Chinese Oil Majors Collect Stake in Angola's Block 32 for $1.3B

Marathon announced that its subsidiary, Marathon International Petroleum Angola Block 32 Limited, has entered into a definitive agreement with CNOOC International Limited (CNOOC), and Sinopec International Petroleum Exploration and Production Corporation (SINOPEC) under which CNOOC and SINOPEC will purchase an undivided 20 percent participating interest in the Production Sharing Contract and Joint Operating Agreement in Block 32 offshore Angola. The transaction has a total value of $1.3 billion, excluding any purchase price adjustments at closing, with an effective date of Jan. 1, 2009.....Complete Story

Today’s Stock Market Club Trading Triangles

Crude Oil Struggles to Extend Rally, Analyst Calling For Lower Prices

Crude oil was lower overnight as it consolidates some of this week's short covering rally. However, 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 64.99 are needed to confirm that a short term low has been posted.

If August renews the decline off June's high, the 62% retracement level of the February-June rally crossing at 54.97 is the next downside target.

Friday's pivot point for crude oil, our line in the sand is 61.59

First resistance is the overnight high crossing at 62.35
Second resistance is the 20 day moving average crossing at 64.99

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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Natural gas was lower overnight as it consolidates some of Thursday's rally. However, 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 3.66 are needed to confirm that a short term low has been posted.

If August natural gas renews the decline off June's high, weekly support crossing at 3.16 is the next downside target.

The natural gas pivot point for Friday is 3.52

First resistance is the 20 day moving average crossing at 3.66
Second resistance is Thursday's high crossing at 3.68

First support is the 10 day moving average crossing at 3.43
Second support is Monday's low crossing at 3.23

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Profits For Oil Industry Expected to Fall Sharply

For the second straight quarter, Exxon Mobil, Royal Dutch Shell and most of the world’s largest oil companies are poised to report quarterly earnings that pale in comparison to a year ago, when results were buoyed by crude prices that topped out near $150 a barrel. The April-June results may be somewhat better than first quarter earnings, which were the lowest in several years, but declines of 50 percent or more from a year ago are likely to be the norm. That’s what happens when oil prices plunge more than 60 percent.....Complete Story


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Oil May Test Bollinger Support Near $58

Crude oil remains in a downtrend and may slip toward its lower Bollinger Band just above $58 a barrel as traders test the resilience of technical support levels, said the head of Cameron Hanover Inc. Oil traded above $62 a barrel this week as buyers stepped in after futures, which dropped July 13 to an eight week low of $58.32, were deemed undervalued, said Peter Beutel, president of the New Canaan, Connecticut-based trading advisory firm......Complete Story

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Where Is Crude Oil Headed on Friday

CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed tomorrow [Friday].




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Daily Crude Oil Prices From Market Masters

Yesterday's sharp rebound in crude oil prices reflected an increased appetite for risk as equity markets rallied thereby precipitating a consequent slide in the US Dollar. In addition the oil market appears to have discounted the higher than expected gasoline stocks, instead taking a bullish cue from the larger than anticipated draw in the crude inventory. It is interesting to note that it is exactly one year since the great oil price spike (14th July 2008 - Bastille Day) but following a drop of almost.....Complete Story



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Short Term Low May be in For Crude Oil and Natural Gas

Crude oil closed higher due to short covering on Thursday as it consolidates some of this month's decline. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are turning bullish hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 65.40 are needed to confirm that a short term low has been posted. If August renews the decline off June's high, the 62% retracement level of this spring's rally crossing at 54.97 is the next downside target.

First resistance is today's high crossing at 62.18
Second resistance is the 20 day moving average crossing at 65.40

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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August Henry natural gas closed sharply higher on Thursday and above the 10 day moving average crossing at 3.426 signaling that a short term low might be in or is near. The high range close sets the stage for a steady to higher opening on Friday.

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 3.686 are needed to confirm that a short term low has been posted. If August renews this summer's decline, weekly support crossing at 3.155 is the next downside target.

First resistance is today's high crossing at 3.68
Second resistance is the 20 day moving average crossing at 3.69

First support is Monday's low crossing at 3.23
Second support is weekly support crossing at 3.16

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Oil Rises Along With Equities as Roubini Predicts Recession End This Year

Crude oil rose to a one week high as equities climbed and economist Nouriel Roubini said the recession will end this year. Crude oil for August delivery rose 51 cents, or 0.8 percent, to $62.05 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Prices are up 39 percent this year. Futures touched $62.17, the highest since July 8. Brent crude for August settlement declined 34 cents, or 0.5 percent, to $62.75 a barrel on London's.....Complete Story

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Natural Gas Futures Surge After Report Shows Narrowing Surplus

Natural gas futures surged to their biggest gain in four months after a government report showed a narrowing U.S. stockpile surplus. An inventory increase of 90 billion cubic feet in the week ended July 10 sent supplies to 2.886 trillion cubic feet, the Energy Department said. The total was 18.7 percent higher than the five-year average, down from 19.3 percent in last week’s report and the fourth consecutive narrowing. “We’re seeing the impact of the rig count drops,” said Phil Flynn, vice president of research at PFG Best in Chicago.....Complete Story

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Jordan Parliament Approves Shell Oil Exploration Deal

The Jordanian Parliament has approved a multibillion-dollar concession agreement with Royal Dutch Shell PLC to explore oil from Jordan's vast oil shale resources, a source at the country's Natural Resources Authority said Thursday. "The council of deputies has ratified the agreement during a session held Wednesday," the source told Dow Jones Newswires. Shell is expected to spend around $500 million on exploration, assessment and designs on the project.....Complete Story

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Renewed Pressure Forthcoming for Crude Oil

From Mike Paulenoff at The Market Oracle....

My pattern work in nearby crude oil argues for more weakness after this little bounce off of the $58.00 area (into the $62.50-$63.00 area max). If weakness resumes as anticipated, then oil should head for new reaction lows in the $55-$53 target zone to complete the first down leg in the aftermath of the recovery rally from the January low at $32.70 to the June high at $73.23. Let’s notice that both the weekly momentum (relative strength) and weekly stochastics.....Complete Story

OPEC Output Cut Likely if Oil Falls Below $55

OPEC will likely cut production if crude oil prices fall below $55 a barrel by September, a member of Kuwait's Supreme Petroleum Council (SPC) said Wednesday. "OPEC will get concerned if the price goes to $55 or below because that's where a lot of revenue will be lost from lower prices, regardless of demand," Imad al-Atiqi told news agency Zawya Dow Jones in a phone interview. "Most of these countries, including Saudi Arabia, need the price to be above $55-60 to maintain budget expenditures," he added. The SPC oversees Kuwait's oil interests......Complete Story

Crude Oversold, Signals Hint Short Term Low is Near

Crude oil was lower overnight as it consolidates some of Wednesday's rally. However, stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 65.35 are needed to confirm that a short term low has been posted. If August extends the decline off June's high, the 62% retracement level of the February-June rally crossing at 54.97 is the next downside target.

First resistance is the 10 day moving average crossing at 61.47
Second resistance is the 20 day moving average crossing at 65.35

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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Natural gas was higher due to short covering overnight as it consolidates some of Wednesday's decline. Stochastics and the RSI are oversold and are turning bullish hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 3.669 are needed to confirm that a short term low has been posted. If August extends the decline off June's high, weekly support crossing at 3.155 is the next downside target.

Thursday pivot point for natural gas is 3.36

First resistance is Wednesday's high crossing at 3.53
Second resistance is the 20-day moving average crossing at 3.67

First support is Monday's low crossing at 3.23
Second support is weekly support crossing at 3.16

Oil Little Changed as Equities Gain, China’s Economy Revives

Crude oil was little changed after rising yesterday as equities rallied and China’s economy showed signs of rebounding from its weakest growth in almost a decade. U.S. stocks gained 3 percent after Intel Corp. forecast sales that beat analysts’ estimates and gauges of manufacturing improved. China’s gross domestic product expanded 7.9 percent in the second quarter from a year earlier, the country’s statistics bureau said today. That was more than the 7.8 percent median estimate of 20 economists surveyed by Bloomberg News.....Complete Story

Today’s Stock Market Club Trading Triangles

Where is Crude Oil Likely Headed on Thursday

CNBC's Brian Shactman discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed tomorrow [Thursday].




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Crude Oil Trying To Prove Short Term Low is Here

Crude oil closed higher due to short covering on Wednesday as it consolidates some of this month's decline. The high range close sets the stage for a steady to higher opening on Thursday.

Stochastics and the RSI are oversold but are neutral to bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 65.91 are needed to confirm that a short term low has been posted.

If August extends the decline off June's high, the 62% retracement level of this spring's rally crossing at 54.97 is the next downside target.

First resistance is the 10 day moving average crossing at 62.09
Second resistance is the 20 day moving average crossing at 65.91

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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Natural gas posted a key reversal down on Wednesday as it consolidates below broken support crossing at 3.520. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral signaling that sideways to lower prices are possible near term.

If August extends this summer's decline, weekly support crossing at 3.155 is the next downside target. Closes above the 20 day moving average crossing at 3.718 are needed to confirm that a short term low has been posted.

First resistance is today's high crossing at 3.53
Second resistance is the 20 day moving average crossing at 3.72

First support is Monday's low crossing at 3.23
Second support is weekly support crossing at 3.16

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Will Oil Spark A Market Upturn?

Lipow Oil Associattes President, Andy Lipow, talks to Fox Business about why he feels that the oil rally is on the brink of pushing the general markets higher.




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Nigeria Oil Rebel Group Declares 60 Day Ceasefire

Nigeria's largest rebel militia group declared a 60 day ceasefire Wednesday, following the release by the government of their leader. The Movement for the Emancipation of the Niger Delta (MEND) announced the ceasefire, starting Wednesday, in a statement after the government in Abuja released Henry Okah. MEND target oil production facilities in the Niger Delta, claiming that not enough of the country's profits from its oil resources.....Complete Story

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Oil Rises After Report Shows Bigger Than Forecast Supply Drop

Crude oil futures rose after a U.S. government report showed a bigger than forecast decline in inventories. Supplies fell 2.81 million barrels to 344.5 million in the week ended July 10, the Energy Department said today in a weekly report. Inventories were forecast to decline by 2.1 million barrels, according to the median of analyst estimates in a Bloomberg News survey. Crude oil for August delivery rose $1.30, or 2.2 percent, to $60.82 a barrel at 10:36 a.m. on the New York Mercantile Exchange. Oil traded at $60.81 a barrel before the release of the report at 10:30 a.m. in Washington.....Complete Story

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Natural Gas Moves Above 10 Day Moving Average

Natural gas was higher overnight and is trading above the 10 day moving average crossing at 3.45 Stochastics and the RSI are oversold and are turning bullish hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 3.729 are needed to confirm that a short term low has been posted.

If August extends the decline off June's high, weekly support crossing at 3.155 is the next downside target.

Wednesday's pivot point for Natural Gas is 3.42

First resistance is the overnight high crossing at 3.51
Second resistance is the 20 day moving average crossing at 3.73

First support is Monday's low crossing at 3.23
Second support is weekly support crossing at 3.16

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