Profit Taking Tempers Early Gains in Crude Oil

Crude oil closed higher on Monday and tested the 20 day moving average crossing at 64.90. Profit taking tempered early gains and the mid range close sets the stage for a steady opening on Tuesday. 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 64.90 would confirm that a short term low has been posted while opening the door for a larger degree rebound during the last half of July. Closes below the 10 day moving average crossing at 61.38 would temper the near term friendly outlook in the market.

First resistance is today's high crossing at 64.90
Second resistance is the reaction high crossing at 73.38

First support is the 10 day moving average crossing at 61.38
Second support is last Monday's low crossing at 58.32

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Natural gas closed slightly higher on Monday and above the 20 day moving average crossing at 3.641 signaling that a short term low might be in or is near. Profit taking tempered early gains and the mid range close sets the stage for a steady opening on Tuesday.

Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If August extends the rally off last week's low, the reaction high crossing at 4.138 is the next upside target. Closes below the 10 day moving average crossing at 3.454 would temper the near term friendly outlook.

First resistance is last Friday's high crossing at 3.79
Second resistance is the reaction high crossing at 4.14

First support is the 10 day moving average crossing at 3.45
Second support is last Monday's low crossing at 3.23

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Fundamental Analysis For Energy Market

Friday, oil prices climbed as the U.S. economy released its housing data showing that it came in better than market expectations which aroused speculations back in the markets that the housing sector is finding its bottom. Investors focus on any U.S. housing data as this was the reason behind the global financial turmoil, so an improvement of data, means that the economy will start enhancing therefore increased demand on energy products especially as the U.S. is known as the world's biggest energy consumer.....Complete Story

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Natural Gas Market Seeks Sign

Four consecutive weeks of smaller than expected injections of natural gas into US storage triggered a 12% price jump for the front month contract on the New York Mercantile Exchange in mid-July in what some hoped might be the first sign that well shut ins and reduced drilling may be decreasing supply. The August contract bumped up to $3.67/MMbtu on July 16 after the Energy Information Administration reported the injection of 90 bcf of gas into US storage in the week ended July 10. Still, the price of the front month gas contract.....Complete Story

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Crude Oil Price Collapse Portends of Larger Monumental Rise

There is little known or written about the reason why crude oil was required to undergo a monumental collapse similar to a huge dive. This monumental collapse portends an even bigger and more monumental rise. In jest i would like to call this reason “the rule of rosen.” However, i know better than to usurp in any way those forces that are far more powerful than any mortal or collection of mortals.....Complete Story

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Crude Oil Higher Challenging 20 Day Moving Average

Crude oil was higher overnight as it extends last week's rally and is challenging the 20 day moving average crossing at 64.94. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 64.94 are needed to confirm that a short term low has been posted. If August renews the decline off June's high, the 62% retracement level of the February-June rally crossing at 54.97 is the next downside target.

Monday's pivot point, our line in the sand is 63.94

First resistance is the overnight high crossing at 64.90
Second resistance is the 20 day moving average crossing at 64.94

First support is the 10 day moving average crossing at 61.44
Second support is the reaction low crossing at 58.32

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Natural gas was higher overnight as it extends last week's rally above the 20 day moving average crossing at 36.45. 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 3.645 would confirm that a short-term low has been posted while opening the door for a possible test of the reaction high crossing at 4.138 later this month. Closes below the 10 day moving average crossing at 3.461 would temper the near term friendly outlook in the market.

Natural Gas pivot point for Monday is 3.67

First resistance is last Friday's high crossing at 3.785
Second resistance is the reaction high crossing at 4.138

First support is the 10 day moving average crossing at 3.461
Second support is last Monday's low crossing at 3.225

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Natural Gas ETF Plunges More Than Fuel Even as Shares Sell Out

The largest exchange traded fund for natural gas, so popular that it ran out of shares two weeks ago, has lost 43 percent this year and probably will keep falling until winter, trailing the fuel it’s supposed to track. The United States Natural Gas Fund will suffer from record high gas inventories and seasonal prices hitting the ETF harder than the fuel, said Teri Viswanath, the director of commodities research at Credit Suisse Securities USA in Houston. Investors piled into the fund this year, driving up its number of outstanding shares 11-fold.....Complete Story

Iraqi Parliament Declares it Can Halt Oil Contracts

Iraq's parliament has the authority to block a contentious oil deal with BP and China's CNPC, despite the oil ministry's insistence lawmakers can do nothing to derail the agreement, a top lawmaker said. "The government believes that such a subject is included in its authorities, according to existing law, but if parliament finds these contracts or this (bidding) round ... are not beneficial, parliament can prevent the government," parliament speaker Ayad al-Samarai said in an interview on Sunday.....Complete Story

U.S. LNG Surge May Have Been Overstated.

Earlier this year there were predictions for a large surge in LNG imports. While the shipments have started to come in, it's hasn't yet been the torrent some had expected.
U.S. daily LNG usage averaged 1.44 Bcf in Q2, according to Pritchard Capital Partners "well short of the earlier estimates that called for 3-5 Bcf a day." According to the Energy Information Administration the U.S. consumed 23.2 Tcf of natural gas in 2008, and is on track to consume around 22.5 Tcf in 2009. With reports of overseas liquefaction plants running..... Complete Story

Cuba Begins Expansion of JV Refinery with Venezuela

The Cuban authorities have begun the expansion of the storage capacity of a Cuban-Venezuelan refinery, local media reported Thursday. Cuban Basic Industry Minister Yadira Garcia hailed the advance of the work, including the installation of four tanks, each one with a capacity of 20,000 cubic meters, reports said. During a tour of these facilities Wednesday, Garcia said expanding the storage capacity of the refinery is "strategic" work.....Complete Story

Sabic Net Tumbles 76% on Plastics, Fertilizer Demand

Saudi Basic Industries Corp., the world’s largest petrochemical maker, said second-quarter profit fell 76 percent, missing analysts’ estimates, as the economic slump hurt prices and demand for plastics and fertilizers. Net income declined to 1.81 billion riyals ($483 million) from 7.55 billion riyals a year earlier, Riyadh based Sabic said today in a statement on the Saudi bourse Web site. The average estimate of four analysts surveyed by Bloomberg was 2 billion riyals.....Complete Story

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Survey Shows, Oil May Rise on Slumped Earnings

Crude oil may rise as better than expected second quarter earnings bolster the outlook for a recovery in demand, a survey of analysts showed. Seventeen of 37 analysts surveyed by Bloomberg News, or 46 percent, said futures will climb through July 24. Ten respondents, or 27 percent, forecast that prices will be little changed, and 10 expected a decline. Last week, 46 percent of analysts said oil would fall. Futures will increase as second quarter earnings beat analyst expectations, said Bill O’Grady, the chief market strategist for Confluence Investment Management in St. Louis. Prices may also increase as equity markets rise.....Complete Story

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The Father Of Shale Gas, An Interview With George Mitchell

Drawn by impressive initial production rates, unconventional shale natural gas plays have been developed at a fever pitch in recent years by independent exploration and production companies like Devon Energy, Goodrich Petroleum and XTO Energy. But it's costly. First they drill down several thousand feet and bank the bit horizontally through the shale. Then they send a 2 million to 4 million gallon mixture of water, sand and chemicals down to break open the rock and release the gas. George Mitchell and his engineers developed the techniques to exploit shale in the Barnett Shale formation in North Texas.....Complete Interview

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The Energy Report Interviews Art Smith of Triple Double Advisors

This is a must read from The Market Oracle, as The Energy Report Interviews Art Smith of Triple Double Advisors on the Long Term Crude Oil Bull Market.

The outlook for oil seems to be brightening amid scant new reserve discoveries and declining reserves at the world's large oil fields. "We believe we're in a fundamentally positive market for oil in the 21st century," says Art Smith, president of Triple Double Advisors, who anticipates oil moving back into the three-digit price range within three to five years. In this exclusive interview with The Energy Report, the 35 year veteran of oil analysis shares his knowledge of energy markets and reveals some of his own investment strategies.....Complete Interview

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Petrobras Opens Cuba Office for oil Search

In a move to prepare for possible oil drilling in Cuba, Brazil's state controlled energy giant Petrobras opened an office in Cuba, the company announced Thursday. As part of its exploratory stage, Petrobras is currently analyzing results of seismic surveys carried out within the block it acquired last October in the communist ruled country's waters of the Gulf of Mexico. According to the terms of its contract with Cupet, Cuba's state owned oil company, Petrobras has until May 2010 to decide whether to begin drilling.....Complete Story

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Crude Oil Rises More Than $1 After U.S. Housing Starts Climb

Crude oil rose more than $1 a barrel as construction of single family dwellings jumped by the most since 2004, a sign the worst of the recession may have passed. Oil increased after the Commerce Department reported that construction of single family homes climbed 14 percent in June. The report also showed that total housing starts rose to the highest since November. Futures tumbled to $32.40 a barrel in December, a four year low, as the economic contraction curbed demand, allowing stockpiles to grow.....Complete Story

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Where Is Oil Headed Next Week?

CNBC's Brian Shactman discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed next week.



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Crude Oil Surprises, Moves Above 10 Day Moving Average

Crude oil closed higher on Friday and above the 10 day moving average crossing at 61.36 signaling that a short term low has been posted. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bullish hinting that a short term low might be in or is near.

If August extends this week's rally, the 20 day moving average crossing at 65.07 is the next upside target. Closes above the 20 day moving average crossing at 65.07 are needed to confirm that a short term low has been posted. If August renews the decline off June's high, the 62% retracement level of this spring's rally crossing at 54.97 is the next downside target.

First resistance is today's high crossing at 63.99
Second resistance is the 20 day moving average crossing at 65.07

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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Natural gas closed slightly higher on Friday and above the 20 day moving average crossing at 3.661 signaling that a short term low might be in or is near. Profit taking tempered early gains and the mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.

Multiple closes above the 20 day moving average crossing at 3.661 are needed to confirm that a short term low has been posted. If August renews this summer's decline, weekly support crossing at 3.155 is the next downside target.

First resistance is the 20 day moving average crossing at 3.66
Second resistance is today's high crossing at 3.79

First support is the 10 day moving average crossing at 34.36
Second support is Monday's low crossing at 3.23

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Natural Gas Heads to Seven Year Low as Supplies Swell

Natural gas futures, the worst performing commodity in 2009, may fall to seven year lows as demand drops with the deepest recession in half a century. Because chemical plants and power producers are burning less, gas inventories rose to 2.886 trillion cubic feet in the week ended July 10, the highest for any week in July since at least 1994, the U.S. Energy Department reported yesterday. Natural gas is down 36 percent this year on the New York Mercantile Exchange.....Complete Story

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Exxon Mobil Bets on Gas Locked in Colorado Mountains

At one time, even nuclear bombs couldn’t loosen ‘tight gas’ trapped in sandstone. Now Exxon Mobil says it has a way.

Oil and gas producers have known for decades that a massive bounty of natural gas lies beneath western Colorado's mountains. Getting at it, however, can be costly and complicated. With a potential gain of 1 billion cubic feet per day of output from its leased land in the deepest part of the gas rich Piceance Basin which would be about 2 percent of all U.S. gas production Exxon Mobil Corp. spent the last decade perfecting a way to drill less for more gas.....Complete Story

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Before You Blame Speculators for Oil ETF Moves…Could You Be One?

From Tom Lydon at ETF Trends....

Oil prices are nowhere near steady, and investors are perplexed as they try to figure out why. Analysts believe that there is one thing that is creating these gyrations in shares prices and exchange traded funds (ETFs): the dreaded speculator. But before you get out your torches…could you be one, too? What’s behind the wild gyrations in oil prices? Market watchers believe it is the investors themselves, the so called speculators.....Complete Story

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Chinese Oil Majors Collect Stake in Angola's Block 32 for $1.3B

Marathon announced that its subsidiary, Marathon International Petroleum Angola Block 32 Limited, has entered into a definitive agreement with CNOOC International Limited (CNOOC), and Sinopec International Petroleum Exploration and Production Corporation (SINOPEC) under which CNOOC and SINOPEC will purchase an undivided 20 percent participating interest in the Production Sharing Contract and Joint Operating Agreement in Block 32 offshore Angola. The transaction has a total value of $1.3 billion, excluding any purchase price adjustments at closing, with an effective date of Jan. 1, 2009.....Complete Story

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Crude Oil Struggles to Extend Rally, Analyst Calling For Lower Prices

Crude oil was lower overnight as it consolidates some of this week's short covering rally. However, stochastics and the RSI are turning bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 64.99 are needed to confirm that a short term low has been posted.

If August renews the decline off June's high, the 62% retracement level of the February-June rally crossing at 54.97 is the next downside target.

Friday's pivot point for crude oil, our line in the sand is 61.59

First resistance is the overnight high crossing at 62.35
Second resistance is the 20 day moving average crossing at 64.99

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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Natural gas was lower overnight as it consolidates some of Thursday's rally. However, stochastics and the RSI are turning bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 3.66 are needed to confirm that a short term low has been posted.

If August natural gas renews the decline off June's high, weekly support crossing at 3.16 is the next downside target.

The natural gas pivot point for Friday is 3.52

First resistance is the 20 day moving average crossing at 3.66
Second resistance is Thursday's high crossing at 3.68

First support is the 10 day moving average crossing at 3.43
Second support is Monday's low crossing at 3.23

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Profits For Oil Industry Expected to Fall Sharply

For the second straight quarter, Exxon Mobil, Royal Dutch Shell and most of the world’s largest oil companies are poised to report quarterly earnings that pale in comparison to a year ago, when results were buoyed by crude prices that topped out near $150 a barrel. The April-June results may be somewhat better than first quarter earnings, which were the lowest in several years, but declines of 50 percent or more from a year ago are likely to be the norm. That’s what happens when oil prices plunge more than 60 percent.....Complete Story


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Oil May Test Bollinger Support Near $58

Crude oil remains in a downtrend and may slip toward its lower Bollinger Band just above $58 a barrel as traders test the resilience of technical support levels, said the head of Cameron Hanover Inc. Oil traded above $62 a barrel this week as buyers stepped in after futures, which dropped July 13 to an eight week low of $58.32, were deemed undervalued, said Peter Beutel, president of the New Canaan, Connecticut-based trading advisory firm......Complete Story

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Where Is Crude Oil Headed on Friday

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




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Daily Crude Oil Prices From Market Masters

Yesterday's sharp rebound in crude oil prices reflected an increased appetite for risk as equity markets rallied thereby precipitating a consequent slide in the US Dollar. In addition the oil market appears to have discounted the higher than expected gasoline stocks, instead taking a bullish cue from the larger than anticipated draw in the crude inventory. It is interesting to note that it is exactly one year since the great oil price spike (14th July 2008 - Bastille Day) but following a drop of almost.....Complete Story



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Short Term Low May be in For Crude Oil and Natural Gas

Crude oil closed higher due to short covering on Thursday as it consolidates some of this month's decline. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are turning bullish hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 65.40 are needed to confirm that a short term low has been posted. If August renews the decline off June's high, the 62% retracement level of this spring's rally crossing at 54.97 is the next downside target.

First resistance is today's high crossing at 62.18
Second resistance is the 20 day moving average crossing at 65.40

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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August Henry natural gas closed sharply higher on Thursday and above the 10 day moving average crossing at 3.426 signaling that a short term low might be in or is near. The high range close sets the stage for a steady to higher opening on Friday.

Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 3.686 are needed to confirm that a short term low has been posted. If August renews this summer's decline, weekly support crossing at 3.155 is the next downside target.

First resistance is today's high crossing at 3.68
Second resistance is the 20 day moving average crossing at 3.69

First support is Monday's low crossing at 3.23
Second support is weekly support crossing at 3.16

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Oil Rises Along With Equities as Roubini Predicts Recession End This Year

Crude oil rose to a one week high as equities climbed and economist Nouriel Roubini said the recession will end this year. Crude oil for August delivery rose 51 cents, or 0.8 percent, to $62.05 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Prices are up 39 percent this year. Futures touched $62.17, the highest since July 8. Brent crude for August settlement declined 34 cents, or 0.5 percent, to $62.75 a barrel on London's.....Complete Story

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Natural Gas Futures Surge After Report Shows Narrowing Surplus

Natural gas futures surged to their biggest gain in four months after a government report showed a narrowing U.S. stockpile surplus. An inventory increase of 90 billion cubic feet in the week ended July 10 sent supplies to 2.886 trillion cubic feet, the Energy Department said. The total was 18.7 percent higher than the five-year average, down from 19.3 percent in last week’s report and the fourth consecutive narrowing. “We’re seeing the impact of the rig count drops,” said Phil Flynn, vice president of research at PFG Best in Chicago.....Complete Story

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Jordan Parliament Approves Shell Oil Exploration Deal

The Jordanian Parliament has approved a multibillion-dollar concession agreement with Royal Dutch Shell PLC to explore oil from Jordan's vast oil shale resources, a source at the country's Natural Resources Authority said Thursday. "The council of deputies has ratified the agreement during a session held Wednesday," the source told Dow Jones Newswires. Shell is expected to spend around $500 million on exploration, assessment and designs on the project.....Complete Story

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Renewed Pressure Forthcoming for Crude Oil

From Mike Paulenoff at The Market Oracle....

My pattern work in nearby crude oil argues for more weakness after this little bounce off of the $58.00 area (into the $62.50-$63.00 area max). If weakness resumes as anticipated, then oil should head for new reaction lows in the $55-$53 target zone to complete the first down leg in the aftermath of the recovery rally from the January low at $32.70 to the June high at $73.23. Let’s notice that both the weekly momentum (relative strength) and weekly stochastics.....Complete Story

OPEC Output Cut Likely if Oil Falls Below $55

OPEC will likely cut production if crude oil prices fall below $55 a barrel by September, a member of Kuwait's Supreme Petroleum Council (SPC) said Wednesday. "OPEC will get concerned if the price goes to $55 or below because that's where a lot of revenue will be lost from lower prices, regardless of demand," Imad al-Atiqi told news agency Zawya Dow Jones in a phone interview. "Most of these countries, including Saudi Arabia, need the price to be above $55-60 to maintain budget expenditures," he added. The SPC oversees Kuwait's oil interests......Complete Story

Crude Oversold, Signals Hint Short Term Low is Near

Crude oil was lower overnight as it consolidates some of Wednesday's rally. However, stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 65.35 are needed to confirm that a short term low has been posted. If August extends the decline off June's high, the 62% retracement level of the February-June rally crossing at 54.97 is the next downside target.

First resistance is the 10 day moving average crossing at 61.47
Second resistance is the 20 day moving average crossing at 65.35

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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Natural gas was higher due to short covering overnight as it consolidates some of Wednesday's decline. Stochastics and the RSI are oversold and are turning bullish hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 3.669 are needed to confirm that a short term low has been posted. If August extends the decline off June's high, weekly support crossing at 3.155 is the next downside target.

Thursday pivot point for natural gas is 3.36

First resistance is Wednesday's high crossing at 3.53
Second resistance is the 20-day moving average crossing at 3.67

First support is Monday's low crossing at 3.23
Second support is weekly support crossing at 3.16

Oil Little Changed as Equities Gain, China’s Economy Revives

Crude oil was little changed after rising yesterday as equities rallied and China’s economy showed signs of rebounding from its weakest growth in almost a decade. U.S. stocks gained 3 percent after Intel Corp. forecast sales that beat analysts’ estimates and gauges of manufacturing improved. China’s gross domestic product expanded 7.9 percent in the second quarter from a year earlier, the country’s statistics bureau said today. That was more than the 7.8 percent median estimate of 20 economists surveyed by Bloomberg News.....Complete Story

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Where is Crude Oil Likely Headed on Thursday

CNBC's Brian Shactman discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed tomorrow [Thursday].




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Crude Oil Trying To Prove Short Term Low is Here

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

Stochastics and the RSI are oversold but are neutral to bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 65.91 are needed to confirm that a short term low has been posted.

If August extends the decline off June's high, the 62% retracement level of this spring's rally crossing at 54.97 is the next downside target.

First resistance is the 10 day moving average crossing at 62.09
Second resistance is the 20 day moving average crossing at 65.91

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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Natural gas posted a key reversal down on Wednesday as it consolidates below broken support crossing at 3.520. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral signaling that sideways to lower prices are possible near term.

If August extends this summer's decline, weekly support crossing at 3.155 is the next downside target. Closes above the 20 day moving average crossing at 3.718 are needed to confirm that a short term low has been posted.

First resistance is today's high crossing at 3.53
Second resistance is the 20 day moving average crossing at 3.72

First support is Monday's low crossing at 3.23
Second support is weekly support crossing at 3.16

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Will Oil Spark A Market Upturn?

Lipow Oil Associattes President, Andy Lipow, talks to Fox Business about why he feels that the oil rally is on the brink of pushing the general markets higher.




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Nigeria Oil Rebel Group Declares 60 Day Ceasefire

Nigeria's largest rebel militia group declared a 60 day ceasefire Wednesday, following the release by the government of their leader. The Movement for the Emancipation of the Niger Delta (MEND) announced the ceasefire, starting Wednesday, in a statement after the government in Abuja released Henry Okah. MEND target oil production facilities in the Niger Delta, claiming that not enough of the country's profits from its oil resources.....Complete Story

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Oil Rises After Report Shows Bigger Than Forecast Supply Drop

Crude oil futures rose after a U.S. government report showed a bigger than forecast decline in inventories. Supplies fell 2.81 million barrels to 344.5 million in the week ended July 10, the Energy Department said today in a weekly report. Inventories were forecast to decline by 2.1 million barrels, according to the median of analyst estimates in a Bloomberg News survey. Crude oil for August delivery rose $1.30, or 2.2 percent, to $60.82 a barrel at 10:36 a.m. on the New York Mercantile Exchange. Oil traded at $60.81 a barrel before the release of the report at 10:30 a.m. in Washington.....Complete Story

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Natural Gas Moves Above 10 Day Moving Average

Natural gas was higher overnight and is trading above the 10 day moving average crossing at 3.45 Stochastics and the RSI are oversold and are turning bullish hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 3.729 are needed to confirm that a short term low has been posted.

If August extends the decline off June's high, weekly support crossing at 3.155 is the next downside target.

Wednesday's pivot point for Natural Gas is 3.42

First resistance is the overnight high crossing at 3.51
Second resistance is the 20 day moving average crossing at 3.73

First support is Monday's low crossing at 3.23
Second support is weekly support crossing at 3.16

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Crude Oil Higher Overnight, Lower Prices Still Possible

Crude oil was higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If August extends the decline, the 62% retracement level of the February-June rally crossing at 54.97 is the next downside target. Closes above the 20 day moving average crossing at 65.84 are needed to confirm that a short term low has been posted.

Wednesday's pivot point, our line in the sand is 60.12

First resistance is the 10 day moving average crossing at 61.95
Second resistance is the 20 day moving average crossing at 65.84

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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$20 Per Gallon Gas?

I am sure that author Christopher Steiner has got a lot of people's attention with his new book "$20 Per Gallon". We have some changes coming as urbanization increases in the U.S. and Steiner's book brings the debate to the public.



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Crude Oil Closes Lower, Natural Gas Higher on Short Covering

Crude oil closed lower on Tuesday as it extended this month's decline. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If August extends the decline off June's high, the 62% retracement level of this spring's rally crossing at 54.97 is the next downside target. Closes above the 20 day moving average crossing at 66.40 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 62.82
Second resistance is the 20 day moving average crossing at 66.40

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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Natural gas closed higher due to short covering on Tuesday as it consolidated some of the decline off June's high. The high range close sets the stage for a steady to higher opening on Wednesday.

Stochastics and the RSI are oversold but are neutral to bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 3.775 are needed to confirm that a short term low has been posted. If August extends this summer's decline, weekly support crossing at 3.155 is the next downside target.

First resistance is the 10 day moving average crossing at 3.48
Second resistance is the 20 day moving average crossing at 3.78

First support is Monday's low crossing at 3.23
Second support is weekly support crossing at 3.16

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Oil Falls on Forecast of Increase in U.S. Fuel Inventories

Crude oil fell on speculation that a government report will show U.S. fuel inventories climbed as the recession curbed consumption. An Energy Department report tomorrow may show that gasoline stockpiles gained for a fifth week, according to a Bloomberg News survey. Prices rose earlier today as earnings from Goldman Sachs Group Inc. topped analysts’ estimates and a report showed that U.S. retail sales grew. “Prices were up earlier but just couldn’t hold on,” said Jim Ritterbusch, president of Ritterbusch & Associates, a Galena, Illinois, energy consultant.....Complete Story

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Shell Set to Open First Cluster of Hydrogen Filling Stations

Shell today opens its second hydrogen filling station in the greater New York City area. With a third due to open in the area later this month and one already operating there for more than a year, this is Shell’s first cluster of hydrogen filling stations.
The station opening today, at JFK international airport, is the result of a partnership between Shell, the Port Authority of New York and New Jersey, the US Department of Energy and General Motors. A third station in the Bronx, due to open late in July, has been developed.....Complete Story

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Oil Rises From Eight Week Low on Economic Recovery Optimism

Crude oil rose from an eight week low on optimism that the economy and fuel demand will rebound after earnings from Goldman Sachs Group Inc. topped analysts’ estimates and retail sales increased. Oil climbed as much as 3 percent as Goldman Sachs posted record earnings and sales at U.S. retailers gained 0.6 percent. China’s economy may have expanded 7.8 percent in the second quarter, according to a Bloomberg News survey. The U.S. and China are the world’s two biggest oil consumers, responsible for more than 30 percent of global demand.....Complete Story

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Exxon to Invest $600 Million in Biofuels Development

Exxon Mobil Corp., the biggest U.S. oil company, plans to invest more than $600 million to develop biofuels with J. Craig Venter’s Synthetic Genomics Inc. The venture will focus on making fuels from algae, Irving, Texas based Exxon Mobil said today in a statement. The company said it expects to spend $300 million on internal costs and pay “potentially more than $300 million” to biotech specialist Synthetic Genomics, known as SGI. Oil companies are investing.....Complete Story

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OPEC: World Oil Demand Growth to Continue Falling in 2009

The Organization of Petroleum Exporting Countries said Tuesday world oil demand growth is expected to continue falling this year as unemployment escalates in OECD countries and consumer sentiment remains constrained but demand could turn positive in 2010 reaching 84.3 million barrels per day. In its July report, OPEC said that "after two consecutive years of negative growth, global demand next year is projected to show a moderate increase of 500,000 barrels a day.....Complete Story

Uncertain Future For Alaskan Gas

New technologies to unlock gas from shale deposits from the Lower 48 and declining prices make predictions on Alaska's potential uncertain, analysts say. Technological advancements for the extraction of gas from shale deposits make the resource more attractive. The sagging economy, however, has suppressed energy demand, making commercial extraction questionable for the time being. Meanwhile, Alaska hopes to build an ambitious gas pipeline network from the North Slope to markets in the Lower 48 by 2018.....Complete Story

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Crude Oil Higher Overnight, Bearish Chart Remains Intact

Crude oil was higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If August crude extends the decline, the 62% retracement level of the February-June rally crossing at 54.97 is the next downside target. Closes above the 20 day moving average crossing at 66.46 are needed to confirm that a short term low has been posted.

Tuesday's pivot point, our line in the sand is 59.68

First resistance is the 10 day moving average crossing at 62.94
Second resistance is the 20 day moving average crossing at 66.46

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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