Who Are The Winners and Losers On Wall Street?

Winners

Parker Drilling 33.59%
Meridian Resource 20.00%
Energy Partners 15.15%
Input/Output 13.79%
Pioneer Drilling 12.73%

Losers

Edge Petroleum -20.00%
Parallel Petroleum -13.42%
Daugherty Resources -7.27%
Swift Energy -5.07%
Ritchie Bros. Auctioneers -4.29%

Change based on the last 2 days of trading

Crude Oil Close Above 10 Day Moving Average, Looks Like The Near Term Low Is In

April crude oil closed higher due to short covering on Wednesday and above the 10 day moving average crossing at $40.35 signaling that a short term low appears to have been posted.

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

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 $42.76 are needed to confirm that a short term low has been posted.

If April renews this month's decline, psychological support crossing at $35.00 is the next downside target.

First resistance is the 20 day moving average crossing at $42.76.

Second resistance is the reaction high crossing at $47.99.

First support is last Thursday's low crossing at $37.12.

Second support is psychological support crossing at $35.00.

Executives Press Congress On Offshore Drilling, Russia Near Deal In Nigeria

"Oil Executives Ask Congress Not to Delay Offshore Drilling"
Top executives at Devon Energy and Shell said Tuesday they will ask Congress not to stall the opening of new offshore drilling areas that can provide the U.S. with a reliable source of energy and jobs....Complete Story

"Gazprom Sees $2.5B Nigeria Deal Sealed in March"
Russia's Gazprom hopes to conclude a $2.5 billion oil and gas exploration deal with Nigeria by the end of March, establishing a 50/50 joint venture with state oil firm NNPC....Complete Story

"Oil Rises for Second Day After Report Shows Decline in Gasoline Supplies"
Crude oil rose to a three week high after a government report showed that U.S. gasoline inventories fell as refineries cut operating rates and demand strengthened....Complete story

"Gasoline Futures in New York Extend Gains as Report Shows Inventories Fell" Gasoline futures advanced after the Energy Department reported supplies fell the most in five months, refiners cut production and drivers bought more motor fuel...Complete story

Crude Oil Moves Back Above 20 Day Moving Average

April 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 a short term low might be in or is near.

Closes above the 20 day moving average crossing at $42.69 are needed to confirm that a short term low has been posted.

If April renews this year's decline, psychological support crossing at $35.00 is the next downside target.

First resistance is Monday's high crossing at $41.49.

Second resistance is the 20 day moving average crossing at $42.69.

First support is last Thursday's low crossing at $37.12.

Second support is psychological support crossing at $35.00.

Market Events To Watch For Wednesday, U.S. Energy Department Inventories

10:30 AM ET. Feb 20 US Energy Dept Oil Inventories

Crude Oil Stocks (previous 350.6M)

Crude Oil Stocks (Net Change) (expected +300K; previous -200K)

Gasoline Stocks (previous 218.7M)

Gasoline Stocks (Net Change) (expected -100K; previous +1.1M)

Distillate Stocks (previous 140.8M)

Distillate Stocks (Net Change) (expected -1.4M; previous -800K)

Refinery Usage (expected 82.2%; previous 82.3%)

Tuesday's Short Covering Has Crude Oil Closing Higher

April crude oil closed higher due to short covering on Tuesday as it extends last week's trading range.

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

Stochastics and the RSI have turned bullish hinting that sideways to higher prices are possible near term.

Closes above the reaction high crossing at $47.99 are needed to confirm that a short term low has been posted.

If April renews this month's decline, psychological support crossing at $35.00 is the next downside target.

First resistance is the 20 day moving average crossing at $42.90.

Second resistance is the reaction high crossing at $47.99.

First support is last Thursday's low crossing at $37.12.

Second support is psychological support crossing at $35.00.

Nymex Up First Time In Three Days, Exxon and Chevron Lift Broader Market

"Nymex Oil Advances for First Time in Three Days as U.S. Equities Rebound"
Crude oil rose for the first time in three days as the U.S. stock market advanced, signaling that fuel use in the world’s biggest energy consuming country may rebound....Complete Story

"Gasoline in New York Has First Gain in Three Days as Stock Futures Climb"
Gasoline futures rose for the first time in three days as U.S. stock indexes advanced after yesterday’s losses and on speculation that supplies of the motor fuel were unchanged last week....Complete Story

"ExxonMobil, Chevron Boost Broad Market"
ExxonMobil and Chevron outpaced gains in the Dow Jones Industrial Average on Tuesday as the oil giants bolstered the broad market. A rise in crude oil prices and positive earnings reports from smaller players encouraged buying....Complete Story

"38 Foreign Cos Register for 2nd Iraq Oil Bid Round"
Thirty-eight international oil companies registered at the Iraqi oil ministry to bid for the 11 groups of oil and gas fields put up for a second bidding round by Iraq at the end of last year....Complete Story

Changes Coming For Controversial Oil Leases, Total Denies Deal

"US Interior Sec to Review Oil Companies Controversial Leases"
U.S. Interior Secretary Ken Salazar said Friday that changes regarding oil companies' leases would likely be part of a comprehensive energy bill Congress is drafting....Complete Story

"Total CEO Denies 'Sealed Deal' with Iran for South Pars Development"
Total's Chief Executive Officer has denied that the French oil giant and Iran are signing a deal before the end of March for the next phase of development at the massive South Pars gas field....Complete Story

"AEA: Offshore Drilling Could Deliver Huge Payoff in Jobs, Revenue"
The American Energy Alliance said lifting the U.S. prohibition on new offshore drilling would provide 1.2 million jobs and substantial revenue....Complete Story

Crude Oil Higher On Short Covering, Still Below 10 Day Moving Average

April crude oil was higher overnight due to short covering but remains below the 10 day moving average crossing at $41.26.

Stochastics and the RSI have turned bullish hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at $43.41 are needed to confirm that a short term low has been posted.

If April renews this year's decline, psychological support crossing at $35.00 is the next downside target.

First resistance is the 10 day moving average crossing at $41.26.

Second resistance is the 20 day moving average crossing at $43.41.

First support is last Thursday's low crossing at $37.12.

Second support is psychological support crossing at $35.00.

Crude Oil's High Range Close Sets The Stage For Higher Open On Monday

March crude oil closed slightly lower on Friday due to profit taking as it consolidated some of Thursday's rally.

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

Stochastics and the RSI have turned bullish hinting that sideways to higher prices are possible near term.

Closes above the reaction high crossing at $42.68 are needed to confirm that a short term low has been posted.

If March renews this month's decline, psychological support crossing at $30.00 is the next downside target.

First resistance is the 20 day moving average crossing at $39.70.

Second resistance is the reaction high crossing at $42.68.

First support is last Thursday's low crossing at $33.55.

Second support is psychological support crossing at $30.00.