CME Boss On Oil Speculation

CME chairman Terry Duffy talks to Fox Business about oil speculation and what effect government involvement could have on the commodities market.



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Thursday's Action......A Consolidation Day For Crude Oil

Crude oil closed slightly higher due to light short covering on Thursday as it consolidates below the 38% retracement level of this spring's rally crossing at 62.20. The mid range close sets the stage for a steady opening on Friday. 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 June's high, the 50% retracement level of this spring's rally crossing at 58.58 is the next downside target. Closes above the 20 day moving average crossing at 68.20 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 65.96
Second resistance is the 20 day moving average crossing at 68.20

First support is today's low crossing at 59.25
Second support is the 50% retracement level crossing at 58.58

Our latest Video....How Low Can Crude Oil Go?

StatoilHydro's Gulf of Mexico Output Doubles

Norway's StatoilHydro ASA Thursday said it has more than doubled its output from the U.S. Gulf of Mexico in the past few months, as the Thunder Hawk field comes onstream. Murphy Oil operated Thunder Hawk has a daily production capacity of 45,000 barrels of oil and 70 million cubic feet of natural gas. StatoilHydro company spokeswoman Mari Dotterud said StatoilHydro will have 70,000 barrels of oil equivalent a day net from the U.S. Gulf Of Mexico once Thunder Hawk.....Complete Story

Is It Time To Buy DUG?

Don't trade DUG today without first watching this great video from Michelle "Mish" Schneider over at Market Gauge. If you have not learned how to take advantage of these market correction's in crude oil, Michelle makes it easy to understand.

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Oil Falls Below $60 on Concern About the Economy, Fuel Demand

Crude oil dropped below $60 a barrel for the first time since May on skepticism that the U.S. economy and fuel demand will rebound this year. Oil fell as much as 1.5 percent on concern that consumers will curb spending as payrolls are cut. The unemployment rate reached 9.5 percent in June, the highest since 1983, the Labor Department said last week. A report yesterday showed that supplies of gasoline and distillate fuel, a category.....Complete Story

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How Low Can Crude Oil Go?

After trading as high as $73 a barrel, crude oil began to buckle under pressure as the CFTC began to look into position limits that can be held by traders.

What’s happening now is giving speculation a bad name. Speculators form a very important task in assuming risk that is being transferred from either a producer or an end user. Without this transfer of risk, which couldn’t take place without the speculator taking the other side of the trade, prices would be artificial at best. This approach has worked for hundreds of years and over a century here in the US.

Now back to crude oil....

In my new video you will see what has happened to crude oil in the last eight days. You’ll will also see what I believe will be the area that crude oil will find support.

You can watch this video with my compliments and there is no registration requirements. I would love to get your feedback about this video so please feel free to leave a comment and let our readers know what you think.

Click Here To Watch "How Low Can Oil Go"

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Short Covering, Jobless Claims Push Crude Higher

Crude oil was higher due to short covering overnight as it consolidates some of this week's decline but remains 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 68.24 are needed to confirm that a short term low has been posted.

Thursday's pivot point, our line in the sand is 61.03

First resistance is the 10 day moving average crossing at 66.04
Second resistance is the 20 day moving average crossing at 68.24

First support is Wednesday's low crossing at 60.01
Second support is the 50% retracement level crossing at 58.58

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Brace For It, Oil Will Continue To Fall

With oil hovering around $60, Randy Rothberg of Battalion Capital predicts a continued decline in oil prices.



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Oil Rebounds From Seven Week Low as Slump Is Viewed as Overdone

Crude oil rebounded from a seven week low as traders took the view that the decline in prices during the longest losing streak this year was overdone. Oil snapped a six day slump as traders bought contracts based on technical indicators. Crude has fallen below $62.55 a barrel yesterday, the lower resistance level of the Bollinger Band, indicating it was oversold. “In the short term, $60 may be the intraday support level, but in the longer term we have to go back to fundamentals, which are weak.....Complete Story

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China's Oil Firms Accelerate Acquisitions

China's leading oil companies have boosted overseas acquisitions during the first half of 2009 because of increased domestic demand and falling prices, a Shanghai Securities News report stated Tuesday. China, the world's second largest consumer of energy, depends on imported oil for nearly half of its needs. China's oil consumption has grown approximately 5 percent annually in recent years. Its sales of passenger vehicles rose 47 percent in May.....Complete Story

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