Oil Falls as Equities Drop, Report Shows Gasoline Supply Gain

Crude oil fell to a six week low as equities slumped and an industry report showed an increase in gasoline inventories in the U.S., the world’s biggest energy consuming country. Oil dropped after the American Petroleum Institute said gasoline supplies rose 767,000 barrels to 212.4 million last week. U.S. stocks fell on concern technology spending will slow and second-quarter earnings will fail to justify a four month rally in equities.....Complete Story

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Crude Oil Market Commentary For Tuesday Evening

Crude oil closed lower on Tuesday as it extended last week's decline. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.

If August renews the decline off June's high, the 38% retracement level of this spring's rally crossing at 62.20 is the next downside target. Closes above the 20 day moving average crossing at 69.44 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 67.78
Second resistance is the 20 day moving average crossing at 69.44

First support is today's low crossing at 62.35
Second support is the 38% retracement level crossing at 62.20

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EIA Sees Slightly Smaller Drop in US Natural Gas Production for 2009

The U.S. Energy Information Administration has revised its forecast for U.S. natural gas production, the decline of which has been lessened for 2009 compared to the governmental agency's prediction last month. In June 2009, the EIA estimated that U.S. natural gas production would fall by 1.1% in 2009 and 2.6% in 2010. According to its Short Term Energy Outlook, the EIA now expects total U.S. marketed natural gas production to drop by 0.6% in 2009.....Complete Story

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OPEC Oil Price Plummets

The oil price of the Organization of the Petroleum Exporting Countries (OPEC) took a steep fall of $2.46 at the start of the week,the Vienna based group announced Tuesday. The basket price for OPEC produced oil dropped to $63.66 Monday. Since the end June, it has shed $5.90. Analysts have linked the current downward trend to lower than forecast economic data from the United States, particularly last week's bleak jobless figures. OPEC's 12 member countries produce more than a third of the world's crude oil.

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Technical Analysis: Gasoline Poised for Slide to 8 Week Low

Gasoline futures may fall nearly 7 percent to an eight week low if the August contract closes below $1.70, according to a technical analysis by Lind-Waldock & Co. in Chicago.
A drop below the 55 day smooth moving average around $1.70 would send prices down to $1.625, the uptrend line connecting the Feb. 19 and April 27 lows, said Blake Robben, a strategist at Lind-Waldock, a division of MF Global Ltd. If prices fall below trendline support, "$1.55 is the next level,” Robben said in an interview.....Complete Story

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Saudi Aramco, Total Sign $9.6B Refinery Deals

State run oil giant Saudi Aramco and France's Total S.A. on Tuesday signed $9.6 billion in deals with contractors to build the 400,000 barrel per day Jubail export refinery, one of the oil rich kingdom's top projects. The two companies awarded 13 contracts for the project, the official Saudi Press Agency reported. The Jubail refinery is seen as a key part of Saudi Arabia's plan to boost overall capacity. But the joint venture had suffered.....Complete Story

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Video: Why Are Oil Prices Falling?

Phil Flynn of PFG Best Research talks to Fox Business on why oil has declined this week and what he thinks about talk of $55 dollar oil.



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Oil, Gas Market Speculation May Face Restrictions by U.S. CFTC

U.S. regulators say they may clamp down on oil and gas price speculators by limiting the holdings of energy futures traders, including index and exchange traded funds. The Commodity Futures Trading Commission will hold hearings to explore the need for government imposed restrictions on speculative trading in oil, gas and other energy markets, Chairman Gary Gensler said today in a statement. The agency didn’t say when the hearings would start or who would be asked to testify.....Complete Story

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Crude Oil Slightly Higher on Short Covering

Crude oil was slightly higher due to short covering overnight as it consolidates some of Monday's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.

If August extends the decline off last week's high, the 38% retracement level of the February-June rally crossing at 62.25 is the next downside target. Closes above the 20 day moving average crossing at 69.54 are needed to confirm that a short term low has been posted.

Tuesday's pivot point for crude oil, our line in the sand is 64.38

First resistance is the 10 day moving average crossing at 67.98
Second resistance is the 20 day moving average crossing at 69.54

First support is Monday's low crossing at 63.40
Second support is the 38% retracement level crossing at 62.25

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Video: S&P 500 Update For Monday Evening

Today we are going to take another look at the S&P 500 Index. It appears that some of the rose coloring on traders’ glasses is beginning to wear thin. Many more traders now perceive this as a two way trading market as opposed to a one way street we witnessed in March and April.

We are going to be analyzing a daily S&P index chart and making some observations that We think potentially could work out if certain elements fall into place.

At the present time our “Trade Triangle” technology is indicating a neutral stance in this market. With the -55 reading our “Trade Triangles” are indicating a trading range which could possibly be an early sign of a reversal.

You can watch this video [just click here] with our compliments and there is no registration requirements. We would love to get your feedback about this video so please feel free to leave a comment.