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