Archive | February, 2010

Oil stored at sea could mean bigger problems and prices in future

In an attempt to get to grips with rising commodity prices, the authorities have recently been trying to force traders to release more information about over-the-counter (off-exchange) derivatives and impose position limits on basic commodities. Regulators want to shine a light on the opaque world of oil storage. Scott O’Malia, a commissioner for the Commodities […] [...more]

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IS OIL FLASHING A WARNING FOR STOCKS AGAIN?

Note in the charts below how oil has recently begun pullbacks before stocks. Oil Chart February 26, 2010 S&P 500 Chart February 26, 2010 NOTE: Oil often moves down before stocks. As the charts above illustrate, oil began its pullback January 12th, more than a week before the S&P began to fall on January 20th. […] [...more]

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Crude Oil Declines Following Economic Concerns

2010-02-26: Crude Oil Declines Following Economic ConcernsCrude Oil failed to find support above $80 a barrel in yesterday’s trading following a series of reports which helped boost the USD temporarily and put downward pressure on commodities. Crude Oil, Gold, Silver and Platinum have all been in decline since the greenback became bullish over a week […] [...more]

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Oil Recovers, Climbing Above $80 a Barrel

2010-02-25: Oil Recovers, Climbing Above $80 a BarrelCrude oil rose more than $1 to $80.20 a barrel after Federal Reserve Chairman Bernanke said the U.S. economy is in a “nascent” recovery that requires low interest rates to encourage demand by consumers and businesses. Oil climbed 1.5% as Bernanke told the House Financial Services Committee that […] [...more]

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Weekly Inventories Data – February 24, 2010

U.S. crude oil refinery inputs averaged 14.1 million barrels per day during the week ending February 19, 335 thousand barrels per day above the previous week’s average. Refineries operated at 81.2 percent of their operable capacity last week. Gasoline production increased last week, averaging 8.9 million barrels per day. Distillate fuel production increased last week, […] [...more]

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Trade Recommendations February 24, 2010

Down Tuesday into early Wednesday European trade. U.S. crude futures dropped to around $78. retreating with the overall risk asset pullback. $80 has been strong resistance for crude in all but the most optimistic periods and periods of US Dollar weakness, because oil was used as a Dollar hedge along with gold. However the current […] [...more]

Cliff Wachtel Comments Off on Trade Recommendations February 24, 2010

Crude Oil Inventories on Tap Today

2010-02-24: Crude Oil Inventories on Tap TodayFollowing a report that U.S. oil stockpiles declined over the last month, the price of crude increased as investors rushed to buy up the commodity. Currently, crude is trading around the 79.19 level, an increase from 78.57 reached last night. Today, traders will want to pay attention to the […] [...more]

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Oil falls on U.S., German economic concerns

Oil prices dropped nearly two per cent to below $79 US a barrel Tuesday, breaking a five-day rally, as a fall in U.S. consumer confidence and German business sentiment sent investors into safer havens, such as the American dollar. U.S. crude futures for April settled $1.45, or 1.81 per cent, lower at $78.86 US a […] [...more]

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Trade Recommendations February 23, 2010

Down Monday, early Tuesday. U.S. crude futures dropped to around $80 a barrel after rising for five days, with some traders selling to book profits on the new front-month contract, retreating with the overall risk asset pullback. Oil fell from six-week highs to below $80 on Tuesday as forecasts for higher U.S. crude and gasoline […] [...more]

Cliff Wachtel Comments Off on Trade Recommendations February 23, 2010

Spot Crude Oil Tops $80 a Barrel!

2010-02-23: Spot Crude Oil Tops $80 a Barrel!Crude Oil traded above $80 a barrel on Monday as a 2-week rally had prices of the commodity hitting little resistance in their ascent. Further support came on short-covering ahead of the expiration of the March U.S. Crude Oil contract and from buying up of U.S. RBOB gasoline […] [...more]

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