crude oil fell on speculation that the recession in the U.S., the world’s biggest energy consuming country, will deepen and reduce demand....Complete Story

"Gasoline Futures Fall, Narrowing Refiner Margins, as Strike May be Averted"
Gasoline futures fell the most in almost a month and refinery margins narrowed on speculation a strike by workers at U.S. fuel plants may be averted....Complete Story

"Oil Industry Wary of New US Interior Secretary's Policies"
Despite Interior Secretary Ken Salazar's vow to draft a comprehensive energy policy that includes new domestic oil and gas drilling, the industry is watching with a wary eye....Complete Story

"Iraq Oil Fields Ready for Revival, Await Foreigners"
Iraq has launched a bidding round for some of its largest oil and gas fields, which it hopes will attract multibillion dollar investments. There is still some confusion over the deals, scheduled to be awarded by June....Complete Story