Crude Oil Higher Overnight On Short Covering

May crude oil was higher overnight due to short covering as it consolidates some of Monday's decline. Stochastics and the RSI are turning bullish hinting that sideways to higher prices are possible near term.

If May extends last Thursday's rally, March's high crossing at 54.66 then January's high crossing at 58.31 are the next upside targets. Closes below the reaction low crossing at 47.26 are needed to confirm that a short term top has been posted.

First resistance is the reaction high crossing at 53.90.
Second resistance is March's high crossing at 54.66.

First support is last Wednesday's low crossing at 47.37.
Second support is the reaction low crossing at 47.26.

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The June S&P 500 index was steady to lower due to profit taking overnight as it consolidates some of its recent gains. Stochastics and the RSI are overbought but are bullish signaling that sideways to higher prices are possible near term.

If June extends the rally off March's low, February's high crossing at 867.50 is the next upside target. Closes below the 20 day moving average crossing at 813.68 are needed to confirm that a short term top has been posted.

First resistance is Monday's high crossing at 861.30.
Second resistance is February's high crossing at 867.50.

First support is the 10 day moving average crossing at 830.56.
Second support is the 20 day moving average crossing at 813.66.

The June S&P 500 Index was down 2.10 points. at 851.90 as of 5:58 AM CST. Overnight action sets the stage for a steady to lower opening by the June S&P 500 index when the day session begins later this morning.

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The June Dollar was higher due to short covering overnight as it consolidates some of Monday's decline. Stochastics and the RSI are turning neutral hinting that a short term top might be in or is near.

If June renews last week's rally, the reaction high crossing at 86.61 is the next upside target. Closes below last Monday's low would open the door for a possible test of March's low crossing at 83.15.

First resistance is last Thursday's high crossing at 86.24.
Second resistance is the reaction high crossing at 86.61.

First support is last Monday's low crossing at 84.10.
Second support is March's low crossing at 83.14.

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4:30 PM ET. Apr 10...API Oil Industry Report

.....................Crude Stocks (Net Change) (previous +3.2M)

.....................Gasoline Stocks (Net Change) (previous -451K)

.....................Distillate Stocks (Net Change) (previous +1.7M)

.....................Refinery Runs (previous 81.8%)

Crude Oil Bulls and Bears Appear To Be On Level Playing Field

May crude oil closed down $2.17 at $50.07 a barrel today. Prices closed nearer the session low today. Trading has turned choppy. The key "outside markets" were mixed for crude during the day, as the U.S. dollar was sharply lower but equities prices were also weaker. Bulls and bears are still on a level near term technical playing field amid choppy trading conditions.

The June U.S. dollar index closed down 135 points at 84.72 today. Prices closed near the session low today. Bulls faded badly today. Bears have regained the slight near term technical advantage.

The U.S. stock indexes closed mixed today and nearer their session highs after being under solid pressure in the early going. The bulls still have some upside near term technical momentum, but need to show more power soon. There are early clues that major market lows are in place.

IEA Cuts Demand Forecast to Five Year Low, Sends Crude Oil Lower

"Crude Oil Falls After IEA Cuts Demand Forecast to Five Year Low"

Crude oil fell the most in two weeks after an International Energy Agency report showed that 2009 demand may slump to the lowest level in five years as factories shut and car sales tumble amid a global recession.

Consumption will decline 2.4 million barrels a day this year, about the same amount that Iraq produces, to 83.4 million barrels a day, according to the IEA report on April 10. U.S. crude oil supplies are at their highest since July 1993, the Energy Department said on April 8....Complete Story

Crude Oil Opens Lower Monday Morning

May crude oil was lower due to profit taking overnight as it consolidates some of last Thursday's rally.

Stochastics and the RSI are neutral signaling that sideways trading is possible near term. Closes below the reaction low crossing at 47.26 are needed to confirm that a short term top has been posted.

If May extends last Thursday's rally, March's high crossing at 54.66 then January's high crossing at 58.31 are the next upside targets.

Monday's pivot point, our line in the sand is 51.50.

First resistance is last Friday's high crossing at 53.90.
Second resistance is March's high crossing at 54.66.

First support is last Wednesday's low crossing at 47.37.
Second support is the reaction low crossing at 47.26.

Crude oil appears to be range bound at this point in the 47 to 54 area. Most traders should be looking to go long on all dips into the 47 to 48 area while less conservative traders may also want to short crude in the 53 to 54 area.

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The June S&P 500 index was lower due to profit taking overnight as it consolidates some of last Thursday's rally. Stochastics and the RSI are overbought, diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near term.

The June S&P 500 Index was down 7.50 points. at 845.10 as of 5:53 AM CST. Overnight action sets the stage for a lower opening by the June S&P 500 index when the day session begins later this morning.

If June extends the rally off March's low, February's high crossing at 867.50 is the next upside target. Closes below the 20 day moving average crossing at 808.32 are needed to confirm that a short term top has been posted.

Our SP 500 pivot point, our line in the sand is 843.50. If we break below 843 in the regular trading session we will go short for our SP day trade.

First resistance is last Thursday's high crossing at 854.50.
Second resistance is February's high crossing at 867.50.

First support is the 10 day moving average crossing at 822.91.
Second support is the 20 day moving average crossing at 808.32.

------------------------------------------------------------------------------------

The June Dollar was lower overnight as it consolidates some of last week's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If June extends last week's rally, the reaction high crossing at 86.61 is the next upside target. Closes below last Monday's low would open the door for a possible test of March's low crossing at 83.15.

First resistance is the overnight high crossing at 86.22.
Second resistance is the reaction high crossing at 86.61.

First support is last Monday's low crossing at 84.10.
Second support is March's low crossing at 83.14.

China May Sign $10 Billion Oil Deal With Kazakhstan

"China, Kazakhstan May Sign $10 Billion Accord for Oil"
China, the world’s second biggest energy consumer, may agree next week on lending $10 billion to Kazakhstan in return for the right to take a stake in an oil producer in the Central Asian country.

China National Petroleum Corp. plans to buy a minority holding in AO Mangistaumunaigas from state-run KazMunaiGaz National Co., a China National official said yesterday. The two nations may sign an accord on April 15 when Kazakh President Nursultan Nazarbayev visits Beijing, the official said, declining to be identified because of internal rules....Complete Story

This Week's Chart For Crude Oil

Chevron Production Rises, IEA Forcast Lowest In Five Years

"IEA Cuts Oil Demand Forecast to Lowest in Five Years"
The International Energy Agency expects global oil demand to decline by 2.4 million barrels a day this year, about the same amount that Iraq produces, as the economic slump reduces consumption to the lowest since 2004. The adviser to 28 nations cut its 2009 forecast....Complete Story

"Petrovietnam Shortlisted to Negotiate Iraq Oil Drilling Contracts"
The National Oil and Gas Group (PetroVietnam) has been short-listed to negotiate on oil drilling contracts at 11 petroleum fields in Iraq, the country's Ministry of Oil said. The list of nine investors was created from 38 firms joining the tender held on December 31, 2008, including....Complete Story

"Chevron Production Rises, Halting Two Year Decline"
Chevron Corp., the second largest U.S. oil company, said production headed for a quarterly gain for the first time since 2006 as new platforms in the Gulf of Mexico and offshore Africa began operation. Chevron pumped the equivalent of 2.645 million barrels....Complete Story

"Saudi To Deepen May Oil Supply Cuts To 2 Asia Buyers"
Saudi Arabia will unexpectedly cut oil supplies to some major Asian refiners next month, suggesting the world's top exporter may be more concerned than some of its OPEC peers about swelling crude inventories....Complete Story

May crude oil closed up $2.65 at $52.03 a barrel today. Prices closed nearer the session high again today. The key "outside markets" were mixed for crude during the day, as the U.S. dollar was stronger and equities prices were also stronger. Bulls and bears are on a level near-term technical playing field amid choppy trading conditions.

The U.S. stock indexes closed solidly higher today as the indexes closed at bullish weekly high closes and hit multi-week highs. The bulls today did gain fresh upside near term technical momentum. There are now early clues that major market lows are in place.

The June U.S. dollar index closed up 33 points at 86.04 today. Prices closed nearer the session high today and closed at a bullish weekly high close. Bulls have regained the slight near-term technical advantage.

Oil Chart Signals A Bounce Needed For Rally, Oil Jumps Up More Than $2 Dollars

"Oil Rises More Than $2 as Equity Gains Signal Demand May Climb"
Crude oil rose more than $2 a barrel as equities gained, signaling that some investors expect economies to stabilize, bolstering energy demand. Oil climbed as much as 6.2 percent after stocks increased on better than estimated earnings at Wells Fargo & Co. and speculation banks will pass government stress tests....Complete Story

"Alaska Oil Regulators Deny Exxon Petition"
The state of Alaska has denied a petition from Exxon Mobil seeking permission from regulators to form a new oil and gas unit at Point Thomson. Exxon this week asked the Alaska Oil and Gas Conservation Commission to unite the leases of different companies within the Point Thomson oil and gas field....Complete Story

"Oil Chart Signals a Bounce Needed for Rally: Technical Analysis"
Crude oil futures for May delivery are testing key support levels and an “immediate bounce” is needed for the contract to return to recent highs, according to technical analysis by Newedge Group. If prices break through support at the $47.50 to $48, a barrel level, the contract....Complete Story

"Mexico, U.S. Energy Ministers Meet on Cross-Border Oil Fields"
Mexican Secretary of Energy Georgina Kessel Martinez and her U.S. counterpart Steven Chu met on cross-border oil fields and renewable energy, said a statement of the Mexican government. The two ministers met during Kessel's visit to the United States.
The statement said that Kessel....Complete Story

Crude Oil Enjoys The Equities Rally, Still Below 20 Day Moving Average

May crude oil was higher due to short covering overnight as it consolidates some of this week's decline but remains below the 20 day moving average crossing at 50.85.

Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

Closes below last Wednesday's low crossing at 47.26 would confirm that a short term top has been posted.

If May renews last week's rally, March's high crossing at 54.66 then January's high crossing at 58.31 are the next upside targets.

First resistance is the 20 day moving average crossing at 50.85.
Second resistance is last Friday's high crossing at 53.90.

First support is Wednesday's low crossing at 47.37.
Second support is last Wednesday's low crossing at 47.26.

-------------------------------------------------------------------------------

The June Dollar was lower overnight as it consolidates some of this week's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If June extends this week's rally, last week's high crossing at 86.61 is the next upside target. Closes below Monday's low would open the door for a possible test of March's low crossing at 83.15.

First resistance is Thursday's high crossing at 86.13.
Second resistance is the reaction high crossing at 86.61.

First support is Monday's low crossing at 84.10.
Second support is March's low crossing at 83.14.

-------------------------------------------------------------------------------

The June S&P 500 index was higher overnight as it extends Wednesday's upside reversal. However, stochastics and the RSI are overbought, diverging and remain bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 802.59 are needed to confirm that a short term top has been posted.

If June extends the rally off March's low, February's high crossing at 867.50 is the next upside target.

First resistance is Monday's high crossing at 847.90.
Second resistance is February's high crossing at 867.50.

First support is the 20 day moving average crossing at 802.59.
Second support is last week's low crossing at 775.70.

The June S&P 500 Index was up 5.80 points. at 828.40 as of 6:00 AM CST. Overnight action sets the stage for a higher opening by the March S&P 500 index when the day session begins later this morning.

Crude Oil Closes Higher On Short Covering and Rally In Stocks

May crude oil closed higher due to short covering on Wednesday as it consolidates some of this week's decline. The mid range close sets the stage for a steady opening on Thursday.

Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near term. Closes below last Wednesday's low crossing at 47.26 would confirm that a short term top has been posted.

If May renews last week's rally, March's high crossing at 54.66 is the next upside target.

First resistance is last Friday's high crossing at 53.90.
Second resistance is March's high crossing at 54.66.

First support is today's low crossing at 47.37.
Second support is last Wednesday's low crossing at 47.26.

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The June Dollar closed higher on Wednesday and above the 20 day moving average crossing at 85.53 signaling that a short term low has been posted. The mid range close sets the stage for a steady opening on Thursday.

Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Multiple closes above the 20 day moving average crossing at 85.53 are needed to confirm that a short term low has been posted.

If June resumes last week's decline, March's low crossing at 83.14 is the next downside target.

First resistance is today's high crossing at 86.13.
Second resistance is last Monday's high crossing at 86.61.

First support is Monday's low crossing at 84.10.
Second support is March's low crossing at 83.14.

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The June S&P 500 index closed higher on Wednesday and above the 10 day moving average crossing at 817.04 as it consolidated some of Tuesday's decline. The high range close sets the stage for a steady to higher opening on Thursday.

Stochastics and the RSI are overbought, diverging and are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 798.30 are needed to confirm that a short term top has been posted.

If June renews the rally off March's low, the reaction high crossing at 867.50 is the next upside target.

First resistance is Monday's high crossing at 847.90.
Second resistance is the reaction high crossing at 867.50.

First support is today's low crossing at 802.60.
Second support is the 20 day moving average crossing at 798.30.

National Oil Well Varco Continues Shopping Spree, Crude Oil Lower After Mid Day Rally

"Louisiana Reps Urge Salazar to Authorize More Offshore Drilling"
Louisiana representatives encouraged U.S. Interior Secretary Ken Salazar to authorize more offshore drilling for oil and gas at a regional meeting held in New Orleans Wednesday. The representatives asked Salazar not to forget the importance of the oil and gas industry in the U.S. economy as a source of jobs and tax dollars....Complete Story

"National Oilwell Varco Snaps Up 2 European Service Companies"
National Oilwell Varco, Inc. has acquired ASEP Group Holding B.V. and Anson Limited.
ASEP, based in the Netherlands, develops and manufactures well service equipment, including wireline units, cranes, coiled tubing equipment, pressure control products, and automation products....Complete Story

"Energy Prices May Rise on `Slingshot' Effect After Credit Chills Drilling"
The credit crunch will keep U.S. oil and gas producers from ramping up exploration they do through drillers such as Nabors Industries Ltd., setting the stage for shortages and surging prices when demand recovers....Complete Story

"Aventine, U.S. Ethanol Producer, Files for Bankruptcy After Reporting Loss" Aventine Renewable Energy Holdings Inc., a U.S. ethanol producer that counts a unit of Citigroup Inc. among its biggest investors, sought bankruptcy protection from creditors after reporting a fourth-quarter net loss of $36.9 million on March 16....Complete Story

Crude Supplies Grow Less Than Expected

"Crude Supplies Grow Less Than Expected"
Oil prices rose Wednesday as stocks opened higher, and after a government report showed supplies of crude increased less than expected. In its weekly inventory report, the Energy Information Administration said crude stocks increased by 1.7 million barrels in the week ended April 3. Analysts expected an increase of 2.3 million barrels of crude oil, according to a consensus estimate of industry analysts....Complete Story

Crude Oil Extends Tuesday's Decline In Overnight Trading

May crude oil was lower overnight as it extends Tuesday's decline below the 20 day moving average crossing at 50.63.

Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

Closes below last Wednesday's low crossing at 47.26 would confirm that a short term top has been posted.

If May renews last week's rally, March's high crossing at 54.66 then January's high crossing at 58.31 are the next upside targets.

Wednesday's pivot point, our line in the sand is 49.79

First resistance is the 20 day moving average crossing at 50.63
Second resistance is last Friday's high crossing at 53.90

First support is the overnight low crossing at 47.37
Second support is last Wednesday's low crossing at 47.26

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10:30 AM ET. Apr 3...US Energy Dept Oil Inventories

.....................Crude Oil Stocks (previous 359.4M)

.....................Crude Oil Stocks (Net Change) (previous +2.84M)

.....................Gasoline Stocks (previous 216.79M)

.....................Gasoline Stocks (Net Change) (previous +2.22M)

.....................Distillate Stocks (previous 144.1M)

.....................Distillate Stocks (Net Change) (previous +221K)

.....................Refinery Usage (previous 81.7%)


---------------------------------------------------------------------------------------

The June Dollar was higher due to short covering overnight as it extends Monday's rally and is trading above resistance marked by the 20 day moving average crossing at 85.53.

Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 85.53 are needed to confirm that a short term low has been posted and would confirm that the c-wave of an a-b-c correction off March's low is underway.

If June renews the decline off last week's high, March's low crossing at 83.15 is the next downside target.

First resistance is the overnight high crossing at 86.13.
Second resistance is the reaction high crossing at 86.61.

First support is Monday's low crossing at 84.10.
Second support is March's low crossing at 83.14.

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The June S&P 500 index was lower overnight and trading below initial support marked by the 10 day moving average crossing at 816.17 signaling that a short term top has been posted.

Stochastics and the RSI are overbought, diverging and are turning bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 797.93 are needed to confirm that a short term top has been posted.

If June extends the rally off March's low, February's high crossing at 867.50 is the next upside target.

First resistance is Monday's high crossing at 847.90.
Second resistance is February's high crossing at 867.50.

First support is the 20 day moving average crossing at 797.93.
Second support is last week's low crossing at 775.70.

The June S&P 500 Index was down 4.40 points. at 809.60 as of 5:56 AM CST. Overnight action sets the stage for a lower opening by the March S&P 500 index when the day session begins later this morning.

Crude Oil Close Lower On Tuesday, Continues Lower In After Market Trading

May crude oil closed lower on Tuesday due to profit taking as it extends Monday's decline. The low range close sets the stage for a steady to lower opening on Wednesday.

Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near term. Closes below last Wednesday's low crossing at 47.26 would confirm that a short term top has been posted.

If May renews last week's rally, March's high crossing at 54.66 is the next upside target.

First resistance is last Friday's high crossing at 53.90.
Second resistance is March's high crossing at 54.66.

Wednesday's pivot point, our line in the sand is 49.79, we will look to go short if we open below 49.79.

First support is today's low crossing at 48.89.
Second support is last Wednesday's low crossing at 47.26.

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The June Dollar closed higher on Tuesday as it extends Monday's rally. Today's close above the 10 day moving average crossing at 85.28 tempers the near term bearish outlook. The high range close sets the stage for a steady to higher opening on Wednesday.

Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 85.66 would confirm that a short term low has been posted.

If June resumes last week's decline, March's low crossing at 83.14 is the next downside target.

First resistance is the 20 day moving average crossing at 85.66.
Second resistance is last Monday's high crossing at 86.61.

First support is Monday's low crossing at 84.10.
Second support is March's low crossing at 83.14.

-------------------------------------------------------------------------------------

The June S&P 500 index closed lower on Tuesday and below the 10 day moving average crossing at 815.14 signaling that a short term top has been posted. The low range close sets the stage for a steady to lower opening on Wednesday.

Stochastics and the RSI are overbought, diverging 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 793.37 are needed to confirm that a short term top has been posted.

If June extends the rally off March's low, the reaction high crossing at 867.50 is the next upside target.

First resistance is Monday's high crossing at 847.90.
Second resistance is the reaction high crossing at 867.50.

First support is today's low crossing at 812.00.
Second support is the 20 day moving average crossing at 793.37.

Oil Industry Stock Market Winners and Losers

Winners

Atlas Pipeline Partners......7.78%
Cimarex Energy..............5.06%
Edge Petroleum..............4.55%
Parallel Petroleum...........3.75%
Tesoro Petroleum............3.46%

Losers

Meridian Resource..........-8.00%
ENSCO International........-7.55%
Parker Drilling..............-7.08%
McMoRan Exploration.......-6.43%
Dawson Geophysical........-5.84%

Change based on the last 2 days of trading

Crude Oil Could Fall On Hurricane Season Estimates

"Forecasters See Lower Average for 2009 Atlantic Hurricane Season"
According to forecasters at Colorado State University, the 2009 Atlantic hurricane season is expected to show average storm activity from June 1 to Nov. 30. The forecasters cite an average of 12 storms for the active season, six of which will transform into hurricanes with two set to become intense hurricanes, which are defined by sustained winds of 111 miles per hour or more....Complete Story

Crude Oil Falls Overnight, Trading Below 20 Day Moving Average

May crude oil was lower overnight as it extends Monday's decline and is trading below the 20 day moving average crossing at 50.50.

Stochastics and the RSI are turning neutral signaling that sideways to lower prices are possible near term. Closes below last Wednesday's low crossing at 47.26 would confirm that a short term top has been posted.

If May renews last week's rally, March's high crossing at 54.66 then January's high crossing at 58.31 are the next upside targets.

First resistance is last Friday's high crossing at 53.90.
Second resistance is March's high crossing at 54.66.

First support is the overnight low crossing at 50.00.
Second support is last Wednesday's low crossing at 47.26.

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The June Dollar was higher due to short covering overnight as it extends Monday's rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 85.66 are needed to confirm that a short term low has been posted and would signal that the c-wave of an a-b-c correction off March's low is underway.

If June renews the decline off last week's high, March's low crossing at 83.15 is the next downside target.

First resistance is the 20 day moving average crossing at 85.66.
Second resistance is the reaction high crossing at 86.61.

First support is Monday's low crossing at 84.10.
Second support is March's low crossing at 83.14.

---------------------------------------------------------------------------------------

The June S&P 500 index was lower overnight due to profit taking as it consolidates some of last week's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If June extends the rally off March's low, February's high crossing at 867.50 is the next upside target. Closes below the 20 day moving average crossing at 793.60 are needed to confirm that a short term top has been posted.

First resistance is Monday's high crossing at 847.90.
Second resistance is February's high crossing at 867.50.

First support is the 10 day moving average crossing at 816.59.
Second support is the 20 day moving average crossing at 793.60.

The June S&P 500 Index was down 10.90 points. at 819.50 as of 5:50 AM CST. Overnight action sets the stage for a lower opening by the March S&P 500 index when the day session begins later this morning.

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4:30 PM ET........Apr 3 API Oil Industry Report

..................Crude Stocks (Net Change) (expected +2.3M; previous +3.27M)

..................Gasoline Stocks (Net Change) (expected -700K; previous -451K)

..................Distillate Stocks (Net Change) (expected -200K; previous +1.77M)

..................Refinery Runs (expected 82.1%; previous 81.8%)

Crude Oil Looks To Open Lower On Tuesday After Today's Low Range Close

May crude oil closed lower on Monday due to profit taking as it consolidated some of last week's rally. The low range close sets the stage for a steady to lower opening on Tuesday.

Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.

If May extends last week's rally, March's high crossing at 54.66 is the next upside target. Closes below last Wednesday's low crossing at 47.26 would confirm that a short term top has been posted.

First resistance is last Friday's high crossing at 53.90.
Second resistance is March's high crossing at 54.66.

First support is the 20 day moving average crossing at 50.35.
Second support is last Wednesday's low crossing at 47.26.

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The June Dollar posted a key reversal up on Monday as it consolidated some of last week's decline but remains below the 10 day moving average crossing at 85.15. The high range close sets the stage for a steady to higher opening on Tuesday.

Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

If June extends last week's decline, March's low crossing at 83.14 is the next downside target. Closes above the 20 day moving average crossing at 85.85 would confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 85.85.
Second resistance is last Monday's high crossing at 86.61.

First support is today's low crossing at 84.10.
Second support is March's low crossing at 83.14.

Crude Oil Declines As Stocks Fall

"Crude Oil Falls for a Second Day as U.S. Equities Decline"
Crude oil fell for a second day in New York as U.S. stocks declined on speculation that bank loan losses will increase. Oil fell as much as 4.2 percent after Mike Mayo, analyst at Calyon Securities, advised selling bank shares and International Business Machines Corp.’s purchase of Sun....Complete Story

"Venezuela to Develop Iran's Oil Fields"
Venezuela would participate in developing Iran's oil fields, according to a report released by Iran's Press TV website on Sunday. Venezuelan state oil company, Petroleos de Venezuela SA (PDVSA), signed a memorandum of understanding (MoU) to develop "17 small oil fields in Iran," the report said....omplete Story

"Oil Prices Slide In Line With Stock Markets"
Oil prices dropped more than a dollar on Monday after earlier bouncing above 54 dollars per barrel in London, as traders tracked fresh falls on global stock markets.
In London trade on Monday, Brent North Sea crude for delivery in May dived 1.16....Complete Story

Crude Oil Opens Sharply Lower Monday Morning

May crude oil was higher overnight, above the 10 day moving average crossing at 51.81 but has opened sharply lower this morning.

Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term. Near term is the key here, we still see crude falling back to the $45 dollar area.

If May extends last week's rally, March's high crossing at 54.66 then January's high crossing at 58.31 are the next upside targets.

Closes below last Wednesday's low crossing at 47.26 would confirm that a short term top has been posted.

First resistance is last Friday's high crossing at 53.90.
Second resistance is March's high crossing at 54.66.

First support is the 10 day moving average crossing at 51.81.
Second support is the 20 day moving average crossing at 50.45.

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The June Dollar was steady to slightly lower overnight as it extends last Thursday's decline below the 10 day moving average crossing at 85.09. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

If June extends the decline off last week's high, March's low crossing at 83.15 is the next downside target. Closes above the 20 day moving average crossing at 85.82 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 85.09.
Second resistance is the 20 day moving average crossing at 85.82.

First support is the overnight low crossing at 84.10.
Second support is March's low crossing at 83.14.

Where Is Crude Oil Headed This Week, And Beyond

What an amazing rally the bulls have enjoyed, but it is not rocket science to understand that just like the equity markets oil is more likely to retrace back to $45 than it is to continue up to $65 from here. Look for crude to pull back to the shaded area in the not to distant future.....

Drilling For Oil In Illinois?

"Indigo-Energy Completes Drilling Oil, Gas Wells in Illinois Basin"
Indigo-Energy, ticker IDGG, has completed the drilling of four wells in the Illinois Basin. The company revealed its plans to commence drilling in this region in December of 2008 and is announcing today the completion of this project.....Complete Story

Crude Oil Closes Lower On Unemployment Concerns

"Oil Drops On Concern U.S. Unemployment Will Erode Fuel Demand"
Crude oil dropped after a report showed the U.S. jobless rate at a 25-year high, adding to concern fuel demand will slide further. Oil fell as much as 3.1 percent after the Labor Department said the economy lost more than 650,000 jobs for a fourth consecutive month. Total daily fuel demand averaged over the past four weeks reached the lowest since October, the Energy Department said April 1.....Complete Story

Crude Oil Higher Overnight, Falling At Friday's Open

May crude oil was higher overnight as it extends Thursday's rally above the 10 day moving average crossing at 51.95.

Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.

If May extends this week's rally, the reaction high crossing at 54.66 then January's high crossing at 58.31 are the next downside targets.

Closes below Wednesday's low crossing at 47.26 would confirm that a short term top has been posted.

First resistance is the overnight high crossing at 53.90.
Second resistance is March's high crossing at 54.66.

First support is the 20 day moving average crossing at 50.23.
Second support is Wednesday's low crossing at 47.26.

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The June Dollar was steady to slightly lower overnight as it extends Thursday's decline below the 10 day moving average crossing at 85.05.

Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near term.

Multiple closes below the 10 day moving average crossing at 85.05 would temper the near term friendly outlook in the market.

Closes above Monday's high crossing at 86.61 are needed to confirm that a short-term low has been posted.

First resistance is the 20 day moving average crossing at 86.09.
Second resistance is Monday's high crossing at 86.61.

First support is Thursday's low crossing at 84.46.
Second support is March's low crossing at 83.14.

Crude Oil Stock Market Winners and Losers

Winners

Atlas Pipeline Partners, L.P....+16.07%
FX Energy.......................+14.39%
Meridian Resource................+9.52%
Stone Energy.....................+7.81%
Parallel Petroleum...............+7.03%

Losers

Energy Partners..................-16.67%
Edge Petroleum...................-10.53%
Syntroleum........................-8.22%
Brigham Exploration...............-5.79%
McMoRan Exploration...............-2.77%

Changes based on the last 2 days of trading

Crude Oil Closes Higher On Falling Dollar and Stronger Equities Market

May crude oil closed up $4.15 at $52.54 a barrel today. Prices closed nearer the session high today on short covering and fresh speculative buying interest. A stronger U.S. stock market and optimism in the wake of the G-20 meeting in London boosted crude today. A sharply lower U.S. dollar also aided crude today. Bulls have regained upside near term technical momentum.

The June U.S. dollar index closed down 109 points at 84.87 today. Prices closed nearer the session low today. Bulls faded today. Bulls' next upside price objective is to close prices above solid technical resistance at this week's high of 86.61.

Crude Oil Settles Higher At One Week High Above $52 Barrel

Crude oil futures zoomed back above $50 a barrel Thursday as traders responded to hopes demand will firm up if the world economy does.

Light, sweet crude for May delivery settled at $52.64, up $4.25 or 8.8%, a barrel on the New York Mercantile Exchange. Brent crude on the ICE Futures exchange settled $4.31 higher at $52.75 a barrel.

The Nymex close was the highest in a week. Oil started the day strongly in sympathy with rising world stock markets and was further fueled by....Complete Story

Crude Oil Surges!

"Crude Oil Surges on Optimism That Worst of Global Economic Crisis Is Over"
Crude oil rose the most in three weeks as leaders of the Group of 20 nations meeting in London agreed on measures to fight the global recession. Oil surged after the G-20 said it will implement new rules on compensation and bonuses, expand controls on hedge funds and move to clean up toxic assets....Your keyword

Crude Oil Extends This Week's Decline

May crude oil closed lower on Wednesday and below the 20 day moving average crossing at 49.60 as it extends this week's decline.

The mid range close sets the stage for a steady opening on Thursday.

Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If May extends this week's decline, the reaction low crossing at 43.74 is the next downside target.

Closes above the 10 day moving average crossing at 51.77 would temper the near term bearish outlook.

First resistance is the 20 day moving average crossing at 49.60.
Second resistance is the 10 day moving average crossing at 51.77.

First support is today's low crossing at 47.26.
Second support is the reaction low crossing at 43.74.

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The June Dollar closed higher on Wednesday due to short covering as it consolidates some of Tuesday's decline. The mid range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If June extends this week's rally, the 20 day moving average crossing at 86.55 is the next upside target. Closes above the 20 day moving average crossing at 86.55 would confirm that a short term low has been posted.

Closes below the weekly uptrend line crossing near 83.70 would confirm that a major top in the Dollar has been posted while opening the door for a larger degree decline this spring.

First resistance is the 20 day moving average crossing at 86.55.
Second resistance is Monday's high crossing at 86.61.

First support is the 10 day moving average crossing at 84.89.
Second support is the reaction low crossing at 83.14.

Crude Oil Moving Lower, Below 20 Day Moving Average

May crude oil was lower overnight as it consolidates below the 20 day moving average crossing at 49.61.

Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If May extends this week's decline, the reaction low crossing at 43.74 is the next downside target.

Closes above the 10 day moving average crossing at 51.78 are needed to confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 49.61.
Second resistance is the 10 day moving average crossing at 51.78.

First support is Tuesday's low crossing at 47.77.
Second support is the reaction low crossing at 44.72.

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And because the crude oil/dollar trade is on........
The June Dollar was higher overnight due to short covering as it consolidates below the 20 day moving average crossing at 86.55. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 86.55 would confirm that a short term low has been posted.

Closes below the 10 day moving average crossing at 84.90 would temper the near term friendly outlook in the market.

First resistance is the 20 day moving average crossing at 86.55.
Second resistance is Monday's high crossing at 86.61.

First support is the 10 day moving average crossing at 84.90.
Second support is March's low crossing at 83.14.

10:30 AM ET. Mar 27 US Energy Dept Oil Inventories

....................Crude Oil Stocks (previous 356.5M)

....................Crude Oil Stocks (Net Change) (expected +2.6M; previous +3.3M)

....................Gasoline Stocks (previous 214.5M)

....................Gasoline Stocks (Net Change) (expected -1.1M; previous -1.14M)

....................Distillate Stocks (previous 143.9M)

....................Distillate Stocks (Net Change) (expected -500K; previous -1.58M)

....................Refinery Usage (expected 82.2%; previous 82%)

Crude Oil Should Open Higher Wednesday, Lower Prices Still Likely Near Term

May crude oil closed higher on Tuesday due to short covering but remains below the 20 day moving average crossing at 49.53.

The high range close sets the stage for a steady to higher opening on Wednesday.

Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If May extends Monday's decline, the reaction low crossing at 43.74 is the next downside target.

Closes above the 10 day moving average crossing at 51.78 would temper the near term bearish outlook.

First resistance is Monday's high crossing at 52.25.
Second resistance is last Thursday's high crossing at 54.66.

First support is today's low crossing at 47.77.
Second support is the reaction low crossing at 43.74.

And since the crude-dollar trade seems to be on......

The June Dollar closed lower on Tuesday due to profit taking as it consolidates some of Monday's rally but remains above the 10 day moving average. The mid range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If June extends this week's rally, the 20 day moving average crossing at 86.71 is the next upside target. Closes above the 20 day moving average crossing at 86.71 would confirm that a short term low has been posted.

Closes below the weekly uptrend line crossing near 83.00 would confirm that a major top in the Dollar has been posted while opening the door for a larger degree decline this spring.

First resistance is Monday's high crossing at 86.61.
Second resistance is the 20 day moving average crossing at 86.71.

First support is the 10 day moving average crossing at 84.79.
Second support is the reaction low crossing at 83.14.

Oil Rises on Stock Rally, Caps Biggest Monthly Gain Since May

"Oil Rises on Stock Rally, Caps Biggest Monthly Gain Since May"
Crude oil rose, heading for its biggest monthly gain since May, as equities increased and a weaker dollar enhanced the appeal of commodities. Oil climbed as much as 3.3 percent after U.S. and European stocks rebounded....Complete Story

SocGen Technical Analyst Says "Oil May Fall to $28 a Barrel"
Crude oil is set to drop to $28 a barrel in New York in the second quarter, according to technical analysis by Societe Generale SA. Prices may rally until meeting resistance at $71 a barrel and....Complete Story

"Petrobras Invests Heavily in Offshore Drilling"
With massive deepwater finds in the pre-salt layer, as well as the Campos and Santos Basins, Brazilian state-owned Petrobras pledged an investment of $174.4 billion for 2009 to 2013. With a firm commitment to....Complete Story

"Kuwait Raises Oil Output Capacity"
OPEC member Kuwait has boosted its oil production capacity to three million barrels per day and aims to raise it to four million by 2020, a top oil executive said on Monday. "We have the capability to....Complete Story

Is The Move In Crude Oil Over?

Crude oil plays such an integral part in our lives whether we care to admit it or not. This one source of energy drives the US economy and indeed the world’s economy.

So what’s ahead for the new black gold? After seeing this market move to its best levels in some time, we have seen a sharp pullback from the recent highs as the crude oil market appears to be mimicking the equity markets.

In our new video we go into detail as to what we think is happening in this market. I think we’ll find the analysis interesting, revealing and above all educational.

Please feel free to comment here on our blog. We’re so happy that traders are sharing their thoughts with our Stock Market Club community.

As always, the video is with our compliments and there is no registration requirements.

Enjoy the video

Crude Oil Prices Higher On Short Covering Overnight

May crude oil was higher due to short covering overnight as it consolidates some of Monday's decline but remains below the 20 day moving average crossing at 49.53.

Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

If May extends Monday's decline, the reaction low crossing at 43.74 is the next downside target.

Closes above the 10 day moving average crossing at 51.79 are needed to confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 49.53.
Second resistance is the 10 day moving average crossing at 51.80.

First support is Monday's low crossing at 48.11.
Second support is the reaction low crossing at 44.72.

4:30 PM ET. Mar 27 API Oil Industry Report

....................Crude Stocks (Net Change) (previous +4.58M)

....................Gasoline Stocks (Net Change) (previous -805K)

....................Distillate Stocks (Net Change) (previous -1.58M)

....................Refinery Runs (previous 82.1%)

Crude Oil Falls Most in Four Weeks as Equities Tumble, Dollar Strengthens

"Iraqi Oil Company Issues Tender To Drill 45 Wells in South Rumaila"
The South Oil Company, an affiliate of the Iraqi Oil Ministry, has issued a new tender to drill 45 oil wells in the country's southern fields in a bid to address a sharp fall in southern oil production, the oil ministry said in its Web site....Complete Story

"Crude Oil Falls Most in Four Weeks as Equities Tumble, Dollar Strengthens"
Crude oil fell the most in four weeks as tumbling equity markets signaled that the recession in major energy-consuming countries may deepen, curbing fuel use....Complete Story

"Austria’s OMV Eyes Emirate’s Oil"
After more than a decade as a partner in Abu Dhabi’s main petrochemicals venture, OMV, Austria’s biggest oil company, is ready to branch into oil and gas production in the emirate....Complete Story

Crude Oil Moving South, Hinting That Short Term High Is In

Pre market Monday morning May crude oil was already down 1.85 breaking through 1st support of 51.83. May crude oil closed lower on Friday due to profit taking as it consolidated some of this month's rally. The low range close set the stage for the lower opening we will get today.

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 48.97 would confirm that a short term top has been posted.

If May extends this month's rally, January's high crossing at 58.31 is the next upside target.

First resistance is Thursday's high crossing at 54.66.
Second resistance is January's high crossing at 58.31.

First support is the 10 day moving average crossing at 51.83.
Second support is the 20 day moving average crossing at 48.97.

Russia To Become China's Biggest Energy Supplier? Active Oil Rigs In The U.S. Drops By 46

"Oil Falls as Dollar's Gain Against the Euro Reduces Appeal of Commodities"
Crude oil in New York fell the most in two weeks as the dollar’s gain against the euro reduced the appeal of commodities to investors and stock markets declined....Complete Story

"Goldman Sachs Says Oil Rally Vulnerable as Demand Drops, Contango Widens"
Oil’s rally to a four-month high is vulnerable to a correction because near-term demand for crude isn’t yet strong enough to support a sustained advance, Goldman Sachs Group Inc. said....Complete Story

"Russia Capable of Becoming China's Biggest Energy Supplier"
Russia is fully capable of becoming the biggest energy supplier for China in upcoming 15 years," Russian Deputy Prime Minister Alexander Zhukov said here Friday. Zhukov made the remarks in addressing the China-Russia Investment Forum....Complete Story

"Number Of Active Oil Rigs Drops By 46"
The number of rigs actively exploring for oil and natural gas in Wyoming fell by two this past week. Nationally, the number of such rigs in the United States dropped by 46 this week to 1,039....Complete Story

Crude Oil Trading Signals May Be Turning Bearish

May crude oil closed lower due to profit taking on Friday as it consolidated some of this month's rally. The low range close sets the stage for a steady to lower opening on Monday.

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 48.97 would confirm that a short term top has been posted.

If May extends this month's rally, January's high crossing at 58.31 is the next upside target.

First resistance is Thursday's high crossing at 54.66.
Second resistance is January's high crossing at 58.31.

First support is the 10 day moving average crossing at 51.83.
Second support is the 20 day moving average crossing at 48.97.

How High Can Crude Oil Rally Given The World Economy

In our new video on the crude oil market we see how this market has been creeping up in value and in now trading over $50 a barrel. The question is "How high can crude oil rally given the world economy?"

Just Click Here To Watch Crude Oil Video

The potential is that crude can go higher as the United States is addicted to oil and cannot at this stage run without it. The same goes for most other countries. Whatever the arguments are for crude oil we think you will find this short video of interest.

The short video outlines the path for crude oil and is free to watch.

We hope you learn something from this video. Feel free to give us your feedback on what you think is going to happen to this market in the future.

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The direction of the S&P 500 is such a big part of our daily research for trading crude oil that I want to include this video on the S&P on the rally we have been experiencing.

Take a look at this short video and see if the rally in the S & P 500 market is for real, or if it's just a rally in a bigger bear market.

Just Click Here To Watch SP 500 Video

Our brand new video details what we think is going on in the equity markets. We also want to share with you the key S & P 500 number that if broken will turbo charge this market.

The video is, as always, free to watch. Please feel free to leave a comment, your comments and feedback are always welcome.

Crude Oil Looks To Open Lower

May crude oil closed higher on Thursday as it extends this month's rally. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If May extends this month's rally, January's high crossing at 58.31 is the next upside target. Closes below the 20 day moving average crossing at 48.67 would confirm that a short term top has been posted.

First resistance is today's high crossing at 54.66.
Second resistance is January's high crossing at 58.31.

First support is the 10 day moving average crossing at 51.27.
Second support is the 20 day moving average crossing at 48.67.

Pre market crude oil is already trading down in the 52.69 area. We are going short for a scalp trade against the trend as we look for crude oil to follow the SP 500 down at the opening. Don't get stuck in this trade, we will probably take our profits at the 10 day moving average 51.27.

Crude Oil Closes Higher, Market Conditions Are Overbought

May crude oil closed higher on Thursday as it extends this month's rally. The high range close sets the stage for a steady to higher opening on Friday.

Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If May extends this month's rally, January's high crossing at $58.31 is the next upside target. Closes below the 20 day moving average crossing at $48.67 would confirm that a short term top has been posted.

First resistance is today's high crossing at $54.66.
Second resistance is January's high crossing at $58.31.

First support is the 10 day moving average crossing at $51.27.
Second support is the 20 day moving average crossing at $48.67.

The Battle Insues, Obama and Oil Industry

"Oil, Gasoline Rise as Gains for Equities Signal Strengthening Fuel Demand"
Crude oil rose to the highest in almost four months and gasoline gained as an advancing U.S. stock market signaled that fuel demand will increase....Complete Story

"Obama Revives Battle with Oil Industry"
The Obama administration's push to raise taxes on the oil industry is reigniting a battle the industry fought and won last year....Complete Story

"Petrobras May Compete For Iraqi Oil Deal"
Petrobras could join a U.S. firm and two European companies in competing for a contract to develop Iraq's Nahr Bin Umar oil field....Complete Story

"US Company Halts More Oil Rigs In Venezuela"
U.S oil driller Helmerich & Payne said Wednesday it is continuing to halt operations in Venezuela due to delayed payments from Venezuela's state oil company....Complete Story

Crude Oil Overnight, Do Traders Expect A Lower Inventory Number Today?

May crude oil closed lower on Wednesday as it consolidates some of this month's rally.

The low range close sets the stage for a steady to lower opening on Thursday.

Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If May extends this month's rally, January's high crossing at $58.31 is the next upside target.

Closes below the 20 day moving average crossing at $48.34 would confirm that a short term top has been posted.

First resistance is Tuesday's high crossing at $54.20.
Second resistance is January's high crossing at $58.31.

First support is the 10 day moving average crossing at $50.65.
Second support is the 20 day moving average crossing at $48.34.

10:30 AM ET. Mar 20 EIA National Gas Inventories, in billion cubic feet

....................Total Working Gas in Storage (previous 1651)

....................Total Working Gas in Storage (Net Change) (previous –30)

Costa Rica Says No To Oil Exploration, Vietnam and Nicaragua Begin Within Weeks

"Costa Rica President Says No to Oil Exploration"
President Oscar Arias this week has affirmed his commitment against oil exploration in Costa Rica. Speaking in front of the Legislative Assembly Monday afternoon to promote a bill regarding rural aqueducts....Complete Story

"PetroChina Sees `Severe Challenges' Ahead After Drop in Profit Last Year"
PetroChina Co., the world’s second- largest company by market value, said it faces “severe challenges” this year after refining losses and a slump in crude oil prices led to its first annual profit drop since 2001....Complete Story

"Exxon, Chevron Count $40 Billion Nightly to Protect Cash From Bank Crisis"
Exxon Mobil Corp. and Chevron Corp., their coffers swollen by last year’s record oil prices, are maneuvering to preserve a combined $40 billion in cash amid a global financial crisis that roiled the banking system....Complete Story

"Nicaragua, Vietnam Ink Oil Deal"
Vietnam will begin prospecting for oil in Nicaragua within four weeks, according to an agreement signed here between both countries´ state run companies....Complete Story

Crude Oil Trades Lower Overnight, Signals Are Still Bullish

May crude oil was lower overnight due to profit taking as it consolidates some of this week's rally.

Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If May extends this month's rally, January's high crossing at $58.31 is the next upside target.

Closes below the 20 day moving average crossing at $48.35 are needed to confirm that a short term top has been posted.

First resistance is Tuesday's high crossing at $54.20.
Second resistance is January's high crossing at $58.31.

First support is the 10 day moving average crossing at $50.67.
Second support is the 20 day moving average crossing at $48.35.

Crude Oil Closes A Whipsaw Trading Day In The High Range

May crude oil closed slightly higher on Tuesday as it extended this month's rally.

The high range close sets the stage for a steady to higher 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 May extends this month's rally, January's high crossing at $58.31 is the next upside target.

Closes below the 20 day moving average crossing at $47.93 would confirm that a short term top has been posted.

First resistance is today's high crossing at $54.20.
Second resistance is January's high crossing at $58.31.

First support is the 10 day moving average crossing at $49.76.
Second support is the 20 day moving average crossing at $47.93.

China Raises Fuel Prices, Apache Admits They Are In M and A Mode

"China Raises Fuel Prices for First Time This Year After Gains for Crude"
China, the world’s second-biggest energy user, raised fuel prices for the first time this year to reflect the gain in global oil prices....Complete Story

"Apache CEO Says Company On The Prowl For Assets"
Independent oil and gas company Apache Corp is actively looking to buy assets, its CEO told a conference on Tuesday. "We are paddling through the water looking for things to buy," Steven Farris, the chief executive of Apache, told the 2009 Howard Weil Energy Conference....Complete Story

"Saudi Pledges To Sustain Oil Investments"
Saudi Aramco will soon sign a memorandum of understanding with Japan's Sumimoto Chemical Co. to develop a second stage of its $10 billion PetroRabigh petrochemicals complex, the head of the state-run Saudi oil giant said Monday....Complete Story