Crude Oversold, Signals Hint Short Term Low is Near

Crude oil was lower overnight as it consolidates some of Wednesday's rally. However, stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 65.35 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 the February-June rally crossing at 54.97 is the next downside target.

First resistance is the 10 day moving average crossing at 61.47
Second resistance is the 20 day moving average crossing at 65.35

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 was higher due to short covering overnight as it consolidates some of Wednesday's decline. 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 3.669 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.

Thursday pivot point for natural gas is 3.36

First resistance is Wednesday's high crossing at 3.53
Second resistance is the 20-day moving average crossing at 3.67

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

Oil Little Changed as Equities Gain, China’s Economy Revives

Crude oil was little changed after rising yesterday as equities rallied and China’s economy showed signs of rebounding from its weakest growth in almost a decade. U.S. stocks gained 3 percent after Intel Corp. forecast sales that beat analysts’ estimates and gauges of manufacturing improved. China’s gross domestic product expanded 7.9 percent in the second quarter from a year earlier, the country’s statistics bureau said today. That was more than the 7.8 percent median estimate of 20 economists surveyed by Bloomberg News.....Complete Story

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Where is Crude Oil Likely Headed on Thursday

CNBC's Brian Shactman discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed tomorrow [Thursday].




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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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