Petrobras Quarterly Profit Beats Estimates on Export Growth

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Petroleo Brasileiro SA (PETR4), the world’s biggest oil producer in deep waters, said first quarter profit topped analysts’ expectations because of increased revenue from crude exports and higher fuel prices.

Net income dropped 16 percent to 9.2 billion reais ($4.6 billion), or 71 centavos a share, from 10.99 billion reais, or 84 centavos, a year earlier, Brazil’s state controlled producer said late yesterday. Per share profit beat the 64 centavo average of four analysts’ estimates compiled by Bloomberg.

Petrobras increased prices for gasoline and diesel by 10 percent and 2 percent, respectively, on Nov. 1. The first boost in more than three years reduced the discount to international prices. Oil exports rose 20 percent to 497,000 barrels a day after the company sold inventories it accumulated in late 2011, Petrobras said in a regulatory filing.

“The company’s increase in oil exports and its use of inventories at lower prices mainly explained the better than expected operating performance in the period,” Bradesco SA analysts led by Auro Rozenbaum said in a note to clients distributed today.

Read the entire Bloomberg article




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Natural Gas Closes Lower Posting an Inside Day

Crude oil closed lower due to profit taking on Friday as it consolidated some of this spring's rally. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain 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 65.67 would confirm that a short term top has been posted.

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 69.46
Second support is the 20 day moving average crossing at 65.67

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Natural gas posted an inside day with a lower close on Friday as it consolidated some of Thursday's rally. The mid range close sets the stage for a steady opening on Monday. 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. If July renews the decline off May's high, April's low crossing at 3.395 is the next downside target.

First resistance is Thursday's high crossing at 4.068
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

“How Low Can The Dollar Go”

The U.S. Dollar closed higher on Friday due to short covering as it consolidated some of this week's losses. The mid range close sets the stage for a steady opening on Monday. 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 Thursday's low crossing at 79.20
Second support is last Tuesday's low crossing at 78.18

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Crude Oil High Range Close Sets Up Possible Higher Open Thursday

Crude Oil closed higher on Wednesday as it extended the Tuesday's rally above the 25% retracement level of the 2008-2009 decline crossing at 68.49. The high range close sets the stage for a steady to higher opening on Thursday.

Stochastics and the RSI are overbought, diverging but are turning 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 64.34 would confirm that a short term top has been posted.

First resistance is today's high crossing at 71.79
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 68.12
Second support is the 20-day moving average crossing at 64.34

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Natural Gas closed slightly 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 July renews last month's decline, April's low crossing at 3.395 is the next downside target. Closes above the 20 day moving average crossing at 3.945 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 3.88
Second resistance is the 20 day moving average crossing at 3.95

First support is last Thursday's low crossing at 3.55
Second support is the reaction low crossing at 3.50

Trading Video: “How Low Can The Dollar Go”

The U.S. Dollar closed sharply higher on Wednesday as it consolidated some of Tuesday's decline. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are still possible near term.

If June extends the rebound 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 79.48
Second support is last Tuesday's low crossing at 78.18

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Dollar Closes Below 10 Day Moving Average, Sets Up Higher Open For Crude Oil Wednesday

Crude oil closed higher on Tuesday and above the 25% retracement level of the 2008-2009 decline crossing at 68.49. The high range close sets the stage for a steady to higher opening on Wednesday.

Stochastics and the RSI are overbought, diverging but are turning neutral 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 63.77 would confirm that a short term top has been posted.

First resistance is last Friday's high crossing at 70.32.
Second resistance is the 38% retracement level crossing at 82.38.

First support is the 10 day moving average crossing at 67.34.
Second support is the 20 day moving average crossing at 63.77.

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The U.S. Dollar closed sharply lower on Tuesday due to profit taking as it consolidated some of the rally off last week's low. The low range close sets the stage for a steady to lower opening on Wednesday.

Stochastics and the RSI remain bullish signaling that sideways to higher prices are still possible near term. However, today's close below the 10 day moving average crossing at 79.85 tempers the near term friendly outlook in the market.

If June extends the rebound 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 79.70
Second support is last Tuesday's low crossing at 78.18

Video: “How Low Can The Dollar Go”

Natural gas closed slightly higher on Tuesday due to light short covering as it consolidated some of Monday's decline. The mid range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If July renews last month's decline, April's low crossing at 3.395 is the next downside target. Closes above the 20 day moving average crossing at 3.988 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 3.871
Second resistance is the 20 day moving average crossing at 3.988

First support is last Thursday's low crossing at 3.550
Second support is the reaction low crossing at 3.500