Stephanie Link, director of research for TheStreet, reveals her top energy stocks and how investors can protect their portfolio against risk.
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Saturday, September 11, 2010
ONGC, Indian Oil Share Sales May Raise $4.1 Billion for Indian Government
“The plan is to complete the disinvestments before the end of the fiscal year,” Sundareshan said. “It will be Indian Oil followed by ONGC. In the last quarter, hopefully.”
Prime Minister Manmohan Singh wants to raise 400 billion rupees from asset sales in the year ending March 31 to help fund the construction of roads, ports, hospitals and schools. The government said in January it can sell shares in as many as 68 companies as it seeks to shrink its budget deficit to 5.5 percent of gross domestic product this fiscal year from an estimated 6.9 percent last year.
Indian Oil is building a refinery in Orissa state with an annual processing capacity of 15 million tons. The refiner plans to spend 145 billion rupees in the financial year ending March compared with 135 billion rupees last year to increase capacity, Serangulam V. Narasimhan, finance director, said Jan. 6.
ONGC will complete the valuation on BP Plc’s assets in Vietnam in a few weeks as it seeks to buy them in partnership with Vietnam Oil & Gas Group, Sundareshan also said.
State owned ONGC is considering all options for buying partner BP’s stake in a Vietnam gas field, Chairman R.S. Sharma said July 22. The London based company, which is raising funds to pay for the Gulf of Mexico oil spill, agreed July 20 to sell fields in the U.S., Canada and Egypt to Houston based Apache Corp. for $7 billion and plans to dispose of assets in Pakistan and Vietnam.
Bloomberg reporter Natalie Obiko Pearson can be reached at npearson7@bloomberg.net.
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Crude Oil Weekly Technical Outlook For Saturday Sept. 11th
After staying in range for most of the week, crude oil's rebound form 70.76 resumed on Friday and jumped to as high as 76.73. Initial bias will remain mildly on the upside this week for further rebound. Though, we'd continue to expect upside to be limited by 61.8% retracement of 82.97 to 70.76 at 78.31 and bring resumption of fall from 82.97. Below 73.88 will flip intraday bias back to the downside. Also, Sustained trading below 70.76/71.09 support zone will confirm our bearish view that whole rebound from 64.23 is finished at 82.97 already and target another low below 64.23.
In the bigger picture, choppy rebound from 64.23 is treated as a correction to fall from 87.15 only and has possibly finished at 82.97 already. Decisive break of 71.09 will confirm this bearish case and also indicate that whole fall from 87.15 is resuming for 60 psychological level, (50% retracement of 33.2 to 87.15 at 60.18, 100% projection of 87.15 to 64.23 from 82.97 at 60.05). Decisive break there will indicate that fall from 87.15 is developing into a powerful impulsive wave and would target 33.2 low. On the upside, break of 82.97 resistance is needed to invalidate this view. Otherwise, we'll stay bearish in crude oil.
In the long term picture, current development suggests that rebound from 33.2 is finished at 87.15, inside 76.77/90.24 fibo resistance zone as expected. Our view is that fall from 87.15 would develop into the third falling leg of the whole correction from 147.27 and hence, we'd anticipate an eventual break of 33.2 low in the long term as such correction extends.
Nymex Crude Oil Continuous Contract 4 Hour, Daily, Weekly, and Monthly Chart
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Friday, September 10, 2010
Bulls Take Momentum Into The Weekend, Here's Fridays Closing Numbers
The S&P 500 index closed higher on Friday as it extended the rally off August's low. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that additional gains are possible near term. If December extends the aforementioned rally, August's high crossing at 1120.90 is the next upside target. Closes below the 20 day moving average crossing at 1070.98 would confirm that a short term top has been posted. First resistance is Thursday's high crossing at 1106.50. Second resistance is August's high crossing at 1120.90. First support is the 10 day moving average crossing at 1078.40. Second support is the 20 day moving average crossing at 1070.98.
Crude oil closed higher on Friday and has renewed the rally off August's low. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If October extends the rally off August's low, the reaction high crossing at 81.51 is the next upside target. Closes below the reaction low crossing at 72.63 would temper the near term friendly outlook. First resistance is today's high crossing at 76.59. Second resistance is August's high crossing at 81.51. First support the reaction low crossing at 72.63. Second support is August's low crossing at 70.76.
Natural gas closed higher due to short covering on Friday while extending the trading range of the past two weeks. The mid range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish hinting that a short covering rebound is possible near term. Closes above the 20 day moving average crossing at 3.973 are needed to confirm that a short term low has been posted. If October renews this year's decline, weekly support crossing at 3.225 is the next downside target. First resistance is last Friday's high crossing at 3.946. Second resistance is the 20 day moving average crossing at 3.973. First support is August's low crossing at 3.697. Second support is weekly support crossing at 3.225.
Gold closed lower due to profit taking on Friday and below the 10 day moving average crossing at 1247.90 signaling that a short term top might be in or is near. Stochastics and the RSI are overbought, diverging and are turning bearish hinting that additional profit taking is possible near term. Closes below the 20 day moving average crossing at 1238.70 would confirm that a double top with June's high has been posted. If October extends the rally off July's low, June's high crossing at 1267.10 is the next upside target. First resistance is Wednesday's high crossing at 1263.20. Second resistance is June's high crossing at 1267.10. First support is the 20 day moving average crossing at 1238.70. Second support is the reaction low crossing at 1232.40.
The U.S. Dollar closed lower on Friday while extending the trading range of the past four weeks. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If December renews the rally off August's low, the reaction high crossing at 84.94 is the next upside target. If December extends last week's decline, August's low crossing at 80.75 is the next downside target. First resistance is Tuesday's high crossing at 83.29. Second resistance is August's high crossing at 83.96. First support is last Friday's low crossing at 82.23. Second support is August's low crossing at 80.75.
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Phil Flynn: The Buck Stops
The man echo has been the Senate Majority Leader since 2007 and in the senate since 1986 the tear the Bears last won a Super Bowl and yet he gives this Pontius Pilate impression that he washes his hands of the whole thing> Is this guy even in touch with reality? And what are more scary folks is that he actually believes it! And if the economy is a failure and he has been in the Senate since 1986 and he has had nothing to do with the Economy then he is a failure at being a failure.....Read the entire article.
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Crude Oil Rises After U.S. Pipeline Shut, Report Shows Import Surge by China
“It’s all about Enbridge,” said Tom Bentz, a broker with BNP Paribas Commodity Futures Inc. in New York. “It’s a big line, which supplies a bunch of refineries in the Midwest. Depending on how long it is shut, this could put a big-sized crimp on supplies in the region.” Crude oil for October delivery climbed $2.12, or 2.9 percent, to $76.37 a barrel at 11:07 a.m. on the New York Mercantile Exchange. The contract touched $76.56, the highest level since Aug. 17. Futures are up 2.4 percent this week.
Oil surged the most since Aug. 2, when prices rose above $81 a barrel for the first time since May as a global equity rally bolstered optimism the economy is strengthening Brent crude oil for October settlement climbed 74 cents, or 1 percent, to $78.21 a barrel on the London based ICE Futures Europe exchange. Brent’s premium over New York oil shrank following the pipeline leak. The London-traded contract was $1.84 higher than Nymex oil, compared with a premium of $3.65 on Sept. 7.
Crews are investigating the pipeline situation, said Glenn Herchak, an Enbridge spokesman. He declined to provide information on what the line was carrying and if it was operating at full rates.....Read the entire article.
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Crude Oil Technical Outlook For Friday Morning
Closes above the reaction high crossing at 75.58 are needed to confirm that a short term low has been posted and would open the door for additional gains near term. If October renews the decline off August's high, May's low crossing at 70.35 is the next downside target.
First resistance is Thursday's high crossing at 75.96
Second resistance is the reaction high crossing at 77.03
Crude oil pivot point for Friday morning is 74.70
First support is the reaction low crossing at 72.63
Second support is the reaction low crossing at 71.53
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Thursday, September 9, 2010
Sharon Epperson: Where is Crude Oil and Gold Headed on Friday
CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks ahead to where oil and gold are likely headed tomorrow.
EIA Natural Gas Weekly Update
Price changes during the week were mixed, but in most areas, these changes were moderate. The Henry Hub price rose slightly from $3.73 per million Btu (MMBtu) on Wednesday, September 1, to $3.81 per MMBtu yesterday. The report week was shortened due to the Labor Day holiday.
At the New York Mercantile Exchange, the price of the October 2010 futures contract rose about 5 cents, from $3.762 per MMBtu on September 1 to $3.814 per MMBtu on September 8.
Working natural gas in storage as of Friday, September 3, was 3,164 Bcf, following an implied net injection of 58 Bcf, according to EIA’s Weekly Natural Gas Storage Report.
The West Texas Intermediate crude oil spot price rose 68 cents from $73.97 per barrel, or $12.75 per MMBtu, to $74.65 per barrel, or $12.87 per MMBtu.
The natural gas rotary rig count, according to data released by Baker Hughes Incorporated, rose by 4 to 977 as of September 3 (see “Other Market Trends”).
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At the New York Mercantile Exchange, the price of the October 2010 futures contract rose about 5 cents, from $3.762 per MMBtu on September 1 to $3.814 per MMBtu on September 8.
Working natural gas in storage as of Friday, September 3, was 3,164 Bcf, following an implied net injection of 58 Bcf, according to EIA’s Weekly Natural Gas Storage Report.
The West Texas Intermediate crude oil spot price rose 68 cents from $73.97 per barrel, or $12.75 per MMBtu, to $74.65 per barrel, or $12.87 per MMBtu.
The natural gas rotary rig count, according to data released by Baker Hughes Incorporated, rose by 4 to 977 as of September 3 (see “Other Market Trends”).
Just click here for your FREE trend analysis of natural gas ETF UNG
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