Natural gas futures surged to their biggest gain in four months after a government report showed a narrowing U.S. stockpile surplus. An inventory increase of 90 billion cubic feet in the week ended July 10 sent supplies to 2.886 trillion cubic feet, the Energy Department said. The total was 18.7 percent higher than the five-year average, down from 19.3 percent in last week’s report and the fourth consecutive narrowing. “We’re seeing the impact of the rig count drops,” said Phil Flynn, vice president of research at PFG Best in Chicago.....Complete Story
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Thursday, July 16, 2009
Jordan Parliament Approves Shell Oil Exploration Deal
The Jordanian Parliament has approved a multibillion-dollar concession agreement with Royal Dutch Shell PLC to explore oil from Jordan's vast oil shale resources, a source at the country's Natural Resources Authority said Thursday. "The council of deputies has ratified the agreement during a session held Wednesday," the source told Dow Jones Newswires. Shell is expected to spend around $500 million on exploration, assessment and designs on the project.....Complete Story
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Renewed Pressure Forthcoming for Crude Oil
From Mike Paulenoff at The Market Oracle....
My pattern work in nearby crude oil argues for more weakness after this little bounce off of the $58.00 area (into the $62.50-$63.00 area max). If weakness resumes as anticipated, then oil should head for new reaction lows in the $55-$53 target zone to complete the first down leg in the aftermath of the recovery rally from the January low at $32.70 to the June high at $73.23. Let’s notice that both the weekly momentum (relative strength) and weekly stochastics.....Complete Story
OPEC Output Cut Likely if Oil Falls Below $55
OPEC will likely cut production if crude oil prices fall below $55 a barrel by September, a member of Kuwait's Supreme Petroleum Council (SPC) said Wednesday. "OPEC will get concerned if the price goes to $55 or below because that's where a lot of revenue will be lost from lower prices, regardless of demand," Imad al-Atiqi told news agency Zawya Dow Jones in a phone interview. "Most of these countries, including Saudi Arabia, need the price to be above $55-60 to maintain budget expenditures," he added. The SPC oversees Kuwait's oil interests......Complete Story
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
Wednesday, July 15, 2009
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].
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.
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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