Crude Oil Trying To Prove Short Term Low is Here

Crude oil closed higher due to short covering on Wednesday as it consolidates some of this month's decline. The high range close sets the stage for a steady to higher opening on Thursday.

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

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.

First resistance is the 10 day moving average crossing at 62.09
Second resistance is the 20 day moving average crossing at 65.91

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 posted a key reversal down on Wednesday as it consolidates below broken support crossing at 3.520. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral 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 3.718 are needed to confirm that a short term low has been posted.

First resistance is today's high crossing at 3.53
Second resistance is the 20 day moving average crossing at 3.72

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

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Will Oil Spark A Market Upturn?

Lipow Oil Associattes President, Andy Lipow, talks to Fox Business about why he feels that the oil rally is on the brink of pushing the general markets higher.




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Nigeria Oil Rebel Group Declares 60 Day Ceasefire

Nigeria's largest rebel militia group declared a 60 day ceasefire Wednesday, following the release by the government of their leader. The Movement for the Emancipation of the Niger Delta (MEND) announced the ceasefire, starting Wednesday, in a statement after the government in Abuja released Henry Okah. MEND target oil production facilities in the Niger Delta, claiming that not enough of the country's profits from its oil resources.....Complete Story

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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

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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

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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

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$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.



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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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