Pickens Turning Attention to Natural Gas

T. Boone's Pickens, whose ambitious Texas wind farm plan ran into distribution problems, is turning to natural gas in his attempt to lessen U.S. dependence on foreign oil. Two years ago Pickens, a Texan who became a billionaire in the oil business and now runs the BP Capital Management hedge fund, announced that he planned to erect the largest wind farm in the world in the Texas Panhandle. He foresaw a farm of more than 400,000 acres on land.....Complete Story

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Technical Analysis: Oil May Dive to $50 If Bull Defense Fails

Crude oil prices may plunge to $50 a barrel, a level the commodity hasn’t seen in more than two months, after closing below $60 last week, according to analyst Stephen Schork. Oil, which dropped 10 percent in New York in the week ended July 10, is in a “consolidation pattern” between $61.25 and $58.59, said Schork, president of Schork Group Inc, an energy trading consultant in Villanova, Pennsylvania. The prices correspond to the 50 percent and 62 percent Fibonacci retracement levels, he said. “If the bulls are going to put up a defense, then it is going to be here,” Schork said in a report today......Complete Story

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Kuwait Oil Official: OPEC May Not Need to Act on $60 Crude

Oil prices dropping to just below $60 a barrel Friday may not warrant action by the Organization of Petroleum Exporting Countries when the group next meets in September, a senior Kuwaiti oil official said Sunday. "Action is not just related to prices but supply and demand and other factors," said Nawal Al Fuzaia, assistant undersecretary of economic affairs at Kuwait's oil ministry. Nymex front month crude oil futures Friday slid $0.52 to settle at $59.89 a barrel, the lowest price since May 19, and down about 60% on the intraday.....Complete Story

Today’s Stock Market Club Trading Triangles

Crude Oil Higher on Light Short Covering and Consolidation

Crude oil was steady to slightly higher due to light short covering overnight as it consolidates some of last week's decline. 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, 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 67.00 are needed to confirm that a short term low has been posted.

Monday's pivot point for crude oil, our line in the sand is 59.83

First resistance is the 10 day moving average crossing at 63.89
Second resistance is the 20 day moving average crossing at 67.00

First support is last Friday's low crossing at 58.72
Second support is the 50% retracement level crossing at 58.58

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Crude Oil & Energy Update - Interview with the CME Group's Joseph Ria

When you hear the news reporters talk about the price of
crude oil in the marketplace, they're generally talking about
WTI, which is West Texas Intermediate crude oil. It's a very light, sweet crude oil and the highest grade that's out there.


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Crude oil is based on and priced on the amount of sulfur that's
in the oil. It makes it easier or harder to refine base on the
amount of sulfur. WTI being the lightest and sweetest, is the
highest priced crude oil in the marketplace.

It is a benchmark delivered in Cushing, Oklahoma.

In benchmarks for crude oil and global pricing of crude oil, WTI
probably prices about 50% of the global pricing of crude oil.
Brent being basically the other pricing benchmark. There's two
out there, Brent being a little of a mixture of three different
grades of crude oil; BF&O, Brent 40 and Ossenberg. They're
all produced in the North Sea.

Please visit the link below to stream live the rest of the complimentary article from Joseph Ria. The link below will also give you exclusive access to three more video seminars and articles!

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Please feel free to leave a comment and let our readers know where you think crude oil is headed.

U.S. Gasoline Falls to $2.5573 a Gallon, Survey Finds

The average price of regular gasoline at U.S. filling stations fell to $2.5573 a gallon as supplies of the fuel rose and crude oil prices dropped amid weakened demand.
Gasoline dropped 10.4 cents in the two weeks ended July 10, according to a survey of 5,000 filling stations nationwide by Trilby Lundberg, an independent gasoline analyst.
“These lower prices are from lower crude oil prices and from reduced demand from the poor economy,” Lundberg said in an interview today.....Complete Story

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Oil Caps the Biggest Weekly Fall Since January on Demand Drop

Crude oil fell, capping its biggest weekly decline since January, on concern the global recession will curb energy consumption and as a stronger dollar reduced demand for commodities. Oil has plunged 10 percent this week on speculation fuel use in the U.S., the biggest energy using nation, will drop. The greenback has risen 0.7 percent against most major currencies since the beginning of the month.....Complete Story

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Crude Oil Closes Lower on Continued Demand Concerns

Crude oil closed lower on Friday as it extended this week's decline. The mid range close sets the stage for a steady opening on Monday. 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 67.56 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 65.04
Second resistance is the 20 day moving average crossing at 67.56

First support is today's low crossing at 58.72
Second support is the 50% retracement level crossing at 58.58

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Natural Gas Falls as Supply Glut and Recession Weigh on Market

Natural gas futures fell in New York for the eighth day out of nine as bulging supplies of the power plant and industrial fuel weigh on the market. The Energy Department said yesterday that inventories of the fuel swelled 75 billion cubic feet to 2.796 trillion cubic feet last week, 19 percent higher than the five-year average for this time of year. “The weak fundamentals are dominating,” said Michael Fitzpatrick, vice president for energy at MF Global Ltd.....Complete Story

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New Video: How to Improve Your ETF Trading Instantly!

How trade triangles can help you trade in the ETF markets

Today we will be looking at our trade triangle technology and how it can help you time the ETF markets successfully.

In this short video I will show you exactly how to use our trade triangle technology in the ETF markets.

You can watch this video 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.

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