Monday's markets closed following a day of light trading. News of a pipeline attack boosted Exxon and Sallie Mae's SLM Corp. benefited from a government contract. Simon Constable reports after the closing bell.
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Monday, June 29, 2009
Light Trading Day as Market Eyes Oil
Labels:
Crude Oil,
Exxon,
Pipeline,
Simon Constable,
SLM Corp.
IEA Cuts 5 Year World Oil Demand Outlook on Economy
The International Energy Agency, an adviser to oil consuming nations, cut five-year forecasts for global crude demand because of the economic slump, predicting consumption won’t regain last year’s levels until 2012. The IEA cut its oil demand estimates for every year through 2013 by about 3 million barrels a day, it said in its Medium Term Oil Market Report today. Consumption will average 86.76 million barrels a day in 2012, the first year it will.....Complete Story
Labels:
Crude Oil,
IEA,
International Energy Agency,
oil market
Natural Gas Post an Inside Day
Natural gas posted an inside day with a lower close on Monday ending a two day short covering bounce off last week's low. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term.
If August extends last week's decline, the reaction low crossing at 3.710 is the next downside target. From a broad perspective, August needs to close above 4.820 or below 3.520 to confirm a breakout of this spring's trading range and point the direction of the next trending move.
First resistance is the 10 day moving average crossing at 4.12
Second resistance is the reaction high crossing at 4.57
First support is last Wednesday's low crossing at 3.87
Second support is the reaction low crossing at 3.71
If August extends last week's decline, the reaction low crossing at 3.710 is the next downside target. From a broad perspective, August needs to close above 4.820 or below 3.520 to confirm a breakout of this spring's trading range and point the direction of the next trending move.
First resistance is the 10 day moving average crossing at 4.12
Second resistance is the reaction high crossing at 4.57
First support is last Wednesday's low crossing at 3.87
Second support is the reaction low crossing at 3.71
Labels:
inside day,
inventories,
Natural Gas,
Stochastics
China Increases Diesel, Gasoline Prices to Help Oil Refiners
China, the world’s second biggest energy consumer, will increase fuel prices by as much as 11 percent today, allowing the nation’s refiners to pass on climbing crude oil costs. Prices for gasoline and diesel will rise by 600 yuan ($87.80) a metric ton, the National Development and Reform Commission said yesterday, the third increase this year. Jet fuel costs will rise by 620 yuan a ton. China’s consumer prices fell for a fourth month in May.....Complete Story
Crude Oil Set For Higher Open on Tuesday
August crude oil closed higher on Monday as it extends the rebound off last week's low. The high range close sets the stage for a steady to higher opening on Tuesday.
Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 72.85 are needed to confirm that a short term low has been posted.
If August renews last week's decline, the 38% retracement level of this spring's rally crossing at 62.25 is the next downside target.
First resistance is today's high crossing at 71.92
Second resistance is the reaction high crossing at 72.85
First support is last Tuesday's low crossing at 66.37
Second support is the 38% retracement level of this spring's rally crossing at 62.25
Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 72.85 are needed to confirm that a short term low has been posted.
If August renews last week's decline, the 38% retracement level of this spring's rally crossing at 62.25 is the next downside target.
First resistance is today's high crossing at 71.92
Second resistance is the reaction high crossing at 72.85
First support is last Tuesday's low crossing at 66.37
Second support is the 38% retracement level of this spring's rally crossing at 62.25
Labels:
Crude Oil,
inventories,
resistance,
RSI,
Stochastics
Oil Settles Above $71, China to Boost Reserves
Oil prices settled above $71 a barrel Monday, as China said it would boost oil reserves and Nigerian militants partly shut down an offshore oil platform belonging to Royal Dutch Shell PLC. Benchmark crude for August delivery gained $2.33 to settle at $71.49 a barrel on the New York Mercantile Exchange. Alaron Trading Corp. analyst Phil Flynn said China's plans to increase its strategic crude oil reserves by 60 percent should provide the market with some long term support.....Complete Story
Labels:
benchmark crude,
China,
Crude Oil,
Nigerian,
Royal Dutch Shell
Kurds Blame Baghdad For Oil Delays
The construction of four oil refineries in the Kurdish region of Iraq was delayed because of the failures of the Iraqi oil minister, Kurdish lawmakers say. Refineries in the cities of Kirkuk and Erbil, the Kurdish capital, would have produced nearly 200,000 barrels per day while another plant should have been slated at the Taq Taq field, the Kurdish Globe reports. Those projects were delayed due to the negligence of Iraqi Oil Minister Hussain al-Shahristani.....Complete Story
Labels:
Crude Oil,
Erbil,
Kirkuk,
Kurdish,
Refineries,
Stochastics
Enterprise Products to Buy Teppco for $3.3 Billion
Enterprise Products Partners LP agreed to buy Teppco Partners LP for about $3.3 billion, combining pipeline operators controlled by Houston billionaire Dan Duncan to create the biggest U.S. energy partnership. Teppco owners will get 1.24 units of Enterprise for each of their units, a deal worth 15 percent more than when an initial offer was made in March, according to a statement today by the partnerships. The transaction is worth $31.36 per unit.....Complete Story
Natural Gas Trading Below 20 Day Moving Average
Natural gas is trading slightly lower, under 4.00, as it consolidates below the 20 day moving average crossing at 4.10. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term.
If August extends last week's decline, the reaction low crossing at 3.710 is the next downside target. Closes above the 10 day moving average crossing at 4.135 would temper the near term bearish outlook in the market.
Monday's pivot point for natural gas is 4.06
First resistance is the 20 day moving average crossing at 4.10
Second resistance is the 10 day moving average crossing at 4.14
First support is last Wednesday's low crossing at 3.87
Second support is the reaction low crossing at 3.71
Labels:
day traders,
Natural Gas,
resistance,
Stochastics
Oil, Gasoline Rise as Nigerian Militants Attack Shell Field
Crude oil and gasoline rose after an attack by Nigerian militants shut a field operated by Royal Dutch Shell Plc, cutting output from Africa’s largest producer. Shell said it closed the Estuary field near the Forcados export terminal after the assaults. Hostilities in the Niger River delta have cut more than 20 percent of the country’s oil exports since 2006. The International Energy Agency, an adviser to 28 developed nations, lowered its five-year forecast.....Complete Story
Labels:
Crude Oil,
Forcados,
Nigerian,
Royal Dutch Shell,
Shell
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