China Raises Fuel Prices, Apache Admits They Are In M and A Mode

"China Raises Fuel Prices for First Time This Year After Gains for Crude"
China, the world’s second-biggest energy user, raised fuel prices for the first time this year to reflect the gain in global oil prices....Complete Story

"Apache CEO Says Company On The Prowl For Assets"
Independent oil and gas company Apache Corp is actively looking to buy assets, its CEO told a conference on Tuesday. "We are paddling through the water looking for things to buy," Steven Farris, the chief executive of Apache, told the 2009 Howard Weil Energy Conference....Complete Story

"Saudi Pledges To Sustain Oil Investments"
Saudi Aramco will soon sign a memorandum of understanding with Japan's Sumimoto Chemical Co. to develop a second stage of its $10 billion PetroRabigh petrochemicals complex, the head of the state-run Saudi oil giant said Monday....Complete Story

Trend Analysis For DXO Mid Day Tuesday

Mid Day Trend Analysis For DXO is clearly in an uptrend

Smart Scan Chart Analysis is showing some near term weakness. However, this market remains in the confines of a longer term uptrend Uptrend with tight money management stops.

Based on a pre-defined weighted trend formula for chart analysis, DXO scored +70 on a scale from -100 (strong downtrend) to +100 (strong uptrend):

+10.....Last Hour Close Above 5 Hour Moving Average
+15.....New 3 Day High on Monday
+20.....Last Price Above 20 Day Moving Average
+25.....New 3 Week High, Week Ending March 28th
-30.....New 3 Month Low in February
+70.....Total Score

Crude Oil Traders Take Profits Overnight

May crude oil was lower overnight due to profit taking as it consolidates some of Monday's rally.

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

If May extends this month's rally, January's high crossing at $58.31 is the next upside target.

Closes below the 20 day moving average crossing at $47.92 are needed to confirm that a short term top has been posted.

First resistance is Monday's high crossing at $54.05.
Second resistance is January's high crossing at $58.31.

First support is the 10 day moving average crossing at $49.75.
Second support is the 20 day moving average crossing at $47.92.

Key Oil Industry Market Events To Watch

4:30 PM ET. Mar 20....API Oil Industry Report

......................Crude Stocks (Net Change) (previous +4.66M)

......................Gasoline Stocks (Net Change) (previous +383K)

......................Distillate Stocks (Net Change) (previous +327K)

......................Refinery Runs (previous 82.3%)

Crude Oil Advances On Rally In Stocks and Hope Of Future Demand Increases

May crude oil closed higher on Monday as it follows the rally in stocks on hopes of future demand increases, extending this month's rally.

The high range close sets the stage for a steady to higher opening on Tuesday even though futures are done has of the time of this post.

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

If May extends this month's rally, January's high crossing at $58.31 is the next upside target.

Closes below the 20 day moving average crossing at $47.38 would confirm that a short term top has been posted.

First resistance is today's high crossing at $54.05.
Second resistance is January's high crossing at $58.31.

First support is the 10 day moving average crossing at $49.09.
Second support is the 20 day moving average crossing at $47.38.

Suncor To Buy Petro-Canada, Crude Oil Up Sharply On Fed Plan and Stock Rally

"Suncor To Buy Petro-Canada For $15 Billion Of Stock"
Suncor Energy Inc. (SU) said Monday it will acquire Petro-Canada (PCZ) for about $15 billion in stock as the two oil-sands companies bulk up to cut costs in the face of lower oil prices and a slowing world economy....Complete Story

"Crude Up Sharply As Stock Markets Rally"
U.S. crude oil futures rose on Monday, jumping above $53 a barrel as Wall Street and global stock markets rallied on a U.S. plan to buy up so-called toxic assets to tidy up bank balance sheets....Complete Story

"Schlumberger Says Another Round of Layoffs Coming"
Schlumberger is preparing for its second round of layoffs this year amid a global downturn in oil and gas activity that also has also pushed rivals to cut jobs....Complete Story

"Russia Sees No Economic Reason to Join OPEC, Energy Minister Shmatko Says"
Russia Energy Minister Sergei Shmatko said his country has no economic reason to join OPEC at the moment as the national oil industry already responds to market signals....Complete Story

Crude Oil Closes Off Friday's High As The U.S. Dollar Rallies

Crude Oil enjoyed a rally on Friday but closed well off the highs of the day as the U.S. dollar gained strength against other currencies. The posting of an inside day consolidates some of Thursday's rally.

The low range close sets the stage for a steady to lower opening on Monday.

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

If April extends this month's rally, January's high crossing at 56.86 is the next upside target.

Closes below the 20 day moving average crossing at 45.14 would temper the near
term friendly outlook in the market.

First resistance is Thursday's high crossing at 52.25.
Second resistance is the reaction's high crossing at 56.86.

First support is the 10 day moving average crossing at 47.56.
Second support is the 20 day moving average crossing at 45.14.

Horizon Ships First Oil From Oil Sands Project, Kuwait Cancels 2.1 Billion Deal, Israel Looks To Start Drilling In April 2009

"Oil Falls as Dollar's Gain Against the Euro Reduces Appeal of Commodities"
Crude oil fell from a three month high as the dollar climbed against the euro, decreasing the appeal of commodities as an alternative investment....Complete Story

"Zion Oil Anticipates Drilling Commencement in Israel by April 2009"
Zion anticipates that the drilling rig contracted for the Ma'anit-Rehoboth No. 2 well will arrive in Israel, clear customs and be fully rigged-up to begin drilling in April 2009....Complete Story

"Fluor Says Kuwait Halts Refinery Project, Canceling $2.1 Billion in Orders"
Fluor Corp. said the Kuwait National Petroleum Co. canceled its contract for the Al-Zour refinery project and the remaining $2.1 billion in work will be removed from first-quarter backlog....Complete Story

"Horizon Oil Sands Project Ships First Oil"
North Sea operator Canadian Natural Resources has shipped the first cargo from its Horizon Oil Sands project. CNR said the first shipment of synthetic crude....Complete Story

The SP 500 and Crude Oil.....Two Markets, Going In Two Different Directions

In our new video we are going to be looking at two different markets that are headed in two different directions.

We recently looked at the equity markets and alerted you to some very important levels that we thought the markets would have problems with. Those levels have now been reached and it remains to be seen if we are going to see the kind of market action that we were looking for.

Click Here To Watch Video

The second market were looking at is the crude oil market. This market has recently come alive to the upside and bear watching.

This is a short video, but it may contain the blueprint for these two markets. No registration is required to watch this video.

Higher Crude Oil Prices Possible Near Term

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

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

If April extends the rally, February's high crossing at $56.86 is the next upside target.

Closes below the 20 day moving average crossing at $45.12 are needed to confirm that a short term top has been posted.

First resistance is Thursday's high crossing at $52.25.

Second resistance is February's high crossing at $56.86.

First support is the 10 day moving average crossing at $47.53.

Second support is the 20 day moving average crossing at $45.12.

Can The Crude Oil Bulls Pull Through The Market Turn Down

April crude oil closed higher on Thursday as it extended this week's rally and closed above resistance crossing at $50.88.

The high range close sets the stage for a steady to higher opening on Friday. And closing above $50.88 on Friday would signal that a near term low has been set. We are calling for the SP 500 to open lower on Friday with a possible end to the recent rally. This could put the crude oil bull's in the position for some very heavy lifting on Friday.

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

If April extends this month's rally, January's high crossing at $56.86 is the next upside target.

Closes below the 20 day moving average crossing at $44.55 would temper the near-term friendly outlook in the market.

First resistance is today's high crossing at $52.25.

Second resistance is the reaction's high crossing at $56.86.

First support is the 10 day moving average crossing at $46.94.

Second support is the 20 day moving average crossing at $44.55.