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

Today’s Stock Market Club Trading Triangles

Gold and Crude Oil Market Meltdown Analysis with the Market Oracle

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 with Anna Coulling

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

Trading Video: US Dollar Index and it’s affect on Crude Oil

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

It's true, you can learn to trade crude oil in 90 Seconds

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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New Video: What Happened to the Gold Market

I think it came as a big surprise to many traders that the gold market imploded on Tuesday pushing to its lowest levels in several days.

The downward spiral was enough to trigger a daily “Trade Triangle” which moved us into the neutral camp on this market. Exiting our long gold position based on our “Trade Triangle” signals produced a very small profit or in some cases of break even trade.

So the question is: Is the sharp downward move in gold over?

In our new video we answer that question and share with you some levels we think gold will go to on the downside. We also share with you that we could be setting up for an excellent buying opportunity, if and when our “Trade Triangles” are aligned.

Before you trade gold watch the video and please leave a comment letting us know where you think gold is headed.

Where Is Oil Headed on Thursday

CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed tomorrow.




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Crude Oil Closes Below 20 Day Moving Average, Lower Prices Possible

Crude oil closed sharply lower on Wednesday and below the 20 day moving average crossing at 64.39 confirming that a short term top has been posted. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought and are turning bearish signaling that sideways to lower prices are possible near term.

If September extends this week's decline, this month's low crossing at 59.30 is the next downside target. Closes above Monday's high crossing at 68.99 would confirm that a short term low has been posted while renewing the rally off this month's low.

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

First support is today's low crossing at 62.76
Second support is this month's low crossing at 59.30

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Natural gas closed lower on Wednesday as it extends this week's decline. The mid range close sets the stage for a steady to lower opening on Thursday. 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 3.445 is the next downside target. Closes above the 10 day moving average crossing at 3.782 would temper the near term bearish outlook.

First resistance is today's high crossing at 3.70
Second resistance is the 10 day moving average crossing at 3.78

First support is today's low crossing at 3.46
Second support is this month's low crossing at 3.23

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U.S. Interior Dept Gets Green Light for GOM Leasing Plan

Today, U.S. Department of the Interior Secretary Ken Salazar issued the following statement regarding the U.S. Court of Appeals for the District of Columbia Circuit ruling on DOI's request for clarification of the Court's earlier decision to vacate the 2007-2012 Outer Continental Shelf oil and natural gas leasing program.... "I am pleased with the Court's decision. Consistent with the Department's request, the Court clarified that its prior ruling only applies to the Chukchi, Beaufort and Bering Seas. We are moving forward with the planned August 19th Gulf of Mexico lease sale".....Complete Story

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Decline Oil Price Accelerates As Recent Rally Looks Overdone

Currently trading at 65.7, decline in crude oil price accelerates in European morning, consistent with sharp falls in stock markets. Investors take profit after prices had rallied for almost 2 weeks and recent rises look excessive. In Asia, the MSCI Asia Pacific Index slid -1.1% although Japan's Nikkei 225 Index added +0.26% to 10113. In China the Shanghai Composite Index tumbled -5% as led by plunges in oil and base material shares. In European morning, stocks seem to be unaffected by slumps in US and Asia. US' FTSE 100 Index gains almost +1% while Germany's DAX and France's CAC 40 adds +1.9% and +1.8%, respectively.....Complete Story

Oil Falls the Most in Three Months After Unexpected Supply Gain

Crude oil fell the most in three months after a government report showed an unexpected gain in U.S. inventories as imports jumped and refiners reduced operating rates. Stockpiles surged 5.15 million barrels to 347.8 million in the week ended July 24, the Energy Department said. It was the biggest weekly increase since April. Supplies were forecast to decline by 1.5 million barrels, according to the median of analyst estimates in a Bloomberg News survey. “The main problem with this market is the fact that there’s too much oil out there,” said Michael Lynch, president of Strategic Energy & Economic Research, in Winchester, Massachusetts. “We may test $60 before the week is over as these numbers are absorbed".....Complete Story

What Happened to the Gold Market?

ConocoPhillips Profit Drops 76% After Oil and Gas Plunge

ConocoPhillips, the third biggest U.S. oil company, said second quarter profit fell 76 percent after the recession spurred a collapse in energy prices. Net income dropped to $1.3 billion, or 87 cents a share, from $5.44 billion, or $3.50, a year earlier, Houston based ConocoPhillips said today in a statement. Excluding such one time items as a $192 million gain on the company’s Lukoil investment, profit was about 85 cents share, 1 cent higher than the average of 15 analyst estimates compiled by Bloomberg. U.S. oil futures plunged by more than half, averaging $59.79 a barrel, and gas prices fell 67 percent. ConocoPhillips is cutting its capital spending 37 percent this year and said in January that it would reduce its workforce by 4 percent.....Complete Story

Today’s Stock Market Club Trading Triangles

Energy Markets Fall as Oil Majors Report Earnings

Crude oil was lower overnight due to profit taking as it consolidates some of the rally off this month's low. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 64.54 would temper the near term friendly outlook in the market. If September extends the rally, the reaction high crossing at 74.25 is the next upside target.

Wednesday's pivot point for crude oil is 67.52

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 64.54
Second support is the reaction low crossing at 63.76

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Natural gas was lower overnight and trading below the 20 day moving average crossing at 3.676. 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 3.676 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.

Natural gas pivot point for Wednesday is 3.71

First resistance is last Wednesday's high crossing at 4.05
Second resistance is the reaction high crossing at 4.26

First support is Tuesday's low crossing at 3.61
Second support is this month's low crossing at 3.37

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Oil Prices Set to Fall

Crude oil prices are set for a dramatic downturn as huge stockpiles of fuels and heating oil accumulate in U.S. storage facilities, analysts say. The Organization of Petroleum Exporting Countries is prepared for drastic declines in crude prices as suppressed demand translates to a buildup of oil based fuel reserves. "Inventories are at just ridiculously high levels," says Kevin Rooney, chief executive at the Oil Heat Institute of Long Island trade group. "I would imagine that just about every available barrel of storage is full".....Complete Story

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Crude Oil's Low Range Close Sets The Stage For Lower Open on Wednesday

Crude oil closed lower due to profit taking on Tuesday as it consolidated some of the rally off this month's low. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If September extends this month's rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 64.74 would confirm that a short term top has been posted.

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 64.74
Second support is the reaction low crossing at 63.76

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Natural gas closed lower on Tuesday as it extended Monday's decline. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bearish hinting that a short term top might be in or is near.

Multiple closes below the 20 day moving average crossing at 3.690 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 today's low crossing at 3.61
Second support is this month's low crossing at 3.23

The Fibonacci Tool Fully Explained

Supporters of Offshore Drilling Eyeing Area Off Florida's Coast

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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