Crude Oil Hints at Sideways Trading This Week

August crude oil was higher overnight due to light short covering but remains below the 20 day moving average crossing at 70.20. Stochastics and the RSI are turning bullish hinting that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 70.20 are needed to confirm that a short term low has been posted. If August renews last Monday's decline, the 38% retracement of this spring's rally crossing at 62.25 is the next downside target.

Mondays' pivot point, our line in the sand is 69.75

First resistance is the 20 day moving average crossing at 70.20
Second resistance is the reaction high crossing at 71.29

First support is last Tuesday's low crossing at 66.37
Second support is the 38% retracement level at 62.25

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Venezuela to Borrow to Pay Oil Debts

Venezuelan Oil Minister Rafael Ramirez' announcement that the state will borrow more money to help pay off national oil company debts follows the disclosure by President Hugo Chavez of a letter urging Moscow to cooperate in selling oil at $100 a barrel.
State petroleum company Petroleos de Venezuela has run up billions of dollars in debts to contractors since global oil prices began tumbling nearly a year ago. Although denying that PDVSA had cash-flow problems.....Complete Story

Green Bill's Biggest Test Awaits In The Senate

Following intense last minute wrangling among its members and lobbying from President Obama, the House of Representatives passed potentially landmark legislation Friday that seeks to reduce the release of carbon dioxide by making industry pay for its emissions. The Democrat sponsored American Clean Energy and Security Act of 2009 passed by a razor thin margin, with 219 votes in favor, including eight from Republicans just one more than the minimum needed.....Complete Story

Kentucky USA Energy Reports on Drilling at New Albany Shale Leasehold

Kentucky USA Energy has provided an update on the Company's drilling operation on its leasehold property in the New Albany Shale in western Kentucky. The Company's drilling contractor mobilized its rig to the Company's next drilling location, Jimmy Jackson #1, spudded-in, and is presently drilling at approximately 1,172 feet. The Hunter Wells #4 location has been acidized in the Dutch Creek formation at 2,610 to 2,625 feet and at 2,705 to......Complete Story

Using DBO, USO and Oil to Play Crude Oil

This article provides some straightforward insight as to how a retail trader/investor can implement a directional play on the price of crude oil. Included is a discussion of the manner in which the forward market for crude oil can cause crude oil ETF returns to deviate from spot market returns. This article is not intended to be authoritative, comprehensive, or highly technical. It is simply a compilation of previous discussions on the topic.....Complete Story

Iraq Warily Moving Ahead on Contracts With Oil Companies

On Monday, when Iraq puts development rights to some of its largest oil fields up for auction to foreign companies, the bidding will be a watershed moment, representing the first chance for petroleum giants like ExxonMobil to tap into the resources of a country they were kicked out of almost 40 years ago. Yet, there are widespread doubts about whether Iraq is ready for a sudden infusion of capital from international oil corporations.....Complete Story

Russia to Cooperate With Shell on Sakhalin 3 and 4

Russia is prepared to cooperate with Royal Dutch Shell Plc, Europe’s largest oil producer, on oil and gas projects in the Russian Far East known as Sakhalin-3 and Sakhalin-4, Russian Prime Minister Vladimir Putin said. Putin, speaking at his residence in Novo-Ogaryovo, outside Moscow, met with Shell Chief Executive Officer Jeroen van der Veer, and Peter Voser, who will become the next chief executive. Now is an “ideal time” to move quickly.....Complete Story

Oil Prices Hit Reverse as Wall Street Slips

Oil prices fell Friday, mirroring losses on Wall Street, as traders took profits after earlier jumping above 71 dollars per barrel on news of fresh unrest in key crude producer Nigeria. New York's main futures contract, light sweet crude for delivery in August, shed 94 cents to 69.29 dollars a barrel. In London, Brent North Sea crude for August dipped 86 cents to 68.92 dollars. Wall Street shares sank at the open on Friday, one day after a rally, as investors locked in profits and turned cautious ahead of the weekend.....Complete Story

USO : Oil's New Downtrend ?

One of my favorite sites is The ETF Corner. Great analysis, with easy to understand charts using simple channnels. I never make my daily trade set ups without a quick visit to The ETF Corner. Here is their post from Friday on the USO and crude oil......

If USO does not manage to break above $38.5 soon, I believe we will likely see USO trading down within this new red downtrend.

Oil Price Remains Supported As China's Urge For A New Reserve Currency Exerts Pressures On The Dollar

Crude oil price extends gain above 70 in European morning as USD's retreats further against major currencies and stock markets rally. However, the benchmark contract may only add modestly, by around 1-2%, over the week due to the sharp fall earlier this week. NNPC, Nigeria's state oil company said that the nation has already shut around 1.4M bpd of oil production out of its 1.67M bpd quota as MEND's attack has intensified. Managing director of the group said that crude supplies for refinery will finish in 15 days.....Complete Story

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Oil Hints Short Term Low Might be In, Natural Gas Looks to go Lower

Crude oil closed lower due to profit taking on Friday and the low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned neutral hinting that a short term low might be in or is near.

Closes above last Friday's high crossing at 72.85 are needed to confirm that a short term low has been posted.

If August renews this week's decline, the 38% retracement level of this spring's rally crossing at 62.25 is the next downside target.

First resistance is today's high crossing at 71.29
Second resistance is last Friday's high crossing at 72.85

First support is Tuesday's low crossing at 66.37
Second support is the 38% retracement level at 62.25

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Natural gas closed higher due to short covering on Friday as it consolidated some of this week's decline. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If August extends this week's decline, the reaction low crossing at 3.71 is the next downside target. From a broad perspective, August needs to close above 4.82 or below 3.52 to confirm a breakout of this spring's trading range and point the direction of the next trending move.

First resistance is the 10 day moving average crossing at 4.17
Second resistance is the reaction high crossing at 4.57

First support is Wednesday's low crossing at 3.87
Second support is the reaction low crossing at 3.71

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The U.S. Dollar closed lower on Friday as it extends this month's trading range. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. Closes above 81.97 or below 79.62 are needed to clear up near term direction in the market.

First resistance is the reaction high crossing at 81.97
Second resistance is the reaction high crossing at 83.69

First support is Wednesday's low crossing at 79.90
Second support is the reaction low crossing at 79.62

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Industry Gears Up For Drilling, Big Oil's Answer To Carbon Law

"Industry Gears Up for Drilling as Crude Rises"
After plunging to their lowest levels since 2003, NYMEX crude oil futures have rallied strongly during the first half of 2009 and appear set to move even higher, giving oil and gas companies the incentive to start drilling with renewed vigor. As the price of oil climbed steadily during 2008, passing the $100 mark and moving well beyond, predictions for even higher oil prices abounded. In fact, in May 2008, Goldman Sachs predicted that oil prices.....Complete Story

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"Crude Oil, Gasoline Fall After Savings Rate Gains, Stocks Drop"
Crude oil and gasoline fell after the government said the U.S. savings rate climbed to the highest level in more than 15 years, an indication that the economic recovery will be slow to gather strength. Energy futures dropped after the Commerce Department said that household savings increased to 6.9 percent, the highest since December 1993. Equities slipped as the data spurred speculation that the U.S. economy will continue to contract....."Complete Story"

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"Big Oil’ s Answer to Carbon Law May Be Fuel Imports"
America’s biggest oil companies will probably cope with U.S. carbon legislation by closing fuel plants, cutting capital spending and increasing imports. Under the Waxman-Markey climate bill that may be voted on today by the U.S. House, refiners would have to buy allowances for carbon dioxide spewed from their plants and from vehicles when motorists burn their fuel. Imports would need permits only for the latter, which ConocoPhillips.....Complete Story

Lower Dollar Sends Crude Higher, Above 20 DMA

Crude oil was higher overnight trading above the 20 day moving average crossing at 70.27 as it extended this week's rebound. 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 70.32 are needed to confirm that a short term low has been posted.

If July renews Monday's decline, the 38% retracement of this spring's rally crossing at 62.25 is the next downside target.

Friday's Pivot point, our line in the sand is 69.82

First resistance is the overnight high crossing at 71.29.
Second resistance is the reaction high crossing at 73.90.

First support is Tuesday's low crossing at 66.37.
Second support is the 38% retracement level at 62.25.

Today’s Stock Market Club Trading Triangles

Natural gas was slightly higher due to short covering overnight as it extends Thursday's short covering bounce. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If July extends this week's decline, the reaction low crossing at 3.550 is the next downside target. Closes above the 10 day moving average crossing at 3.997 would temper the near term bearish outlook in the market.

The natural gas pivot point for Friday, 4.01

First resistance is the 20 day moving average crossing at 3.937
Second resistance is the 10 day moving average crossing at 3.997

First support is Wednesday's low crossing at 3.717
Second support is the reaction low crossing at 3.550

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Oil Closes Higher on Nigeria Pipeline Attack News

Crude oil closed higher on Thursday as it extends this week's short covering rebound. The high range close sets the stage for a steady to higher opening on Friday.

Stochastics and the RSI are turning neutral hinting that a short term low might be in or is near. Closes above last Friday's high crossing at 72.85 are needed to confirm that a short term low has been posted.

If August renews this week's decline, the 38% retracement level of this spring's rally crossing at 62.25 is the next downside target.

First resistance is today's high crossing at 70.93
Second resistance is last Friday's high crossing at 72.85

First support is Tuesday's low crossing at 66.37
Second support is the 38% retracement level at 62.25

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Natural gas closed higher due to short covering on Thursday as it consolidated some of this week's decline. The mid range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If July extends this week's decline, the reaction low crossing at 3.550 is the next downside target. From a broad perspective, July needs to close above 4.721 or below 3.395 to confirm a breakout of this spring's trading range and point the direction of the next trending move.

First resistance is the 10 day moving average crossing at 3.99
Second resistance is last Tuesday's high crossing at 4.39

First support is Wednesday's low crossing at 3.72
Second support is the reaction low crossing at 3.56

Oil and Gas Surge, Natural Gas Trade Challenged, New California Oil Fields

"Oil and Gasoline Surge After Attack on Shell Pipeline in Nigeria"
Crude oil climbed above $70 and gasoline rose after militants attacked a Royal Dutch Shell Plc pipeline supplying an export terminal in Nigeria, Africa’s largest producer.
The Movement for the Emancipation of the Niger Delta, or MEND, said it attacked a pipeline supplying Shell’s Bonny terminal. Exxon Mobil Corp. shut a fluid catalytic cracker at the Baytown, Texas, refinery yesterday, a union official said. Valero Energy Corp. and Marathon.....Complete Story

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"Natural Gas Trade Challenged by Commodity Focus Shift"
In recent weeks, Wall Street has been shifting its energy focus from crude oil to natural gas as the price of the latter has become historically cheap. The first signs of global economic recovery spurred investors to jump on the energy and materials stocks. The logic was that any increase in economic activity would require an increase in demand for industrial-related commodities and energy and their prices would rise.....Complete Story

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"California’s Undiscovered Oil Fields Beckon Occidental’s Irani"
Occidental Petroleum Corp., the fourth-biggest U.S. oil producer by market value, is drilling exploratory wells in California in a bet that deposits there hold hundreds of millions of barrels of crude. Occidental is counting on prospects near Long Beach and in other parts of the state to drive “meaningful” reserves and output growth in the next decade, Chief Executive Officer Ray Irani said. The company will drill 20 exploratory wells this year.....Complete Story

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Crude Oil Higher On Short Covering

Crude oil was higher overnight due to short covering but remains below the 20 day moving average crossing at 70.02. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term.

If July extends this week's decline, the 38% retracement of this spring's rally crossing at 62.25 is the next downside target. Closes above the 10 day moving average crossing at 70.32 are needed to confirm that a short term low has been posted.

Thursday's pivot point, our line in the sand is 68.77

First resistance is the 20 day moving average crossing at 70.02
Second resistance is the 10 day moving average crossing at 70.32

First support is Tuesday's low crossing at 66.37
Second support is the 38% retracement level at 62.25

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Natural gas was slightly lower overnight as it extends Wednesday's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If July extends this week's decline, the reaction low crossing at 3.550 is the next downside target. Closes above the 10 day moving average crossing at 3.987 would temper the near term bearish outlook in the market.

The natural gas pivot point for Thursday is 3.80

First resistance is the 20 day moving average crossing at 3.93
Second resistance is the 10 day moving average crossing at 3.99

First support is Wednesday's low crossing at 3.72
Second support is the reaction low crossing at 3.56

Renewed Dollar Strength Looks To Send Crude Oil Lower

Crude oil closed sharply lower on Wednesday as it consolidates below the 20 day moving average crossing at 68.85. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If August extends this week's decline, the 25% retracement level of this spring's rally crossing at 66.29 is the next downside target. Closes above last Friday's high crossing at 72.85 are needed to confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 69.86
Second resistance is the 10 day moving average crossing at 70.76

First support is Tuesday's low crossing at 66.37
Second support is the 25% retracement level at 66.29

Today’s Stock Market Club Trading Triangles

Natural gas closed lower on Tuesday as it extends last week's decline. The low 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 July extends today's decline, the reaction low crossing at 3.550 is the next downside target. From a broad perspective, July needs to close above 4.721 or below 3.395 to confirm a breakout of this spring's trading range and point the direction of the next trending move.

First resistance is the 10 day moving average crossing at 4.01
Second resistance is last Tuesday's high crossing at 4.39

First support is today's low crossing at 3.72
Second support is the reaction low crossing at 3.56

Trade Crude in 90 Seconds Click Here

The U.S. Dollar closed higher due to short covering on Wednesday while extending this month's trading range. The high range close sets the stage for a steady to higher opening on Thursday.

Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. Closes above 81.97 or below 79.62 are needed to clear up near term direction in the market.

First resistance is the reaction high crossing at 81.97
Second resistance is the reaction high crossing at 83.69

First support is today's low crossing at 79.90
Second support is the reaction low crossing at 79.62

Natural Gas Falls, More Rigs For Baker Hughes, Sinopec In Iraq

"Natural Gas Falls as U.S. Inventories Build in Mild Weather"
Natural gas futures fell for a fifth day in New York as a government report tomorrow may show that weak demand, prompted by mild weather and the recession, is pushing U.S. stockpiles toward a record high. Gas inventories probably increased 101 billion cubic feet last week, based on the median of 15 analyst estimates compiled by Bloomberg. The five year average increase for the week is 84 billion cubic feet. Storage levels rose to 2.557 trillion cubic feet.....Complete Story

"Is Rig Count About to Rebound? Scenarios for The Future"
Last week Baker Hughes reported that their rig count for active rigs in the United States increased by 23 rigs to 899 active rigs. While this count increased from the prior week, compared to a year ago, the rig count is down by over 1,000 rigs marking one of the worst downturns in the industry history. Our favorite chart shows the rig count for 2000-2009 compared to the rig count of 1973-1983. The similarities are stunning, but even more.....Complete Story

"Sinopec Buys Addax, Gains Reserves in Africa, Iraq’s Kurdistan"
China Petrochemical Corp. will gain reserves in Iraq’s Kurdistan and West Africa upon completing its C$8.3 billion ($7.2 billion) bid for Addax Petroleum Corp. The Chinese company, known as Sinopec Group, is the country’s second-biggest oil producer. It agreed to pay C$52.80 a share in cash for Addax, the Geneva-based company said in a statement yesterday. That’s 47 percent more than Addax’s closing price in Toronto on June 5.....Complete Story