Suncor To Buy Petro-Canada, Crude Oil Up Sharply On Fed Plan and Stock Rally

"Suncor To Buy Petro-Canada For $15 Billion Of Stock"
Suncor Energy Inc. (SU) said Monday it will acquire Petro-Canada (PCZ) for about $15 billion in stock as the two oil-sands companies bulk up to cut costs in the face of lower oil prices and a slowing world economy....Complete Story

"Crude Up Sharply As Stock Markets Rally"
U.S. crude oil futures rose on Monday, jumping above $53 a barrel as Wall Street and global stock markets rallied on a U.S. plan to buy up so-called toxic assets to tidy up bank balance sheets....Complete Story

"Schlumberger Says Another Round of Layoffs Coming"
Schlumberger is preparing for its second round of layoffs this year amid a global downturn in oil and gas activity that also has also pushed rivals to cut jobs....Complete Story

"Russia Sees No Economic Reason to Join OPEC, Energy Minister Shmatko Says"
Russia Energy Minister Sergei Shmatko said his country has no economic reason to join OPEC at the moment as the national oil industry already responds to market signals....Complete Story

Crude Oil Closes Off Friday's High As The U.S. Dollar Rallies

Crude Oil enjoyed a rally on Friday but closed well off the highs of the day as the U.S. dollar gained strength against other currencies. The posting of an inside day consolidates some of Thursday's rally.

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

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

If April extends this month's rally, January's high crossing at 56.86 is the next upside target.

Closes below the 20 day moving average crossing at 45.14 would temper the near
term friendly outlook in the market.

First resistance is Thursday's high crossing at 52.25.
Second resistance is the reaction's high crossing at 56.86.

First support is the 10 day moving average crossing at 47.56.
Second support is the 20 day moving average crossing at 45.14.

Horizon Ships First Oil From Oil Sands Project, Kuwait Cancels 2.1 Billion Deal, Israel Looks To Start Drilling In April 2009

"Oil Falls as Dollar's Gain Against the Euro Reduces Appeal of Commodities"
Crude oil fell from a three month high as the dollar climbed against the euro, decreasing the appeal of commodities as an alternative investment....Complete Story

"Zion Oil Anticipates Drilling Commencement in Israel by April 2009"
Zion anticipates that the drilling rig contracted for the Ma'anit-Rehoboth No. 2 well will arrive in Israel, clear customs and be fully rigged-up to begin drilling in April 2009....Complete Story

"Fluor Says Kuwait Halts Refinery Project, Canceling $2.1 Billion in Orders"
Fluor Corp. said the Kuwait National Petroleum Co. canceled its contract for the Al-Zour refinery project and the remaining $2.1 billion in work will be removed from first-quarter backlog....Complete Story

"Horizon Oil Sands Project Ships First Oil"
North Sea operator Canadian Natural Resources has shipped the first cargo from its Horizon Oil Sands project. CNR said the first shipment of synthetic crude....Complete Story

The SP 500 and Crude Oil.....Two Markets, Going In Two Different Directions

In our new video we are going to be looking at two different markets that are headed in two different directions.

We recently looked at the equity markets and alerted you to some very important levels that we thought the markets would have problems with. Those levels have now been reached and it remains to be seen if we are going to see the kind of market action that we were looking for.

Click Here To Watch Video

The second market were looking at is the crude oil market. This market has recently come alive to the upside and bear watching.

This is a short video, but it may contain the blueprint for these two markets. No registration is required to watch this video.

Higher Crude Oil Prices Possible Near Term

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

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

If April extends the rally, February's high crossing at $56.86 is the next upside target.

Closes below the 20 day moving average crossing at $45.12 are needed to confirm that a short term top has been posted.

First resistance is Thursday's high crossing at $52.25.

Second resistance is February's high crossing at $56.86.

First support is the 10 day moving average crossing at $47.53.

Second support is the 20 day moving average crossing at $45.12.

Can The Crude Oil Bulls Pull Through The Market Turn Down

April crude oil closed higher on Thursday as it extended this week's rally and closed above resistance crossing at $50.88.

The high range close sets the stage for a steady to higher opening on Friday. And closing above $50.88 on Friday would signal that a near term low has been set. We are calling for the SP 500 to open lower on Friday with a possible end to the recent rally. This could put the crude oil bull's in the position for some very heavy lifting on Friday.

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

If April extends this month's rally, January's high crossing at $56.86 is the next upside target.

Closes below the 20 day moving average crossing at $44.55 would temper the near-term friendly outlook in the market.

First resistance is today's high crossing at $52.25.

Second resistance is the reaction's high crossing at $56.86.

First support is the 10 day moving average crossing at $46.94.

Second support is the 20 day moving average crossing at $44.55.

Afghanistan Holds First Bid For Onshore Blocks, Crude Oil Touches Three Month High

"Afghanistan to Hold First Ever Hydrocarbon Bidding Round"
Afghanistan is holding the country's first ever hydrocarbon bidding round with three onshore blocks up for grabs....Complete Story

"Oil Rises Above $52 on Speculation Fed Debt-Buying Plan Will Spur Growth"
Crude oil rose above $52 a barrel, reaching a three month high, after the U.S. Federal Reserve announced plans to spend $1 trillion buying back debt....Complete Story

"Russia May Lease Cuban Offshore Oil Blocks, Reuters Reports"
A group of five Russian companies may lease as many as 15 oil blocks, representing 15,440 square miles, for exploration in Cuba’s portion of the Gulf of Mexico....Complete Story

"TAQA Scales Back Huge North Sea Expansion Plans"
New North Sea operator TAQA has confirmed that it is gearing down from the previously blistering pace of acquisitions, after posting Q4 profits that were down due to....Complete Story

Crude Oil Moves Higher, Is The Reflation Trade On?

April crude oil has opened higher and was higher overnight as it extends this week's rally. Is the reflation trade on?

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

If April extends the rally off February's low, the reaction high crossing at $50.88 is the next upside target.

Closes below the 20 day moving average crossing at $44.51 are needed to confirm that a short term top has been posted.

First resistance is the overnight high crossing at $50.00.

Second resistance is the reaction high crossing at $50.88.

First support is the 10 day moving average crossing at $46.86.

Second support is the 20 day moving average crossing at $44.51.

I still need two closing days above $50.88 to confirm the mid term low is in.

Crude Oil Still Throwing Off Bullish Signals After Inside Trading Day

April crude oil posted an inside day with a lower close on Wednesday as it consolidated some of this week's rally.

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

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

If April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.

Closes below the 20 day moving average crossing at $44.03 would temper the near term friendly outlook in the market.

First resistance is Tuesday's high crossing at $49.82.

Second resistance is the reaction's high crossing at $50.88.

First support is the 10 day moving average crossing at $46.24.

Second support is the 20 day moving average crossing at $44.03.

Crude Oil Spikes On Federal Reserve News, Iran Complains About Low Oil Prices

"Oil Rises in Electronic Trading on Fed's New Plan to Shore Up U.S. Economy"
Crude oil rose in electronic trading after the Federal Reserve said it will buy as much as $750 billion in mortgage securities and $300 billion in longer term government bonds to help shore up the financial system....Complete Story

"Some in OPEC See $60/Barrel Oil in 2009"
Some members of OPEC have limited their oil price ambitions in 2009 due to the fragility of the world economy, despite OPEC's belief that higher prices are needed to support investment in new supplies....Complete Story

"Naimi Says OPEC Production Quota Compliance to Improve as Members Cut Back"
Saudi Arabia, OPEC’s biggest and most influential oil exporter, expects OPEC members to reduce their shipments from last month to better comply with their quotas, the country’s oil minister said....Complete Story

"Iran FM Calls Oil Price Unjust"
Iranian Foreign Minister Manouchehr Mottaki called the current price of oil both unrealistic and unjust on Tuesday, the official Iranian news agency IRNA reported.
Mottaki, on a visit to the....Complete Story

Traders Taking Crude Oil Profits Overnight

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

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

If April extends the rally off February's low, the reaction high crossing at $50.88 is the next upside target.

Closes below the 20 day moving average crossing at $44.04 are needed to confirm that a short term top has been posted.

First resistance is Tuesday's high crossing at $49.82.

Second resistance is the reaction high crossing at $50.88.

First support is the 10 day moving average crossing at $46.26.

Second support is the 20 day moving average crossing at $44.04.

I would like to see 2 consecutive days of closing price above $50.88 to declare the trend has turned to the upside.

Crude Oil Rallies, Sets New Three Month High

April crude oil closed higher on Tuesday as it extends this month'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 April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.

Closes below the 20 day moving average crossing at $43.47 would temper the near term friendly outlook in the market.

First resistance is today's high crossing at $49.82.

Second resistance is the reaction's high crossing at $50.88.

First support is the 20 day moving average crossing at $43.47.

Second support is the reaction low crossing at $39.44.

Crude Oil Set For Steady To Higher Open

Crude oil is slightly lower going into the equity markets opening this morning. Though yesterday's high range close sets us up for a steady to higher open this morning. Our current trend represents a wide trading range with 1st resistance at 48.83 and 1st support at the 20 day moving average of 42.95. Stochastics and the RSI are turning neutral to bullish hinting that sideways to higher prices are possible near term. If April extends this month's rally, the reaction high crossing at 50.88 is the next upside target. Closes below the 20 day moving average crossing at 42.95 would temper the near term friendly outlook in the market.

Crude Oil Surprises And Rallies To Close Higher

April crude oil closed higher on Monday as it extended 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 hinting that sideways to higher prices are possible near term.

If April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.

Closes below the 20 day moving average crossing at $42.95 would temper the near term friendly outlook in the market.

First resistance is last Monday's high crossing at $48.83.

Second resistance is the reaction's high crossing at $50.88.

First support is the 20 day moving average crossing at $42.95.

Second support is the reaction low crossing at $39.44.

Crude Oil Rises After Brief Down Turn On OPEC News

"Saudi, Iranian Oil Ministers: Prices Should Stand at $60-$75"
The oil ministers of Saudi Arabia and Iran said Monday their target goal for the price of oil was between $60 to $75 a barrel....Complete Story

"Oil Rises as Stocks Climb on Expectations of Economic Recovery by Year-End"
Crude oil rose as global stock markets climbed for a fifth day on optimism that the recession that has curbed demand may end by the close of the year....Complete Story

"Idling of U.S. Gas Rigs Setting Stage for Doubling of Prices"
Survey Shows Natural gas drillers from Devon Energy Corp. to XTO Energy Inc. are idling rigs at the fastest pace since 2002, setting the stage for this year’s worst commodity to almost double as supplies drop faster than demand....Complete Story

"Record Wellhead Order"
Subsea systems provider FMC has been selected by Anadarko to supply a record capacity subsea wellhead system rated for....Complete Story

Crude Oil Lower Overnight On OPEC Meeting News

April crude oil took a gap down and was lower overnight as it consolidates some of last Thursday's rally and digest the news from this weekend's OPEC meeting.

Stochastics and the RSI are neutral to bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at $42.79 are needed to confirm that a short term top has been posted.

If April renews the rally off February's low, the reaction high crossing at $50.88 is the next upside target.

First resistance is last Monday's high crossing at $48.83.

Second resistance is the reaction high crossing at $50.88.

First support is the overnight low crossing at $43.62.

Second support is the 20 day moving average crossing at $42.79.

Crude Closes Lower Shrugging Off OPEC Meeting On Sunday

April crude oil closed lower on Friday as it consolidated some of Thursday's rally.

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

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

Closes below the 20 day moving average crossing at $42.68 would temper the near term friendly outlook in the market.

If April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.

First resistance is Monday's high crossing at $48.83.

Second resistance is the reaction's high crossing at $50.88.

First support is the 20 day moving average crossing at $42.67.

Second support is the reaction low crossing at $39.44.

Crude Oil Falls On IEA, OPEC Forecast. Exxon Brazil Project Rivals Tupi

"Oil Falls After IEA, OPEC Cut Demand Forecasts Because of Global Recession"
Crude oil fell after the International Energy Agency and OPEC cut their global demand forecasts because of the recession in major consuming countries....Complete Story

"Uganda's Environment Body Approves Early Oil Output"
Uganda's environmental authority has approved an early production scheme by Tullow Oil, removing a legal hurdle for development of crude in the Albertine basin....Complete Story

"Exxon Mobil's Brazil Find May Hold 8 Billion Barrels of Oil, Rivaling Tupi"
Exxon Mobil Corp.’s oil discovery off the coast of Brazil may hold enough crude to rival the nearby Tupi prospect as the Western Hemisphere’s largest find in three decades....Complete Story

"South Korea Appeals To Nigerian Government Over Quashed Oil Deal"
Seoul's state energy firm said Thursday it has petitioned Nigerian President Umaru Yar'Adua to reverse his country's decision to scrap oil exploration rights awarded to a South Korean consortium....Complete Story

Crude Oil Signals Short Term Top May Be In, 1st Resistance Is $48.83

April crude oil looks to extend Thursday's rally. Stochastics and the RSI are neutral to bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at $42.72 are needed to confirm that a short term top has been posted.

If April renews the rally off February's low, the reaction high crossing at $50.88 is the next upside target.

First resistance is Monday's high crossing at $48.83.

Second resistance is the reaction high crossing at $50.88.

First support is the 10 day moving average crossing at $44.56.

Second support is the 20 day moving average crossing at $42.72.

Crude Oil Whip Saws Traders With Back To Back Pivotal Days, Short Term Top May Still Be In

April crude oil closed sharply higher on Thursday ending a two day correction off Monday's high.

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

Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at $42.46 would temper the near term friendly outlook in the market.

If April extends this month's rally, the reaction high crossing at $50.88 is the next upside target.

First resistance is Monday's high crossing at $48.83.

Second resistance is the reaction's high crossing at $50.88.

First support is the 20 day moving average crossing at $42.46.

Second support is the reaction low crossing at $39.44.