Crude oil may rise as better than expected second quarter earnings bolster the outlook for a recovery in demand, a survey of analysts showed. Seventeen of 37 analysts surveyed by Bloomberg News, or 46 percent, said futures will climb through July 24. Ten respondents, or 27 percent, forecast that prices will be little changed, and 10 expected a decline. Last week, 46 percent of analysts said oil would fall. Futures will increase as second quarter earnings beat analyst expectations, said Bill O’Grady, the chief market strategist for Confluence Investment Management in St. Louis. Prices may also increase as equity markets rise.....Complete Story
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Saturday, July 18, 2009
The Father Of Shale Gas, An Interview With George Mitchell
Drawn by impressive initial production rates, unconventional shale natural gas plays have been developed at a fever pitch in recent years by independent exploration and production companies like Devon Energy, Goodrich Petroleum and XTO Energy. But it's costly. First they drill down several thousand feet and bank the bit horizontally through the shale. Then they send a 2 million to 4 million gallon mixture of water, sand and chemicals down to break open the rock and release the gas. George Mitchell and his engineers developed the techniques to exploit shale in the Barnett Shale formation in North Texas.....Complete Interview
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The Energy Report Interviews Art Smith of Triple Double Advisors
This is a must read from The Market Oracle, as The Energy Report Interviews Art Smith of Triple Double Advisors on the Long Term Crude Oil Bull Market.
The outlook for oil seems to be brightening amid scant new reserve discoveries and declining reserves at the world's large oil fields. "We believe we're in a fundamentally positive market for oil in the 21st century," says Art Smith, president of Triple Double Advisors, who anticipates oil moving back into the three-digit price range within three to five years. In this exclusive interview with The Energy Report, the 35 year veteran of oil analysis shares his knowledge of energy markets and reveals some of his own investment strategies.....Complete Interview
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Petrobras Opens Cuba Office for oil Search
In a move to prepare for possible oil drilling in Cuba, Brazil's state controlled energy giant Petrobras opened an office in Cuba, the company announced Thursday. As part of its exploratory stage, Petrobras is currently analyzing results of seismic surveys carried out within the block it acquired last October in the communist ruled country's waters of the Gulf of Mexico. According to the terms of its contract with Cupet, Cuba's state owned oil company, Petrobras has until May 2010 to decide whether to begin drilling.....Complete Story
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Crude Oil Rises More Than $1 After U.S. Housing Starts Climb
Crude oil rose more than $1 a barrel as construction of single family dwellings jumped by the most since 2004, a sign the worst of the recession may have passed. Oil increased after the Commerce Department reported that construction of single family homes climbed 14 percent in June. The report also showed that total housing starts rose to the highest since November. Futures tumbled to $32.40 a barrel in December, a four year low, as the economic contraction curbed demand, allowing stockpiles to grow.....Complete Story
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Friday, July 17, 2009
Where Is Oil Headed Next Week?
CNBC's Brian Shactman discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed next week.
Crude Oil Surprises, Moves Above 10 Day Moving Average
Crude oil closed higher on Friday and above the 10 day moving average crossing at 61.36 signaling that a short term low has been posted. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bullish hinting that a short term low might be in or is near.
If August extends this week's rally, the 20 day moving average crossing at 65.07 is the next upside target. Closes above the 20 day moving average crossing at 65.07 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 63.99
Second resistance is the 20 day moving average crossing at 65.07
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 closed slightly higher on Friday and above the 20 day moving average crossing at 3.661 signaling that a short term low might be in or is near. Profit taking tempered early gains and the mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.
Multiple closes above the 20 day moving average crossing at 3.661 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 the 20 day moving average crossing at 3.66
Second resistance is today's high crossing at 3.79
First support is the 10 day moving average crossing at 34.36
Second support is Monday's low crossing at 3.23
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Natural Gas Heads to Seven Year Low as Supplies Swell
Natural gas futures, the worst performing commodity in 2009, may fall to seven year lows as demand drops with the deepest recession in half a century. Because chemical plants and power producers are burning less, gas inventories rose to 2.886 trillion cubic feet in the week ended July 10, the highest for any week in July since at least 1994, the U.S. Energy Department reported yesterday. Natural gas is down 36 percent this year on the New York Mercantile Exchange.....Complete Story
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Exxon Mobil Bets on Gas Locked in Colorado Mountains
At one time, even nuclear bombs couldn’t loosen ‘tight gas’ trapped in sandstone. Now Exxon Mobil says it has a way.
Oil and gas producers have known for decades that a massive bounty of natural gas lies beneath western Colorado's mountains. Getting at it, however, can be costly and complicated. With a potential gain of 1 billion cubic feet per day of output from its leased land in the deepest part of the gas rich Piceance Basin which would be about 2 percent of all U.S. gas production Exxon Mobil Corp. spent the last decade perfecting a way to drill less for more gas.....Complete Story
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Before You Blame Speculators for Oil ETF Moves…Could You Be One?
From Tom Lydon at ETF Trends....
Oil prices are nowhere near steady, and investors are perplexed as they try to figure out why. Analysts believe that there is one thing that is creating these gyrations in shares prices and exchange traded funds (ETFs): the dreaded speculator. But before you get out your torches…could you be one, too? What’s behind the wild gyrations in oil prices? Market watchers believe it is the investors themselves, the so called speculators.....Complete Story
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