Gas Glut May Grow as XTO, Devon Wells Prove Prolific

The largest U.S. natural gas producers may be doing too well at the wellhead for their own good, pumping so much of the heating and power plant fuel that prices won’t soon recover from last year’s market collapse. XTO Energy Inc. and Devon Energy Corp., two of the five largest producers of U.S. gas, yesterday reported record output and smaller declines in earnings than analysts estimated. Anadarko Petroleum Corp., London based BP Plc and Chesapeake Energy Corp. previously reported second quarter output gains that helped them beat estimates.....Complete Story

Oil, Natural Gas Market Commentary For Thursday Morning

Crude oil was lower due to profit taking overnight as it consolidates some of the rally off July's low. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near term.

If September extends the rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 66.27 would confirm that a short term top has been posted.

Crude oil pivot point for Thursday is 71.19

First resistance is the overnight high crossing at 72.42
Second resistance is the reaction high crossing at 74.25

First support is the 10 day moving average crossing at 69.00
Second support is the 20 day moving average crossing at 66.27

How to Use Money Management Stops Effectively

Natural gas was slightly higher overnight and is poised to extend this week's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 4.05 are needed to confirm that a low has been posted while opening the door for a larger degree rebound during the first half of August.

If September renews last week's decline, July's low crossing at 3.366 is the next downside target.

Natural gas pivot point for Thursday is 4.00

First resistance is Monday's high crossing at 4.16
Second resistance is the reaction high crossing at 4.72

First support is the 10 day moving average crossing at 3.84
Second support is the 20 day moving average crossing at 3.76

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Has the ‘Gold Bull’ finally arrived?

Is this the Gold move we’ve all been waiting for?

Is the big move finally here? With so many stops and starts in the gold market, it’s hard to know which way is up.

We’re only going to leave this online for a short time. Given the state of the current economy, things move quickly. If the video isn’t watched soon, it won’t be of any use to you. So I urge you to take a few minutes to watch the possible outlooks for gold on the upside.

There is no need to register for this video and of course you can watch it with my compliments. I highly recommend watching this video today otherwise you risk missing out on what could be the move of the year.

Just Click Here to enjoy the video.

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Technical Update From The Gold and Oil Guy for August 5th

This week commodities have been moving higher which is exciting. Oil and natural gas have bullish looking daily and intraday price action. Monday we saw commodities spike higher and profit taking Tuesday and Wednesday. I am expecting a sharp move here and it could be in either direction, so this report is to keep you on your toes.

Crude oil broke out above our resistance trend line this week and has been moving sideways since Monday. This fund could pop up or down quickly here. I do not think it’s a good idea to be chasing it here.



Natural Gas – UNG ETF – Daily Chart
Seems like everyone wants to trade natural gas. I actually think more people are watching it than gold. Which is understandable because I too think Nat Gas has huge potential in the mid – long term time frame. This commodity/fund has chewed up more traders than any other fund. Maybe USO sucked as many people in; either way people are losing their shirts or already lost them with UNG!

It’s amazing how well some traders can buy at the high and sell almost at the very bottom when trading on emotions (fear and greed). That’s exactly what happens to traders when they see something with so much potential. Traders are thinking price could spike 50- 75% so they buy UNG because they are scared to miss out on the rally. Then greed sets in, they either buy more than they should have (large portion of their portfolio) or they buy more when the price drops a little. Eventually when prices break down and start to free fall all the weak hands bail out of their positions taking a nasty loss.

All this started because they think natural gas has HUGE potential and did not want to miss out. I do like natural gas but until I get a setup I keep my powder dry. If there is half the potential everyone is talking about then why is everyone so persistent at trying to pick the exact bottom? I do not bottom pick in a bear market, it’s not what successful traders do. Wait for the momentum to shift and jump on board when risk is low. I just want the low risk middle section between the bottom and the top.



TheGoldAndOilGuy Trading Conclusion:
The monthly hui chart is getting close to a long term buy signal. With any luck our recent buy signal in GDX will have us in early for the big breakout and multi month rally. I do not forecast but technically speaking the charts are looking bullish for precious metals. It is time for commodities to shine as they pause to take a breather. We could get a sharp drop or a nice pop higher in the next couple days only time will tell so be ready to lock in some gains if things start to slide.

The energy sector had some nice price action this week and with any luck we will have a low risk buy signals for our funds in the coming weeks.

If you would like to receive my Free Weekly Trading Reports or my Real-Time Trading Signals for ETF’s and Stocks please visit my websites at: www.GoldAndOilGuy.com or www.ActiveTradingPartner.com

If you have any questions please feel free to send me an email. My passion is to help others and for us all to make money together with little down side risk.

To Your Financial Success,
Chris Vermeulen
The Gold and Oil Guy

August Special - Save $49 & Get JT Grenough's Crisis Investing E-book Free with membership

Oil Market Absorbs Bearish DOE Report, Closes Higher

Crude oil closed slightly higher on Wednesday after the market absorbed today's bearish DOE stocks report. The high range close sets the stage for a steady to higher 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 September extends the rally off July's low, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 65.76 would confirm that a short term top has been posted.

First resistance is Monday's high crossing at 72.20
Second resistance is the reaction high crossing at 74.25

First support is the 10 day moving average crossing at 68.54
Second support is the 20 day moving average crossing at 65.76

How To Spot Winning Futures....Watch Video NOW

Natural gas closed higher on Wednesday as it extends this week's rally. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that additional strength is possible near term.

If September extends the rally off July's low, June's high crossing at 4.716 is the next upside target.

First resistance is Monday's high crossing at 4.16
Second resistance is June's high crossing at 4.72

First support is the 10 day moving average crossing at 3.81
Second support is the 20 day moving average crossing at 3.74

How to Use Money Management Stops Effectively

The U.S. Dollar closed lower on Wednesday as it extends this month's decline below trading range support crossing at 78.83. The mid range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.

If September extends this month's decline, weekly support crossing at 75.73 is the next downside target. Closes above last Wednesday's high crossing at 79.81 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 78.65
Second resistance is the 20 day moving average crossing at 79.15

First support is Tuesday's low crossing at 77.55
Second support is weekly support crossing at 75.73

Crude Oil Rises After Report Shows U.S. Fuel Demand Increase

Crude oil rose after a U.S. government report showed that fuel supplies dropped as consumption increased to the highest level since February. Fuel demand climbed 3.1 percent to 19.3 million barrels a day last week, the highest since the week ended Feb. 27, the Energy Department said today. Supplies of distillate fuel, a category that includes heating oil and diesel, fell 1.14 million barrels to 161.5 million. Gasoline stockpiles declined and crude oil inventories climbed. “The market is getting support from the demand number, particularly the increase in distillate demand,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut.....Complete Story

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The Psychology of Commodity Price Movement

From guest blogger Adam Hewison...

The price of a futures contract is the result of a decision on the part of both a buyer and a seller. The buyer believes prices will go higher; the seller feels prices will decline. These decisions are represented by a trade at an exact price.

Once the buyer and seller make their trade, their influence in the market is spent except for the opposite reaction they will ultimately have when they close the trade. Thus, there are two aspects to every trade: 1) each trade must ultimately have an opposite reaction on the market, and 2) the trade will influence other traders.

The price of a futures contract is the result of a decision on the part of both a buyer and a seller. The buyer believes prices will go higher; the seller feels prices will decline. These decisions are represented by a trade at an exact price.

Once the buyer and seller make their trade, their influence in the market is spent except for the opposite reaction they will ultimately have when they close the trade. Thus, there are two aspects to every trade: 1) each trade must ultimately have an opposite reaction on the market, and 2) the trade will influence other traders.....Read Complete Article

Natural Gas ETF Trading

Natural gas has taken almost everyone’s money that I have talked to, which means it should be bottoming soon.

Have you ever bought a stock, watched it tick higher and all of a sudden see prices drop taking out your stop order or selling down to a point here you cannot take the pain making you exit for a loss. Only to see prices reverse and move in the direction of the trade you just exited but this time without you!

If this happens then not only is your trading strategy/model needing some tweaking but you also do not understand how the markets REALLY work. The floor traders (market makers) are taking your money and it’s as easy as taking money from a baby. There are tricks the market makers do on a daily basis with stocks, commodities etc… in order to make as much money as possible off the little uneducated trader. I will be sending out a special report about this in the next few weeks.

Oil Falls on Supply Report

Crude oil futures continued falling this morning after the U.S. Energy Department posted stockpile reports. September crude oil for fell 81 cents, or 1.1 percent, to $70.61 a barrel on the New York Mercantile Exchange. Oil traded at $70.73 before the release of the report out of Washingtonat 10:30 a.m.

World Oil Traders Look For Cue From U.S. Economy

Crude oil was lower due to profit taking overnight as it consolidates some of the rally off July's low. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near term.

If September extends the rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 65.72 would confirm that a short term top has been posted.

Crude oil pivot point, our line in the sand for Wednesday is 71.31

First resistance is Monday's high crossing at 72.20
Second resistance is the reaction high crossing at 74.25

First support is the 10 day moving average crossing at 68.47
Second support is the 20 day moving average crossing at 65.72

How To Spot Winning Futures....Watch Video NOW

Natural gas was lower due to profit taking overnight as it consolidates some of Monday's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 4.045 are needed to confirm that a low has been posted while opening the door for a larger degree rebound during the first half of August.

If September renews last week's decline, July's low crossing at 3.366 is the next downside target.

Wednesday's pivot point for Wednesday is 3.97

First resistance is Monday's high crossing at 4.16
Second resistance is the reaction high crossing at 4.72

First support is the 10 day moving average crossing at 3.80
Second support is the 20 day moving average crossing at 3.73

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Profit-Taking Seen In Risky Assets As Rallies Look Overdone

Massive profit taking is seen after crude oil surged above 72 as the rally over the past 3 days was mainly driven by strong macro economic data and robust sentiment. WTI crude oil is currently trading at 70.5, down $1 from yesterday's close. There have been heated debates on the impact of high oil price on economic growth. Fatih Birol of the International Energy Agency, told the press that prices higher than $70/bbl would hurt recovery. The Chief Economist said that 'if we see prices go much higher than that, we may see it slow down.....Complete Story

FREE Trade School Video “The Fibonacci Tool Fully Explained”

Big Oil Speculator Defends Practice in Washington

John Hyland's funds control billions of dollars that flow in and out of energy markets, making him one of the biggest oil speculators in the world and also one of the biggest potential targets for federal regulators. The 50 year old Californian has been asked to appear before the Commodity Futures Trading Commission on Wednesday, where he will say that he isn't the boogie man everyone's looking for. There is evidence that he may be right. "Five years ago, they might have blamed the oil companies,".....Complete Story

Can You Learn to Trade Crude Oil in 90 Seconds

Oil Prices Ease as Traders Expect Rise in Inventories

Crude oil posted an inside day with a lower close on Tuesday as it consolidated some of Monday's rally. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If September extends the rally off July's low, the reaction high crossing at 74.25 is the next upside target. Closes below last Wednesday's low crossing at 62.70 would confirm that a short term top has been posted.

First resistance is Monday's high crossing at 72.20
Second resistance is the reaction high crossing at 74.25

First support is the 10 day moving average crossing at 67.88
Second support is the 20 day moving average crossing at 65.22

How to Use Money Management Stops Effectively

Natural gas posted an inside day with a lower close on Tuesday as it consolidates some of Monday's rally. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned bullish signaling that additional strength is possible near term.

If September extends the rally off July's low, June's high crossing at 4.716 is the next upside target.

First resistance is Monday's high crossing at 4.16
Second resistance is June's high crossing at 4.72

First support is the 10 day moving average crossing at 3.79
Second support is last Wednesday's low crossing at 3.46

Fundamental Analysis For Energy Market

Black gold markets continue their rally as economic data from the first and second biggest oil consumer's, the United States and China regarding the manufacturing sector which aroused anticipations in the markets that the worst of this global recession is over. With the manufacturing sector performing better now, this demand that oil demand would start increasing and this attracted investors to oil markets as they seek potential in profits. The contract gained $2.13 closing at $71.58 while recording a high of $72.20 per barrel.....Complete Story

Colorado State Slightly Lowers '09 Atlantic Hurricane Forecast

Colorado State University hurricane researchers Tuesday revised their 2009 Atlantic hurricane forecast slightly lower. The researchers now expect 10 named storms and four hurricanes in the Atlantic basin between June 1 and Nov. 30. Two of the hurricanes are expected to be major, with sustained winds of 111 miles per hour or greater. The research team had previously forecast 11 named storms and five hurricanes, two of them major. The long term average hurricane season sees 9.6 named storms, 5.9 hurricanes and 2.3 major hurricanes.....Complete Story

Oil Fluctuates as U.S. Incomes Drop, Existing Home Sales Gain

Crude oil fluctuated along with equities after reports showed that U.S. personal incomes dropped in June and the number of contracts to buy previously owned homes increased. Oil rebounded from the day’s lows after the National Association of Realtors said there was a 3.6 percent gain in the index of signed purchase agreements, or pending home resales. Oil slipped as much as 2 percent earlier today after the Commerce Department said that personal incomes tumbled 1.3 percent, the most in four years. Yesterday, futures rose $2.13, or 3.1 percent, to $71.58, the highest settlement since June 12.....Complete Story

How to Use Money Management Stops Effectively

New Video: Fibonacci Analysis of Gold and Crude Oil

You may have heard about Fibonacci, the man who discovered a set of numbers which have been found to have a major affect on the market. So who is this Fibonacci fellow and why are his findings so important in the market place?

The mathematical findings by this thirteenth century Italian man has yielded a useful tool which is used in technical analysis and by scientists in a large array of fields.

In our new short video, I will look at gold and also the crude oil market using MarketClub’s Fibonacci tool. I think you will be surprised and shocked at just how accurate and up to date this dead mathematician’s work is in today’s markets.



This is such an important video that we only want to leave it online for a short time. We urge you to take 4 minutes and learn the Fibonacci secret to the markets.

There is no need to register for this video and of course you can watch it with our compliments, but you must act today otherwise you risk missing out on this key element to the market.

Just Click Here to Watch The Video!

Oil Falls From Seven Week High on Concern Recent Gains Overdone

Crude oil fell from a seven week high on speculation that gains of 13 percent in the past three days weren’t supported by an improvement in demand. Crude stockpiles in the U.S., the world’s biggest energy consumer, probably increased for a second week, according to a Bloomberg News survey before tomorrow’s Energy Department report. Oil futures declined as equity indexes slipped in Europe, where the Stoxx 600 dropped 0.9 percent. “The actual situation in the oil market doesn’t justify levels about $70,” said Hannes Loacker.....Complete Story

Oil, Natural Gas Lower Heading Into Tuesday's Trading

Crude oil was lower due to profit taking overnight as it consolidates some of the rally off July's low. Stochastics and the RSI are diverging but are bullish signaling that sideways to higher prices are possible near term.

If September extends the rally, the reaction high crossing at 74.25 is the next upside target. Closes below the 20 day moving average crossing at 65.18 would confirm that a short term top has been posted.

Tuesday's daily pivot point, our line in the sand is 70.88. Our weekly pivot point is 67.31.

First resistance is Monday's high crossing at 72.20
Second resistance is the reaction high crossing at 74.25

First support is the 10 day moving average crossing at 67.81
Second support is the 20 day moving average crossing at 65.18

Futures Prices in your In box!

Natural gas was lower due to profit taking overnight as it consolidates some of Monday's rally. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 4.045 are needed to confirm that a low has been posted while opening the door for a larger degree rebound during the first half of August.

If September renews last week's decline, July's low crossing at 3.366 is the next downside target.

The natural gas pivot point for Tuesday is 3.92 with the weekly pivot point at 3.68.

First resistance is Monday's high crossing at 4.16
Second resistance is the reaction high crossing at 4.72

First support is the 10 day moving average crossing at 3.79
Second support is last Wednesday's low crossing at 3.46

Where is Oil Headed For Tuesday

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

Crude Oil, Natural Gas Show Near Term Strength

Crude oil closed higher on Monday as it extends the rally off July's low. The high range close sets the stage for a steady to higher opening on Tuesday. Today's rally has turned stochastics and the RSI neutral to bullish signaling that sideways to higher prices are possible near term.

If September extends today's rally, the reaction high crossing at 74.25 is the next upside target. Closes below last Wednesday's low crossing at 62.70 would confirm that a short term top has been posted.

First resistance is today's high crossing at 72.20
Second resistance is the reaction high crossing at 74.25

First support is the 10 day moving average crossing at 67.30
Second support is the 20 day moving average crossing at 64.84

FREE trade school video "How Far Can the Dollar Fall"

Natural gas closed sharply higher on Monday as it extends last Thursday's rally. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that additional strength is possible near term.

If September extends the rally off July's low, June's high crossing at 4.716 is the next upside target.

First resistance is today's high crossing at 4.16
Second resistance is June's high crossing at 4.72

First support is last Wednesday's low crossing at 3.46
Second support is July's low crossing at 3.23

Our favorite Indicator for inflation....and it’s not gold.

Oil Climbs Above $72, Gasoline Jumps on Prospect of Demand Gain

Crude oil rose above $72 a barrel for the first time in a month and gasoline surged as increasing industrial activity bolstered optimism that fuel consumption will rebound. Oil gained as much as 3.9 percent after reports showed that U.S. manufacturing shrank at the slowest pace in 11 months and factory output in China advanced to the highest level in almost a year. The Standard & Poor’s 500 Index climbed above 1,000 for the first time since November, also bolstering optimism that raw material demand and prices will increase.....Complete Story

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Crude Oil Daily Technical Outlook from Oil N' Gold

Crude oil's rise from 62.70 extends further today and breaches 70 level. At this point, intraday bias remains on the upside as long as 68.79 minor support holds. Whole rise from 58.32 is expected to continue to key cluster level at 73.38 with 100% projection of 58.32 to 68.99 from 62.7 at 73.36. On the downside, below 68.79 will indicate that an intraday top is in place and bring consolidation. But break of 62.70 support is needed to indicate that rise from 58.32 has completed. Otherwise, short term outlook will remain bullish....Complete Story

Marathon Oil Profit Falls 47% as Energy Prices Drop

Marathon Oil Corp., the fourth largest U.S. energy company, said second quarter profit fell 47 percent after the recession sapped fuel demand, spurring a collapse in petroleum prices. Net income dropped to $413 million, or 58 cents a share, from $774 million, or $1.08, a year earlier, Houston based Marathon said today in a statement. Excluding such items as gains on asset sales, per share profit was 35 cents, 18 cents below the average of 17 analyst estimates compiled by Bloomberg. Marathon was paid an average of $55.49 per barrel of oil, down by more than half from a year earlier, and its average natural gas price tumbled 57 percent. Marathon follows Exxon Mobil Corp., Chevron Corp. and ConocoPhillips, the biggest U.S. oil companies, in reporting declines in second-quarter profits.....Complete Story

FREE Trend Analysis for your favorite stock!

The Fibonacci Tool Fully Explained

If you are not already using the Fibonacci tool in your trading maybe you have heard of it. It is one of the most effective and simple tools to use in becoming a successful trader. And it is fully explained here in this video, it’s a technical tool that can make you rich.

You may have heard about Fibonacci, the man who discovered a set of numbers who that have a major affect on the market. So who is this Fibonacci fellow, and why are his findings so important in the market place?

The mathematical findings by this thirteenth century Italian man has yielded a useful technical analysis tool which is used in technical analysis and by scientists in a large array of fields. Born Leonardo of Piza, he is better known in the trading community as Fibonacci. Fibonacci’s best known work is Liber Abaci which is generally credited as having introduced the Arabic number system which we use today.

Fibonacci introduced a number sequence in Liber Abaci which is said to be a reflection of human nature. The series is as follows: 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144 and on to infinity. The series is derived by adding each number to the previous. For example, 1+1=2 , 2+1=3, 3+2=5, 5+3=8, 8+5=13, and so on.

We use the Fibonacci series mainly for retracements (see today’s video) and to show us where support and resistance might come into the market. We also use this tool to enter or add onto a position.
In this video we show you these exact retracements and how they affected the market at that time.

Click Here To Watch Video

There is no need to register for this video and of course you can watch it FREE with our compliments today.

Oil, Gasoline Surge as Second Quarter U.S. GDP Tops Projections

Crude oil rose to a one month high and gasoline surged after a report that the U.S. gross domestic product shrank less than estimated bolstered speculation that the economy is recovering from the recession. Oil climbed 3.7 percent after the Commerce Department said that GDP fell at a 1 percent annual pace during the April through June period. The U.S. economy was forecast to shrink at a 1.5 percent pace, according to the median estimate of 78 economists surveyed by Bloomberg News. Prices also gained because of a drop in the dollar against the euro.....Complete Story

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Crude Oil Closes Above Reaction High Crossing

Crude oil closed higher on Friday and above the previous reaction high crossing at 68.99 thereby renewing the rally off this month's low. The high range close sets the stage for a steady to higher opening on Monday. Despite today's rally, stochastics and the RSI remain neutral to bearish hinting that this rally is a corrective rebound.

If September extends this week's rally, the reaction high crossing at 74.25 is the next upside target. Closes below Wednesday's low crossing at 62.70 are needed to confirm that a short term top has been posted.

First resistance is today's high crossing at 69.74
Second resistance is the reaction high crossing at 74.25

First support is the 10 day moving average crossing at 66.65
Second support is the 20 day moving average crossing at 64.50

4 FREE Videos from INO TV!

Natural gas closed lower due to profit taking on Friday as it consolidates some of Thursday's rally. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain bearish hinting that additional weakness is possible near term.

If September renews the rally off this month's low, the reaction high crossing at 4.261 is the next upside target. Closes above the reaction high crossing at 4.045 are needed to renew the rally off this month's low.

First resistance is the 10 day moving average crossing at 3.76
Second resistance is the reaction high crossing at 4.05

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

The Fibonacci Tool Fully Explained

Can Exxon Find Future Growth?

ExxonMobil, suffering like the rest of its Big Oil peers from lower oil and natural gas prices, reported plunging earnings this morning. Net income for the second quarter came in at $3.95 billion, a 62% drop over the same quarter last year. At 81 cents a share, Exxon's results undershot analyst expectations. Yet shareholders received their usual largesse from Exxon: $7 billion in dividends and stock buybacks even while the company suffered a 4% decline in oil and gas production to a current 3.7 million barrels a day.....Complete Story

Pemex Output Goal ‘Uphill Battle,’ Forces Borrowing

Petroleos Mexicanos, Latin America’s largest oil company, is likely to miss its 2009 output goal even after lowering its production forecast, forcing the company to seek other sources of financing to pay for its largest ever capital spending plan. Pemex, which hasn’t increased production in 3 years, needs to raise output by at least 1.6 percent in the final six months of 2009 to reach a goal of 2.65 million barrels a day, according to data compiled by Bloomberg. Mexico City based Pemex lowered its forecast yesterday on an earnings conference call.....Complete Story

4 FREE Videos from INO TV!

Chevron Profits Tumble 71 pct Because of Cheap Oil

Chevron Corp. says its second quarter profit fell 71 percent as demand for crude oil and gasoline plunged. Chevron, the second largest U.S. oil company, said Friday its net income amounted to $1.75 billion, or 87 cents per share, for the three-month period that ended June 30. That compared with $5.98 billion, or $2.90 per share, in the same period last year. The company said its net income suffered from a weak U.S. dollar, amounting to $453 million in reduced earnings. That compares with an income benefit of $126 million in the same period last year. Analysts surveyed by Thomson Reuters expected earnings of 95 cents per share. Those estimates typically exclude one time items.....Your keyword

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Oil Drops After Data Shows U.S. Recession Worse Than Estimated

Crude oil fell, heading for its first monthly decline since January, after revisions to U.S. data showed the economy shrank more than estimated in the recession. Oil is set for its first weekly decline in three weeks after a surprise 5.15 million barrel jump in U.S. crude inventories was reported by the Energy Department. Japan, the world’s third largest oil consumer, said crude imports plunged for a ninth consecutive month in June. “The low $70s has become the ceiling for oil prices, as at this point they begin to weigh on equity markets,” Christopher Bellew, senior broker at Bache Commodities Ltd. in London.....Complete Story

Today’s Stock Market Club Trading Triangles

Crude Oil Slightly Higher as we Look to GDP Numbers

Crude oil traded overnight due to profit taking as traders consolidated some of Thursday's rally. While we have turned positive as we move closer to the pre market release of the GDP numbers, stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If September renews Wednesday's decline, this month's low crossing at 59.30 is the next downside target. Closes above Monday's high crossing at 68.99 are needed to renew the rally off this month's low.

Friday's pivot point for crude oil is 65.58

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

First support is the 20 day moving average crossing at 64.38
Second support is Wednesday's low crossing at 62.70

Free Trade School Video "How To Spot Winning Futures"

Natural gas was lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If September extends this week's decline, this month's low crossing at 3.366 is the next downside target. Closes above the 10 day moving average crossing at 3.765 are needed to temper the near term bearish outlook in the market.

Friday's pivot point for natural gas is 3.67

First resistance is the 10 day moving average crossing at 3.77
Second resistance is the reaction high crossing at 4.05

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

Using Volatility In Your Market Analysis

CNBC Video: Where is Oil Likely to be Headed on Friday

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




The Fibonacci Tool Fully Explained

Crude Closes Higher, Stochastics and RSI Remain Bearish

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

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

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

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

4 FREE Videos from INO TV!

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

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

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

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

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Oil Surges Close to $67 a Barrel in Volatile Week

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


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Oil and Gasoline Surge as Corporate Earnings Boost Confidence

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

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Cushing Oil Storage Rate Causing Energy Worries

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

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Gold and Crude Oil Market Meltdown Analysis with the Market Oracle

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



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Exxon Mobil Profit Drops 66% as Energy Prices Plunge

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

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Daily Oil Prices with Anna Coulling

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



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

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

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

Crude oil pivot point for Thursday is 64.20

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

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

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

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

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

Thursday's pivot point for natural gas is 3.56

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

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

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

Goldman Says Curbing Speculators May Disrupt Markets

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

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Investors Focus On Exxon, Unemployment

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

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New Video: What Happened to the Gold Market

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

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

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

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

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

Where Is Oil Headed on Thursday

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




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

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

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

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

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

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Natural gas closed lower on Wednesday as it extends this week's decline. The mid range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

If September extends this week's decline, this month's low crossing at 3.445 is the next downside target. Closes above the 10 day moving average crossing at 3.782 would temper the near term bearish outlook.

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

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

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

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

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Decline Oil Price Accelerates As Recent Rally Looks Overdone

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

Oil Falls the Most in Three Months After Unexpected Supply Gain

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

What Happened to the Gold Market?

ConocoPhillips Profit Drops 76% After Oil and Gas Plunge

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

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