Russia To Become China's Biggest Energy Supplier? Active Oil Rigs In The U.S. Drops By 46

"Oil Falls as Dollar's Gain Against the Euro Reduces Appeal of Commodities"
Crude oil in New York fell the most in two weeks as the dollar’s gain against the euro reduced the appeal of commodities to investors and stock markets declined....Complete Story

"Goldman Sachs Says Oil Rally Vulnerable as Demand Drops, Contango Widens"
Oil’s rally to a four-month high is vulnerable to a correction because near-term demand for crude isn’t yet strong enough to support a sustained advance, Goldman Sachs Group Inc. said....Complete Story

"Russia Capable of Becoming China's Biggest Energy Supplier"
Russia is fully capable of becoming the biggest energy supplier for China in upcoming 15 years," Russian Deputy Prime Minister Alexander Zhukov said here Friday. Zhukov made the remarks in addressing the China-Russia Investment Forum....Complete Story

"Number Of Active Oil Rigs Drops By 46"
The number of rigs actively exploring for oil and natural gas in Wyoming fell by two this past week. Nationally, the number of such rigs in the United States dropped by 46 this week to 1,039....Complete Story

Crude Oil Trading Signals May Be Turning Bearish

May crude oil closed lower due to profit taking on Friday as it consolidated some of this month's rally. The low range close sets the stage for a steady to lower opening on Monday.

Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 48.97 would confirm that a short term top has been posted.

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

First resistance is Thursday's high crossing at 54.66.
Second resistance is January's high crossing at 58.31.

First support is the 10 day moving average crossing at 51.83.
Second support is the 20 day moving average crossing at 48.97.

How High Can Crude Oil Rally Given The World Economy

In our new video on the crude oil market we see how this market has been creeping up in value and in now trading over $50 a barrel. The question is "How high can crude oil rally given the world economy?"

Just Click Here To Watch Crude Oil Video

The potential is that crude can go higher as the United States is addicted to oil and cannot at this stage run without it. The same goes for most other countries. Whatever the arguments are for crude oil we think you will find this short video of interest.

The short video outlines the path for crude oil and is free to watch.

We hope you learn something from this video. Feel free to give us your feedback on what you think is going to happen to this market in the future.

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The direction of the S&P 500 is such a big part of our daily research for trading crude oil that I want to include this video on the S&P on the rally we have been experiencing.

Take a look at this short video and see if the rally in the S & P 500 market is for real, or if it's just a rally in a bigger bear market.

Just Click Here To Watch SP 500 Video

Our brand new video details what we think is going on in the equity markets. We also want to share with you the key S & P 500 number that if broken will turbo charge this market.

The video is, as always, free to watch. Please feel free to leave a comment, your comments and feedback are always welcome.

Crude Oil Looks To Open Lower

May crude oil closed higher on Thursday as it extends this month's rally. The high range close sets the stage for a steady to higher opening on Friday. 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 48.67 would confirm that a short term top has been posted.

First resistance is today's high crossing at 54.66.
Second resistance is January's high crossing at 58.31.

First support is the 10 day moving average crossing at 51.27.
Second support is the 20 day moving average crossing at 48.67.

Pre market crude oil is already trading down in the 52.69 area. We are going short for a scalp trade against the trend as we look for crude oil to follow the SP 500 down at the opening. Don't get stuck in this trade, we will probably take our profits at the 10 day moving average 51.27.

Crude Oil Closes Higher, Market Conditions Are Overbought

May crude oil closed higher on Thursday as it extends this month's rally. The high range close sets the stage for a steady to higher opening on Friday.

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 $48.67 would confirm that a short term top has been posted.

First resistance is today's high crossing at $54.66.
Second resistance is January's high crossing at $58.31.

First support is the 10 day moving average crossing at $51.27.
Second support is the 20 day moving average crossing at $48.67.

The Battle Insues, Obama and Oil Industry

"Oil, Gasoline Rise as Gains for Equities Signal Strengthening Fuel Demand"
Crude oil rose to the highest in almost four months and gasoline gained as an advancing U.S. stock market signaled that fuel demand will increase....Complete Story

"Obama Revives Battle with Oil Industry"
The Obama administration's push to raise taxes on the oil industry is reigniting a battle the industry fought and won last year....Complete Story

"Petrobras May Compete For Iraqi Oil Deal"
Petrobras could join a U.S. firm and two European companies in competing for a contract to develop Iraq's Nahr Bin Umar oil field....Complete Story

"US Company Halts More Oil Rigs In Venezuela"
U.S oil driller Helmerich & Payne said Wednesday it is continuing to halt operations in Venezuela due to delayed payments from Venezuela's state oil company....Complete Story

Crude Oil Overnight, Do Traders Expect A Lower Inventory Number Today?

May crude oil closed lower on Wednesday as it consolidates some of this month's rally.

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

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 $48.34 would confirm that a short term top has been posted.

First resistance is Tuesday's high crossing at $54.20.
Second resistance is January's high crossing at $58.31.

First support is the 10 day moving average crossing at $50.65.
Second support is the 20 day moving average crossing at $48.34.

10:30 AM ET. Mar 20 EIA National Gas Inventories, in billion cubic feet

....................Total Working Gas in Storage (previous 1651)

....................Total Working Gas in Storage (Net Change) (previous –30)

Costa Rica Says No To Oil Exploration, Vietnam and Nicaragua Begin Within Weeks

"Costa Rica President Says No to Oil Exploration"
President Oscar Arias this week has affirmed his commitment against oil exploration in Costa Rica. Speaking in front of the Legislative Assembly Monday afternoon to promote a bill regarding rural aqueducts....Complete Story

"PetroChina Sees `Severe Challenges' Ahead After Drop in Profit Last Year"
PetroChina Co., the world’s second- largest company by market value, said it faces “severe challenges” this year after refining losses and a slump in crude oil prices led to its first annual profit drop since 2001....Complete Story

"Exxon, Chevron Count $40 Billion Nightly to Protect Cash From Bank Crisis"
Exxon Mobil Corp. and Chevron Corp., their coffers swollen by last year’s record oil prices, are maneuvering to preserve a combined $40 billion in cash amid a global financial crisis that roiled the banking system....Complete Story

"Nicaragua, Vietnam Ink Oil Deal"
Vietnam will begin prospecting for oil in Nicaragua within four weeks, according to an agreement signed here between both countries´ state run companies....Complete Story

Crude Oil Trades Lower Overnight, Signals Are Still Bullish

May 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 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 $48.35 are needed to confirm that a short term top has been posted.

First resistance is Tuesday's high crossing at $54.20.
Second resistance is January's high crossing at $58.31.

First support is the 10 day moving average crossing at $50.67.
Second support is the 20 day moving average crossing at $48.35.

Crude Oil Closes A Whipsaw Trading Day In The High Range

May crude oil closed slightly higher on Tuesday as it extended this month's rally.

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

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 $47.93 would confirm that a short term top has been posted.

First resistance is today's high crossing at $54.20.
Second resistance is January's high crossing at $58.31.

First support is the 10 day moving average crossing at $49.76.
Second support is the 20 day moving average crossing at $47.93.