Oil Falls for Sixth Day on Forecasts U.S. Gasoline Supply Rose

Crude oil fell for a sixth day, the longest losing streak since December, before a government report that is forecast to show U.S. fuel inventories increased. Supplies of gasoline and distillate fuel, a category that includes heating oil and diesel, probably climbed, according to a Bloomberg News survey before today’s Energy Department report. Yesterday, the industry funded American Petroleum Institute said stockpiles of gasoline rose.....Complete Story

Today’s Stock Market Club Trading Triangles

Crude Oil Lower Overnight, Due For Consolidation Day

Crude oil was lower overnight and spiked below the 38% retracement level of the February-June rally crossing at 62.25. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If August extends the decline off last week's high, the 50% retracement level of the February-June rally crossing at 58.58 is the next downside target. Closes above the 20 day moving average crossing at 68.98 are needed to confirm that a short term low has been posted.

Wednesday's pivot point, our line in the sand is 63.12

First resistance is the 10 day moving average crossing at 67.19
Second resistance is the 20 day moving average crossing at 68.98

First support is the overnight low crossing at 61.87
Second support is the 50% retracement level crossing at 58.58

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Natural Closes Lower, Sets up Likely Lower Open For Wednesday

Natural gas closed lower on Tuesday and below April's low crossing at 3.52 as it extended the decline off June's high. The low range close sets the stage for a steady to lower opening on Wednesday.

Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If August extends this summer's decline, weekly support crossing at 3.155 is the next downside target. Closes above the 20 day moving average crossing at 3.971 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 3.77
Second resistance is the 20 day moving average crossing at 3.97

First support is Monday's low crossing at 3.37
Second support is weekly support crossing at 3.16

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Pickens: Time To Use Natural Gas

Oil tycoon T. Boone Pickens talks to Fox Business on the slip in crude oil and the reasoning behind the delay in his massive wind farm project.



Today’s Stock Market Club Trading Triangles

Oil Falls as Equities Drop, Report Shows Gasoline Supply Gain

Crude oil fell to a six week low as equities slumped and an industry report showed an increase in gasoline inventories in the U.S., the world’s biggest energy consuming country. Oil dropped after the American Petroleum Institute said gasoline supplies rose 767,000 barrels to 212.4 million last week. U.S. stocks fell on concern technology spending will slow and second-quarter earnings will fail to justify a four month rally in equities.....Complete Story

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Crude Oil Market Commentary For Tuesday Evening

Crude oil closed lower on Tuesday as it extended last week's decline. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.

If August renews the decline off June's high, the 38% retracement level of this spring's rally crossing at 62.20 is the next downside target. Closes above the 20 day moving average crossing at 69.44 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 67.78
Second resistance is the 20 day moving average crossing at 69.44

First support is today's low crossing at 62.35
Second support is the 38% retracement level crossing at 62.20

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EIA Sees Slightly Smaller Drop in US Natural Gas Production for 2009

The U.S. Energy Information Administration has revised its forecast for U.S. natural gas production, the decline of which has been lessened for 2009 compared to the governmental agency's prediction last month. In June 2009, the EIA estimated that U.S. natural gas production would fall by 1.1% in 2009 and 2.6% in 2010. According to its Short Term Energy Outlook, the EIA now expects total U.S. marketed natural gas production to drop by 0.6% in 2009.....Complete Story

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OPEC Oil Price Plummets

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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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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