The oil price of the Organization of the Petroleum Exporting Countries (OPEC) took a steep fall of $2.46 at the start of the week,the Vienna based group announced Tuesday. The basket price for OPEC produced oil dropped to $63.66 Monday. Since the end June, it has shed $5.90. Analysts have linked the current downward trend to lower than forecast economic data from the United States, particularly last week's bleak jobless figures. OPEC's 12 member countries produce more than a third of the world's crude oil.
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Tuesday, July 7, 2009
Technical Analysis: Gasoline Poised for Slide to 8 Week Low
Gasoline futures may fall nearly 7 percent to an eight week low if the August contract closes below $1.70, according to a technical analysis by Lind-Waldock & Co. in Chicago.
A drop below the 55 day smooth moving average around $1.70 would send prices down to $1.625, the uptrend line connecting the Feb. 19 and April 27 lows, said Blake Robben, a strategist at Lind-Waldock, a division of MF Global Ltd. If prices fall below trendline support, "$1.55 is the next level,” Robben said in an interview.....Complete Story
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Saudi Aramco, Total Sign $9.6B Refinery Deals
State run oil giant Saudi Aramco and France's Total S.A. on Tuesday signed $9.6 billion in deals with contractors to build the 400,000 barrel per day Jubail export refinery, one of the oil rich kingdom's top projects. The two companies awarded 13 contracts for the project, the official Saudi Press Agency reported. The Jubail refinery is seen as a key part of Saudi Arabia's plan to boost overall capacity. But the joint venture had suffered.....Complete Story
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Video: Why Are Oil Prices Falling?
Phil Flynn of PFG Best Research talks to Fox Business on why oil has declined this week and what he thinks about talk of $55 dollar oil.
Oil, Gas Market Speculation May Face Restrictions by U.S. CFTC
U.S. regulators say they may clamp down on oil and gas price speculators by limiting the holdings of energy futures traders, including index and exchange traded funds. The Commodity Futures Trading Commission will hold hearings to explore the need for government imposed restrictions on speculative trading in oil, gas and other energy markets, Chairman Gary Gensler said today in a statement. The agency didn’t say when the hearings would start or who would be asked to testify.....Complete Story
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Crude Oil Slightly Higher on Short Covering
Crude oil was slightly higher due to short covering overnight as it consolidates some of Monday's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.
If August extends the decline off last week's high, the 38% retracement level of the February-June rally crossing at 62.25 is the next downside target. Closes above the 20 day moving average crossing at 69.54 are needed to confirm that a short term low has been posted.
Tuesday's pivot point for crude oil, our line in the sand is 64.38
First resistance is the 10 day moving average crossing at 67.98
Second resistance is the 20 day moving average crossing at 69.54
First support is Monday's low crossing at 63.40
Second support is the 38% retracement level crossing at 62.25
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Monday, July 6, 2009
Video: S&P 500 Update For Monday Evening
Today we are going to take another look at the S&P 500 Index. It appears that some of the rose coloring on traders’ glasses is beginning to wear thin. Many more traders now perceive this as a two way trading market as opposed to a one way street we witnessed in March and April.
We are going to be analyzing a daily S&P index chart and making some observations that We think potentially could work out if certain elements fall into place.
At the present time our “Trade Triangle” technology is indicating a neutral stance in this market. With the -55 reading our “Trade Triangles” are indicating a trading range which could possibly be an early sign of a reversal.
You can watch this video [just click here] with our compliments and there is no registration requirements. We would love to get your feedback about this video so please feel free to leave a comment.
Sharon Epperson: Where Is Oil Headed Tuesday
CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed tomorrow [Tuesday].
Energy Market Summary For Monday
Crude oil closed down $2.36 at $64.37 a barrel today. Prices closed near mid range and did hit a fresh six week low. The market was pressured again by concerns about a weak U.S. economy after last Thursday's jobs report. The bulls are fading badly.
Heating oil closed down 656 points at $1.6360 today. Prices closed near the session low and hit a fresh six week low today. Bulls are fading badly.
Unleaded gasoline closed down 408 points at $1.7500 today. Prices closed near the session low and hit a fresh six week low today. Bulls are fading badly.
Natural gas closed down 11.3 cents at $3.502 today. Prices closed near mid range and hit a fresh contract low today. Bears are in firm technical control again.
Today’s Stock Market Club Trading Triangles
Oil Falls to Five Week Low, Gasoline Drops on Economic Concern
Crude oil fell to a five week low and gasoline declined on growing concern that the global economic recovery will falter, curbing fuel consumption. Oil dropped for a fourth day, the longest losing streak since February, as U.S., European and Asian stock markets declined. The dollar advanced against the euro, curbing the appeal of commodities to investors looking for an inflation hedge. Oil in New York is down 13 percent from an eight month high of $73.38 touched on June 30.....Complete Story
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