Oil to Rise After Averting Slide: Technical Analysis

Crude oil is set to extend gains amid this week’s volatility and may reach the $76 a barrel level last traded in mid October, said the head of Cameron Hanover Inc. The market’s ability today to stay close to the psychologically important $70 a barrel mark is keeping prices from slipping into a technical downtrend channel on the daily continuation chart, said Peter Beutel, president of the New Canaan, Connecticut, trading advisory firm.....Complete Story

Oil Rises Before Report Forecast to Show U.S. Supplies Shrank

Oil advanced before the release of a report predicted to show that U.S. crude supplies contracted for a fourth week, stoking optimism that fuel demand will recover as the recession abates. The Energy Department will probably report today that crude oil stockpiles dropped 2 million barrels last week, according to a Bloomberg survey. Yesterday the industry funded American Petroleum Institute said crude supplies fell by 6.8 million barrels.....Complete Story

Crude Oil Rebounds Overnight

Crude oil traded higher overnight as it consolidates above the 20 day moving average crossing at 70.53. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If August extends this week's rally, this month's high crossing at 73.90 is the next upside target. Closes below Monday's low crossing at 68.36 are needed to confirm that a short term top has been posted.

Wednesday's pivot point, our line in the sand is 70.72

First resistance is Tuesday's high crossing at 73.38.
Second resistance is this month's high crossing at 73.90.

First support is the 10 day moving average crossing at 69.94.
Second support is Monday's low crossing at 68.36.

Today’s Stock Market Club Trading Triangles

IEA Wary of Economic Impact on Energy

The lingering economic crisis and disputes between Russia and Ukraine create uncertainties in the oil and gas sector, the International Energy Agency reports. "The global financial crisis has turned the economic landscape upside down, with huge implications for the oil and gas sector," said Nobuo Tanaka, executive director of the IEA. Tanaka said modest recovery in prices may be a false front as reactionary increases could undermine optimism.....Complete Story

Oilfield Activity May Be Rebounding

After months of decommissioning drilling rigs to balance out lower energy prices and expensive well service costs, mass amputations appear to be over in the oilfield due to a rebound in prices. However, the natural gas sector continues to drown in oversupply. The national oil and gas rig count has been slashed in half since last summer's highs. But since June 5, the number of oil rigs in production has climbed from 179 to 219.....Complete Story

Trading Video > US Dollar Index and it’s affect on Crude Oil

Natural Gas Renews This Months Decline

Natural gas closed lower on Tuesday thereby renewing the decline off this month's high. The mid range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term.

If August extends today'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 4.08
Second resistance is the reaction high crossing at 4.57

First support is today's low crossing at 3.80
Second support is the reaction low crossing at 3.71

American Petro Hunter Plans Next Kansas Oil Well

American Petro Hunter has announced that the next prospective oil well in the Company's project development drilling schedule will be at the Brinkman Prospect in Clark County, Kansas and has been designated as the #1 Lee 18AB oil well. The well is currently undergoing permitting, and site surveys are ongoing for a spud date in approximately two weeks on or around July 15th dependent upon rig availability. The Brinkman Prospect is located.....Complete Story

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Oil Rises After Industry Report Shows Drop in Crude Inventories

Oil rose above $70 after an industry report showed the biggest decline in crude inventories since September in the U.S., the world’s largest user of the fuel. Crude supplies fell by 6.8 million barrels to 349.7 million last week, the industry funded American Petroleum Institute said yesterday. A U.S. Energy Department report today will probably show crude oil stockpiles declined 2 million barrels, according to the median of 15 estimates in a Bloomberg News survey.....Complete Story

Today’s Stock Market Club Trading Triangles

Sharon Epperson: Where Is Oil Headed For Wednesday

CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed tomorrow.

Tuesday Proves To Be Consolidation Day For Crude Oil

Crude oil closed lower due to profit taking on Tuesday as it consolidated some of the rally off last week's low. The low range close sets the stage for a steady to lower opening on Wednesday.

Despite today's setback stochastics and the RSI remain 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 73.38
Second resistance is this month's high crossing at 73.90

First support is last Tuesday's low crossing at 66.37
Second support is the 38% retracement level at 62.25