Oil Rises After Report Shows Bigger Than Forecast Supply Drop

Crude oil futures rose after a U.S. government report showed a bigger than forecast decline in inventories. Supplies fell 2.81 million barrels to 344.5 million in the week ended July 10, the Energy Department said today in a weekly report. Inventories were forecast to decline by 2.1 million barrels, according to the median of analyst estimates in a Bloomberg News survey. Crude oil for August delivery rose $1.30, or 2.2 percent, to $60.82 a barrel at 10:36 a.m. on the New York Mercantile Exchange. Oil traded at $60.81 a barrel before the release of the report at 10:30 a.m. in Washington.....Complete Story

How To Spot Winning Futures See Video NOW

Natural Gas Moves Above 10 Day Moving Average

Natural gas was higher overnight and is trading above the 10 day moving average crossing at 3.45 Stochastics and the RSI are oversold and are turning bullish hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 3.729 are needed to confirm that a short term low has been posted.

If August extends the decline off June's high, weekly support crossing at 3.155 is the next downside target.

Wednesday's pivot point for Natural Gas is 3.42

First resistance is the overnight high crossing at 3.51
Second resistance is the 20 day moving average crossing at 3.73

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

A Good Trading Education = a Good Trader = Good Profits….Watch INO TV

Crude Oil Higher Overnight, Lower Prices Still Possible

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 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 65.84 are needed to confirm that a short term low has been posted.

Wednesday's pivot point, our line in the sand is 60.12

First resistance is the 10 day moving average crossing at 61.95
Second resistance is the 20 day moving average crossing at 65.84

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

Today’s Stock Market Club Trading Triangles

$20 Per Gallon Gas?

I am sure that author Christopher Steiner has got a lot of people's attention with his new book "$20 Per Gallon". We have some changes coming as urbanization increases in the U.S. and Steiner's book brings the debate to the public.



4 FREE Videos for INO TV! Click Here

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

Trade Crude in 90 Seconds Click Here

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

Get your favorite symbols' Trend Analysis TODAY! Click Here

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

Get your favorite symbols' Trend Analysis TODAY! Click Here

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

4 FREE Videos for INO TV! Click Here

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

Get your favorite symbols' Trend Analysis TODAY! Click Here

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

Trade Crude in 90 Seconds Click Here

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