Crude Oil Closes Lower, Natural Gas Higher on Short Covering

Crude oil closed lower on Tuesday as it extended this month'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 neutral to bearish signaling that sideways to lower prices are possible near term.

If August extends the decline off June's high, the 62% retracement level of this spring's rally crossing at 54.97 is the next downside target. Closes above the 20 day moving average crossing at 66.40 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 62.82
Second resistance is the 20 day moving average crossing at 66.40

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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Natural gas closed higher due to short covering on Tuesday as it consolidated some of the decline off June's high. The high range close sets the stage for a steady to higher opening on Wednesday.

Stochastics and the RSI are oversold but are neutral to bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 3.775 are needed to confirm that a short term low has been posted. If August extends this summer's decline, weekly support crossing at 3.155 is the next downside target.

First resistance is the 10 day moving average crossing at 3.48
Second resistance is the 20 day moving average crossing at 3.78

First support is Monday's low crossing at 3.23
Second support is weekly support crossing at 3.16

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Oil Falls on Forecast of Increase in U.S. Fuel Inventories

Crude oil fell on speculation that a government report will show U.S. fuel inventories climbed as the recession curbed consumption. An Energy Department report tomorrow may show that gasoline stockpiles gained for a fifth week, according to a Bloomberg News survey. Prices rose earlier today as earnings from Goldman Sachs Group Inc. topped analysts’ estimates and a report showed that U.S. retail sales grew. “Prices were up earlier but just couldn’t hold on,” said Jim Ritterbusch, president of Ritterbusch & Associates, a Galena, Illinois, energy consultant.....Complete Story

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Shell Set to Open First Cluster of Hydrogen Filling Stations

Shell today opens its second hydrogen filling station in the greater New York City area. With a third due to open in the area later this month and one already operating there for more than a year, this is Shell’s first cluster of hydrogen filling stations.
The station opening today, at JFK international airport, is the result of a partnership between Shell, the Port Authority of New York and New Jersey, the US Department of Energy and General Motors. A third station in the Bronx, due to open late in July, has been developed.....Complete Story

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Oil Rises From Eight Week Low on Economic Recovery Optimism

Crude oil rose from an eight week low on optimism that the economy and fuel demand will rebound after earnings from Goldman Sachs Group Inc. topped analysts’ estimates and retail sales increased. Oil climbed as much as 3 percent as Goldman Sachs posted record earnings and sales at U.S. retailers gained 0.6 percent. China’s economy may have expanded 7.8 percent in the second quarter, according to a Bloomberg News survey. The U.S. and China are the world’s two biggest oil consumers, responsible for more than 30 percent of global demand.....Complete Story

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Exxon to Invest $600 Million in Biofuels Development

Exxon Mobil Corp., the biggest U.S. oil company, plans to invest more than $600 million to develop biofuels with J. Craig Venter’s Synthetic Genomics Inc. The venture will focus on making fuels from algae, Irving, Texas based Exxon Mobil said today in a statement. The company said it expects to spend $300 million on internal costs and pay “potentially more than $300 million” to biotech specialist Synthetic Genomics, known as SGI. Oil companies are investing.....Complete Story

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OPEC: World Oil Demand Growth to Continue Falling in 2009

The Organization of Petroleum Exporting Countries said Tuesday world oil demand growth is expected to continue falling this year as unemployment escalates in OECD countries and consumer sentiment remains constrained but demand could turn positive in 2010 reaching 84.3 million barrels per day. In its July report, OPEC said that "after two consecutive years of negative growth, global demand next year is projected to show a moderate increase of 500,000 barrels a day.....Complete Story

Uncertain Future For Alaskan Gas

New technologies to unlock gas from shale deposits from the Lower 48 and declining prices make predictions on Alaska's potential uncertain, analysts say. Technological advancements for the extraction of gas from shale deposits make the resource more attractive. The sagging economy, however, has suppressed energy demand, making commercial extraction questionable for the time being. Meanwhile, Alaska hopes to build an ambitious gas pipeline network from the North Slope to markets in the Lower 48 by 2018.....Complete Story

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Crude Oil Higher Overnight, Bearish Chart Remains Intact

Crude oil was higher due to short covering overnight as it consolidates some of this month'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 crude extends the decline, the 62% retracement level of the February-June rally crossing at 54.97 is the next downside target. Closes above the 20 day moving average crossing at 66.46 are needed to confirm that a short term low has been posted.

Tuesday's pivot point, our line in the sand is 59.68

First resistance is the 10 day moving average crossing at 62.94
Second resistance is the 20 day moving average crossing at 66.46

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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Trend Analysis For DXO

A lot of our readers use ticker DXO for going long crude oil so we thought we would share an example of what our Smart Scan technology can do. Just Click Here to sign up to get these free trend analysis in your in box everyday.

Smart Scan Chart Analysis for DXO shows the current downward trend is at a crossroads and has possibly ended. Look for choppy trading action in the near term. Look for a very weak downtrend and trade with very tight stops.

Based on a pre-defined weighted trend formula for chart analysis, DXO scored -60 on a scale from -100 (strong downtrend) to +100 (strong uptrend):

+10........Last Hour Close Above 5 Hour Moving Average
-15........New 3 Day Low on Friday
-20........Last Price Below 20 Day Moving Average
-25........New 3 Week Low, Week Ending July 11th
+30........New 3 Month High in June
-60........Total Score



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Crude Oil Closes Lower, Natural Gas Also Gaps Down

Crude oil closed slightly lower on Monday as it extended this month's decline. The mid range close sets the stage for a steady opening on Tuesday. 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 66.99 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 63.87
Second resistance is the 20 day moving average crossing at 66.99

First support is today's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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Natural gas gapped down and closed lower on Monday as it extended the decline off June's high. A short covering rally tempered early loses and the mid range close sets the stage for a steady opening on Tuesday. 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 3.819 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 3.52
Second resistance is the 20 day moving average crossing at 3.82

First support is today's low crossing at 3.23
Second support is weekly support crossing at 3.16