Two senators from oil producing states have introduced legislation that would bring oil drilling to within 45 miles of Florida's Gulf coast. The bill sponsored by Sens. Lisa Murkowski, R-Alaska, and Mary Landrieu, D-Louisiana, would effectively void a 2006 law crafted by Florida's congressional delegation, which put a massive swath of federal waters close to the state off limits until at least 2022. The sponsors said Monday the legislation would benefit states by giving them a cut 37.5 percent of the revenue from offshore oil and gas exploration off their coasts.....Complete Story
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Tuesday, July 28, 2009
Goldman Sachs Closes Position in December 2011 Crude
Goldman Sachs Group Inc. closed its recommendation to buy crude futures for December 2011 delivery after long dated oil prices approached the bank’s target of $85 a barrel.
Oil’s rally to a three week high has been driven by distillate fuel demand from emerging markets, Goldman said today in its Energy Weekly. This reliance on distillates, which include diesel and heating oil, “may limit further near term upside,” the bank said.
“It is still too early to argue that distillate has comfortably turned the corner,” Jeffrey Currie , a London based analyst at Goldman, said in the report. “The recent crude rally has been anomalous led by rising long-dated prices rather than by improving time spreads.”
Goldman recommended in a July 15 report that investors buy crude for December 2011 delivery and short the call options on the same contract at $100 a barrel and short put options at $65 a barrel. The combined return on that strategy is 16.2 percent, the bank said. December 2011 oil futures traded as high as $81.31 today in New York .
“We will look for future pullbacks to reinstate this position,” Currie said in the note.
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Oil’s rally to a three week high has been driven by distillate fuel demand from emerging markets, Goldman said today in its Energy Weekly. This reliance on distillates, which include diesel and heating oil, “may limit further near term upside,” the bank said.
“It is still too early to argue that distillate has comfortably turned the corner,” Jeffrey Currie , a London based analyst at Goldman, said in the report. “The recent crude rally has been anomalous led by rising long-dated prices rather than by improving time spreads.”
Goldman recommended in a July 15 report that investors buy crude for December 2011 delivery and short the call options on the same contract at $100 a barrel and short put options at $65 a barrel. The combined return on that strategy is 16.2 percent, the bank said. December 2011 oil futures traded as high as $81.31 today in New York .
“We will look for future pullbacks to reinstate this position,” Currie said in the note.
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BP Says ‘Little Evidence’ of Recovery After Net Falls
BP, Europe’s second biggest oil company, said profit fell 53 percent on lower energy prices and there is “little evidence” of a recovery in demand. Second quarter net income fell to $4.39 billion, or 23.16 cents a share, from $9.36 billion, or 49.23 cents, in the year earlier period, London based BP said today in a statement. Excluding one time items and inventory changes, earnings beat analyst estimates. Almost two years into a turnaround led by Chief Executive Officer Tony Hayward, BP said estimated cost cuts would exceed an earlier target as it increased production to more than 4 million barrels a day.....Complete Story
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Why Weekly Charts Are so Important
Today we are looking into why weekly charts are so important. We will use the EUR/USD as an example and deeply investigate the buy signal we received on this cross on Monday, July 27th.
Although it’s too early to tell if this signal will be profitable, it is certainly a signal you must take if you are a disciplined follower of MarketClub’s “Trade Triangle” technology.
You can watch this video with our compliments and there is no registration requirements.
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Crude Oil Bulls Set to Challenge $70 Level
September crude oil was steady to slightly lower overnight as it consolidates some of the rally off this month's low. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.
If September extends the rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 64.81 would temper the near term friendly outlook in the market.
Crude oil's pivot point for Tuesday is 68.25
First resistance is Monday's high crossing at 68.99
Second resistance is the reaction high crossing at 74.25
First support is the 20 day moving average crossing at 64.81
Second support is the reaction low crossing at 63.76
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Natural gas was higher overnight as it consolidates above the 20 day moving average crossing at 3.696. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 3.696 would temper the near term friendly outlook in the market.
If September extends the rally off this month's low, the reaction high crossing at 4.261 is the next upside target.
First resistance is last Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26
First support is the 20 day moving average crossing at 3.70
Second support is this month's low crossing at 3.37
Today’s Stock Market Club Trading Triangles
If September extends the rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 64.81 would temper the near term friendly outlook in the market.
Crude oil's pivot point for Tuesday is 68.25
First resistance is Monday's high crossing at 68.99
Second resistance is the reaction high crossing at 74.25
First support is the 20 day moving average crossing at 64.81
Second support is the reaction low crossing at 63.76
Get your favorite symbols' Trend Analysis TODAY!
Natural gas was higher overnight as it consolidates above the 20 day moving average crossing at 3.696. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 3.696 would temper the near term friendly outlook in the market.
If September extends the rally off this month's low, the reaction high crossing at 4.261 is the next upside target.
First resistance is last Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26
First support is the 20 day moving average crossing at 3.70
Second support is this month's low crossing at 3.37
Today’s Stock Market Club Trading Triangles
Monday, July 27, 2009
Waiting for Crude Oil to Reverse to the Downside
My optimal pullback target zone for the PowerShare DB Double Short Oil ETN (NYSE: DTO) is 82.00-79.00, which has been met today. However, so far the inability of the DTO to turn up with sustainability and leave little doubt that the correction off of the 7/13 high at 99.50 is complete is bothersome, and suggests perhaps that more corrective weakness is forthcoming ahead of my anticipation of a powerful upside pivot reversal.
Let’s notice that there is an unfilled gap from July 2 between 77.70 and 76.15 which might have to be satisfied.....Complete Story
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Daily Oil Prices with Anna Coulling
A year after the peak in the commodity cycle, and an all time high for crude oil prices, this week sees all seven of the world's largest private sector oil groups reporting half year results, starting with BP on Tuesday. Although the main focus for oil investors will be to see how successful these companies have been in coping with the subsequent dramatic fall in crude, the recent, and equally dramatic, recovery in daily oil prices will determine the scope that oil companies (and producer countries) will have to fund future investment plans.....Complete Story
How To Spot Winning Futures....See Video NOW
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Where is Crude Oil Likely Headed For Tuesday
CNBC's Rebecca Jarvis discusses the day's news in the commodities markets, and looks ahead to where oil is likely headed tomorrow.
Oil Rises, But Will Rally Continue?
Crude oil on the New York Mercantile Exchange Monday rose again continuing its recent rally. Closing above $68 today, the increase in the price of oil was spurred by positive economic news about US home sales. Settling 33 cents above Friday's close, the price of crude oil rose to $68.38 a barrel in trading Monday on the NYMEX. Just two weeks ago, the price of oil was below $60 in a correction that brought prices down from a high of near $73.....Complete Story
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Oil Majors Appear Poised to Test Mid Term Neutral Resistance Levels
Oil majors appear poised to test mid term neutral resistance levels as we move into a week loaded with earnings reports from the major oil companies. Crude oil closed higher on today extending the rally off this month's low. Profit taking tempered early gains and the mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are becoming overbought but remains bullish signaling that sideways to higher prices are possible near term.
If September extends today's rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 64.94 would confirm that a short term top has been posted.
First resistance is today's high crossing at 68.99
Second resistance is the reaction high crossing at 74.25
First support is the 20 day moving average crossing at 64.94
Second support is the reaction low crossing at 63.76
Today’s Stock Market Club Trading Triangles
Natural gas closed lower on Monday due to light profit taking but remains above the 20 day moving average crossing at 3.706. The mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 3.706 would temper the near term friendly outlook.
If September extends the rally off this month's low, the reaction high crossing at 4.261 is the next upside target.
First resistance is last Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26
First support is the 20 day moving average crossing at 3.71
Second support is this month's low crossing at 3.23
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