Crude Oil Lower Overnight, Lower Prices Possible

Crude oil was lower due to profit taking overnight and trading below the 10 day moving average crossing at 69.33 tempering the near term friendly outlook. Stochastics and the RSI are turning bearish again signaling that sideways to lower prices are possible near term.

Closes below the reaction low crossing at 66.37 would renew the decline off June's high while opening the door for a possible test of the 38% retracement level of the February-June rally crossing at 62.25.

If August renews the rally off June's low, June's high crossing at 73.90 is the next upside target.

Thursday's pivot point, our line in the sand is 69.86

First resistance is the 20 day moving average crossing at 70.33
Second resistance is Tuesday's high crossing at 73.38

First support is the overnight low crossing at 67.72
Second support is the reaction low crossing at 66.37

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Crude Oil Falls a Third Day on Forecast U.S. Shed More Jobs

Crude oil fell for a third day before a report forecast to show the U.S. unemployment increased last month, signaling the world’s largest energy user remains mired in recession. U.S. fuel demand in the four weeks ended June 26 fell 5.8 percent from a year earlier, while demand for distillate fuel including heating oil and diesel, fell 9.4 percent, according to a Department of Energy report yesterday. The Labor Department will likely report the U.S. shed an additional 365,000 jobs in June, a Bloomberg survey showed.....Complete Story

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Crude Oil Is Little Changed After Falling on Weak Fuel Demand

Crude oil traded little changed after falling in the past two days, as demand for gasoline and diesel in the U.S. remained weak during the recession. Fuel demand in the world’s largest energy user in the four weeks ended June 26 fell 5.8 percent from a year earlier, according to a Department of Energy report yesterday. Demand for distillate fuel including heating oil and diesel fell 9.4 percent to 3.4 million barrels a day during the period.....Complete Story

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Natural Gas Set Up For Lower Opening on Thursday

Natural gas closed lower on Wednesday as it extended the decline off June's high. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If August extends this 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 4.01
Second resistance is the reaction high crossing at 4.57

First support is today's low crossing at 3.76
Second support is the reaction low crossing at 3.71

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Crude Oil Closes Lower After Whipsaw Day of Trading

Crude oil closed lower due to profit taking on Wednesday as it extended Tuesday's decline. The low range close sets the stage for a steady to lower opening on Thursday.

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 crude oil 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 Tuesday'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

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Oil and Gasoline Fall on Bigger Than Forecast Fuel Supply Increase

Crude oil and gasoline fell after a U.S. government report showed that fuel supplies in the world’s biggest energy consuming country rose more than forecast. Gasoline stockpiles increased 2.33 million barrels to 211.2 million in the week ended June 26, the Energy Department said. Inventories were estimated to rise by 2 million barrels, according to a Bloomberg News survey. Stockpiles of distillate fuel, a category that includes diesel and heating oil.....Complete Story

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BG Group Takes Billion Dollar Bite of US Shale

BG Group agreed to pay $1 billion for a stake in Dallas based Exco Resources Inc.'s shale gas properties in Texas and Louisiana, becoming the latest European oil major to move into U.S. unconventional natural gas. The deal follows similar moves by StatoilHydro ASA of Norway and the British oil major BP PLC, who both recently acquired interests in shale gas fields in the U.S., one of the hottest new hydrocarbon plays.....Complete Story

Crude Oil Stockpiles Drop

Crude inventories dropped again last week, though gasoline stockpiles continued to rise as refineries increased output, the government said Wednesday. Crude inventories fell by 3.7 million barrels, or 1 percent, to 350.2 million barrels, which is 18.3 percent above year ago levels, the Energy Department's Energy Information Administration said in its weekly report. Analysts had expected a drop of 2.2 million barrels for the week ended.....Complete Story

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Oil Companies Reject Iraq's Contract Terms

Iraq awarded a BP led consortium the right to develop the giant Rumaila oil field but failed to strike deals for seven oil and gas fields as companies balked at the country's contract terms. The outcome raised questions about how quickly Iraq could rehabilitate its oil sector, which has suffered from years of war and neglect. The country relies on oil sales for more than 90% of government revenue. Iraqi officials hailed the sole award for the Rumaila.....Complete Story