Where Is Crude Oil Headed This Week, And Beyond

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

Drilling For Oil In Illinois?

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

Crude Oil Closes Lower On Unemployment Concerns

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

Crude Oil Higher Overnight, Falling At Friday's Open

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

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

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

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

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

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

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

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

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

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

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

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

Crude Oil Stock Market Winners and Losers

Winners

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

Losers

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

Changes based on the last 2 days of trading

Crude Oil Closes Higher On Falling Dollar and Stronger Equities Market

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

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

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

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

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

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

Crude Oil Surges!

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

Crude Oil Extends This Week's Decline

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

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

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

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

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

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

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

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

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

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

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

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

Crude Oil Moving Lower, Below 20 Day Moving Average

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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