Crude Closes Higher, Stochastics and RSI Remain Bearish

Crude oil closed sharply higher due to short covering on Thursday as it consolidated some of Wednesday's decline. The high range close sets the stage for a steady to higher opening on Friday. Despite today's rally, stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

Multiple closes below the 20 day moving average crossing at 64.38 are needed to confirm that a short term top has been posted. If September renews this month's rally, the reaction high crossing at 74.25 is the next upside target.

First resistance is Monday's high crossing at 68.99
Second resistance is the reaction high crossing at 74.25

First support is Wednesday's low crossing at 62.70
Second support is this month's low crossing at 59.30

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Natural gas closed higher due to short covering on Thursday as it consolidated some of this week's decline. The high range close sets the stage for a steady to higher opening on Friday. Despite today's rally, stochastics and the RSI remain bearish hinting that additional weakness is possible near term.

If September renews the rally off this month's low, the reaction high crossing at 4.261 is the next upside target.

First resistance is the 10 day moving average crossing at 3.78
Second resistance is last Wednesday's high crossing at 4.05

First support is Thursday's low crossing at 3.61
Second support is this month's low crossing at 3.23

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Oil Surges Close to $67 a Barrel in Volatile Week

Oil prices surged above $66 a barrel Thursday, rising in lockstep with major global indexes in what has become a very volatile week for energy markets. With regulators meeting in Washington to consider new limits on speculators that some blame for wild swings in oil and gas prices, crude fell 6 percent Wednesday only to rebound by almost that much Thursday. Benchmark crude for September delivery rose $3.59, or 5.6 percent, to settle at $66.94 a barrel on the New York Mercantile Exchange. Oil, gas futures, heating oil and natural gas contracts all jumped at least 5 percent in afternoon trading.....Complete Story


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Oil and Gasoline Surge as Corporate Earnings Boost Confidence

Crude oil rose more than $3 a barrel and gasoline surged the most in four months after better than expected corporate earnings and as jobless claims held below late June levels. Oil gained as much as 4.9 percent as stocks advanced on increased optimism that the economic decline will ease. The number of people collecting unemployment insurance decreased for a third week, according to the Labor Department. A U.S. report yesterday showed that crude supplies unexpectedly climbed as demand lagged behind year earlier levels. “More people think the economy has bottomed and are buying equities and commodities as a result”.....Complete Story

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Cushing Oil Storage Rate Causing Energy Worries

There may be millions of reasons for Oklahomans to be concerned about the glut of crude oil being stored in Cushing. Some in the state’s oil and natural gas industry insist an influx of oil from Canada has affected the market at Cushing, where the New York Mercantile Exchange sets its prices. Enid oilman Harold Hamm said he is concerned that Cushing’s vast oil storage could decimate the market, much as the storage level did about 15 years ago in Wyoming under similar circumstances. He said prices there dipped as far as $24 a barrel below market price when new pipelines brought in as many as 235,000 barrels of Canadian crude oil a day.....Complete Story

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Everything is playing out exactly as we hoped and expected this week. We have been so close to a buy signal in gold and silver but Monday’s intraday observations saved us from a nasty trade. Those of you in love with oil just had a Kiss Good Bye! Better PUT some love letters together J pardon the pun. Natural Gas is all bottled up. Can you smell that?.....Complete Story



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Exxon Mobil Profit Drops 66% as Energy Prices Plunge

Exxon Mobil Corp., the largest U.S. oil company, reported a third straight drop in profit after shrinking demand for diesel, gasoline and natural gas pulled down energy prices. Second quarter net income fell 66 percent to $3.95 billion, or 81 cents a share, from $11.7 billion, or $2.22, a year earlier, Irving, Texas based Exxon Mobil said today in a statement. Per share profit excluding legal costs related to the 1989 Valdez oil spill was 84 cents, 15 cents below the average of 16 analyst estimates compiled by Bloomberg.....Complete Story

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Daily oil prices reacted badly to yesterday's reported crude stock build of more than 5m barrels, not entirely unexpected given Tuesday's bearish API numbers, with crude prices touching a low of $62.70 per barrel before ending the day at $62.96 per barrel. As usual this dramatic fall was aided and abetted by a consequent strengthening of the US Dollar and, with the exception of the Shanghai composite, most equity markets did manage to hold onto their recent gains.....Complete Story



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Crude Oil Higher on U.S. Dollar Sell Off Overnight

Crude oil was higher overnight as the U.S. Dollar is lower on profit taking. However, stochastics and the RSI for the dollar is bullish signaling that sideways to higher prices are possible near term. Oil also was higher due to short covering overnight as it consolidates some of Wednesday's decline but remains below the 20 day moving average crossing at 64.23. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term.

If September extends Wednesday's decline, this month's low crossing at 59.30 is the next downside target. Closes above the 10 day moving average crossing at 65.91 would temper the near term bearish outlook in the market.

Crude oil pivot point for Thursday is 64.20

First resistance is the 20 day moving average crossing at 59.30
Second resistance is the 10 day moving average crossing at 65.91

First support is Wednesday's low crossing at 62.70
Second support is this month's low crossing at 59.30

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Natural gas was higher due to light short covering overnight as it consolidates some of this week's decline but remains below the 20 day moving average. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

If September extends this week's decline, this month's low crossing at 3.366 is the next downside target. Closes above the 10 day moving average crossing at 3.760 would temper the near term bearish outlook in the market.

Thursday's pivot point for natural gas is 3.56

First resistance is the 20 day moving average crossing at 3.66
Second resistance is the 10 day moving average crossing at 3.76

First support is Wednesday's low crossing at 3.46
Second support is this month's low crossing at 3.37

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Goldman Says Curbing Speculators May Disrupt Markets

Goldman Sachs Group Inc., the bank that makes the most money from commodities, fixed-income and currency trading, said attempts to curb speculation may be “disruptive” to energy markets. “The role that is played by non traditional participants such as index investors and other financial participants often has been mischaracterized,” Don Casturo, a Goldman Sachs managing director, said today at a Commodity Futures Trading Commission hearing in Washington. The testimony was part of the second day of hearings on excessive market speculation and how to respond......Complete Story

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Investors Focus On Exxon, Unemployment

Perhaps the biggest earnings announcement Thursday will come from oil giant Exxon Mobil and investors want to know how energy companies are deploying their money in a time of wildly volatile oil prices. So far it's been a rocky earnings season for oil firms. Last year oil was at $125 a barrel around this time, twice what it is today. On Wednesday Hess and ConocoPhillips both posted steep drops in quarterly profits. Analysts expect Exxon to announce earnings of $1.02 a share before the bell Thursday, down from $2.27 last year.....Complete Story

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