Afghanistan Holds First Bid For Onshore Blocks, Crude Oil Touches Three Month High

"Afghanistan to Hold First Ever Hydrocarbon Bidding Round"
Afghanistan is holding the country's first ever hydrocarbon bidding round with three onshore blocks up for grabs....Complete Story

"Oil Rises Above $52 on Speculation Fed Debt-Buying Plan Will Spur Growth"
Crude oil rose above $52 a barrel, reaching a three month high, after the U.S. Federal Reserve announced plans to spend $1 trillion buying back debt....Complete Story

"Russia May Lease Cuban Offshore Oil Blocks, Reuters Reports"
A group of five Russian companies may lease as many as 15 oil blocks, representing 15,440 square miles, for exploration in Cuba’s portion of the Gulf of Mexico....Complete Story

"TAQA Scales Back Huge North Sea Expansion Plans"
New North Sea operator TAQA has confirmed that it is gearing down from the previously blistering pace of acquisitions, after posting Q4 profits that were down due to....Complete Story

Crude Oil Moves Higher, Is The Reflation Trade On?

April crude oil has opened higher and was higher overnight as it extends this week's rally. Is the reflation trade on?

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

If April extends the rally off February's low, the reaction high crossing at $50.88 is the next upside target.

Closes below the 20 day moving average crossing at $44.51 are needed to confirm that a short term top has been posted.

First resistance is the overnight high crossing at $50.00.

Second resistance is the reaction high crossing at $50.88.

First support is the 10 day moving average crossing at $46.86.

Second support is the 20 day moving average crossing at $44.51.

I still need two closing days above $50.88 to confirm the mid term low is in.

Crude Oil Still Throwing Off Bullish Signals After Inside Trading Day

April crude oil posted an inside day with a lower close on Wednesday as it consolidated some of this week's rally.

The high range close sets the stage for a steady to higher opening on Thursday.

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

If April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.

Closes below the 20 day moving average crossing at $44.03 would temper the near term friendly outlook in the market.

First resistance is Tuesday's high crossing at $49.82.

Second resistance is the reaction's high crossing at $50.88.

First support is the 10 day moving average crossing at $46.24.

Second support is the 20 day moving average crossing at $44.03.

Crude Oil Spikes On Federal Reserve News, Iran Complains About Low Oil Prices

"Oil Rises in Electronic Trading on Fed's New Plan to Shore Up U.S. Economy"
Crude oil rose in electronic trading after the Federal Reserve said it will buy as much as $750 billion in mortgage securities and $300 billion in longer term government bonds to help shore up the financial system....Complete Story

"Some in OPEC See $60/Barrel Oil in 2009"
Some members of OPEC have limited their oil price ambitions in 2009 due to the fragility of the world economy, despite OPEC's belief that higher prices are needed to support investment in new supplies....Complete Story

"Naimi Says OPEC Production Quota Compliance to Improve as Members Cut Back"
Saudi Arabia, OPEC’s biggest and most influential oil exporter, expects OPEC members to reduce their shipments from last month to better comply with their quotas, the country’s oil minister said....Complete Story

"Iran FM Calls Oil Price Unjust"
Iranian Foreign Minister Manouchehr Mottaki called the current price of oil both unrealistic and unjust on Tuesday, the official Iranian news agency IRNA reported.
Mottaki, on a visit to the....Complete Story

Traders Taking Crude Oil Profits Overnight

April crude oil was lower overnight due to profit taking as it consolidates some of this week's rally.

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

If April extends the rally off February's low, the reaction high crossing at $50.88 is the next upside target.

Closes below the 20 day moving average crossing at $44.04 are needed to confirm that a short term top has been posted.

First resistance is Tuesday's high crossing at $49.82.

Second resistance is the reaction high crossing at $50.88.

First support is the 10 day moving average crossing at $46.26.

Second support is the 20 day moving average crossing at $44.04.

I would like to see 2 consecutive days of closing price above $50.88 to declare the trend has turned to the upside.

Crude Oil Rallies, Sets New Three Month High

April crude oil closed higher on Tuesday as it extends this month's rally.

The high range close sets the stage for a steady to higher opening on Wednesday.

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

If April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.

Closes below the 20 day moving average crossing at $43.47 would temper the near term friendly outlook in the market.

First resistance is today's high crossing at $49.82.

Second resistance is the reaction's high crossing at $50.88.

First support is the 20 day moving average crossing at $43.47.

Second support is the reaction low crossing at $39.44.

Crude Oil Set For Steady To Higher Open

Crude oil is slightly lower going into the equity markets opening this morning. Though yesterday's high range close sets us up for a steady to higher open this morning. Our current trend represents a wide trading range with 1st resistance at 48.83 and 1st support at the 20 day moving average of 42.95. Stochastics and the RSI are turning neutral to bullish hinting that sideways to higher prices are possible near term. If April extends this month's rally, the reaction high crossing at 50.88 is the next upside target. Closes below the 20 day moving average crossing at 42.95 would temper the near term friendly outlook in the market.

Crude Oil Surprises And Rallies To Close Higher

April crude oil closed higher on Monday as it extended last Thursday's rally.

The high range close sets the stage for a steady to higher opening on Tuesday.

Stochastics and the RSI are turning neutral to bullish hinting that sideways to higher prices are possible near term.

If April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.

Closes below the 20 day moving average crossing at $42.95 would temper the near term friendly outlook in the market.

First resistance is last Monday's high crossing at $48.83.

Second resistance is the reaction's high crossing at $50.88.

First support is the 20 day moving average crossing at $42.95.

Second support is the reaction low crossing at $39.44.

Crude Oil Rises After Brief Down Turn On OPEC News

"Saudi, Iranian Oil Ministers: Prices Should Stand at $60-$75"
The oil ministers of Saudi Arabia and Iran said Monday their target goal for the price of oil was between $60 to $75 a barrel....Complete Story

"Oil Rises as Stocks Climb on Expectations of Economic Recovery by Year-End"
Crude oil rose as global stock markets climbed for a fifth day on optimism that the recession that has curbed demand may end by the close of the year....Complete Story

"Idling of U.S. Gas Rigs Setting Stage for Doubling of Prices"
Survey Shows Natural gas drillers from Devon Energy Corp. to XTO Energy Inc. are idling rigs at the fastest pace since 2002, setting the stage for this year’s worst commodity to almost double as supplies drop faster than demand....Complete Story

"Record Wellhead Order"
Subsea systems provider FMC has been selected by Anadarko to supply a record capacity subsea wellhead system rated for....Complete Story

Crude Oil Lower Overnight On OPEC Meeting News

April crude oil took a gap down and was lower overnight as it consolidates some of last Thursday's rally and digest the news from this weekend's OPEC meeting.

Stochastics and the RSI are neutral to bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at $42.79 are needed to confirm that a short term top has been posted.

If April renews the rally off February's low, the reaction high crossing at $50.88 is the next upside target.

First resistance is last Monday's high crossing at $48.83.

Second resistance is the reaction high crossing at $50.88.

First support is the overnight low crossing at $43.62.

Second support is the 20 day moving average crossing at $42.79.