Archive | June, 2010

Crude Oil Falls Under First Level of Support, Gold Facing Crosscurrents

Though Wednesday’s oil inventory report was neutral for prices, crude oil is at no loss for potential catalysts. Key technical levels are being tested and significant fundamental uncertainty persists. Gold is caught between two powerful forces. Commodities – Energy Crude Oil Falls Below First Level of Support Crude Oil (WTI)        $74.78       -$0.85 […] [...more]

Technicals Comments Off on Crude Oil Falls Under First Level of Support, Gold Facing Crosscurrents

Crude Oil Inventory Watch: Week Ending 6/25/2010

Inventories The Department of Energy reported that in the week ending June 25, 2010, U.S. crude oil inventories decreased 2 million barrels, gasoline inventories increased 0.5 million barrels, distillate inventories increased 2.5 million barrels, and total petroleum inventories increased 3.6 million barrels. Though more bearish than analysts’ expectations, the figures were very much in line […] [...more]

Technicals Comments Off on Crude Oil Inventory Watch: Week Ending 6/25/2010

A Late-Session Rally in the Dollar and Curbed Growth Potential for the US Weigh Crude

Though the first half of the active trading day (through the Asian and much of the European session) would find crude on a bullish track, the climb was anemic at best. When this modest effort to recoup ground lost over the past few days finally capitulated, the subsequent reversal would generate a far more aggressive […] [...more]

Technicals Comments Off on A Late-Session Rally in the Dollar and Curbed Growth Potential for the US Weigh Crude

Weekly Inventories Data – June 30, 2010

U.S. crude oil refinery inputs averaged 15.1 million barrels per day during the week ending June 25, 98 thousand barrels per day below the previous week’s average. Refineries operated at 88.4 percent of their operable capacity last week. Gasoline production increased last week, averaging 9.4 million barrels per day. Distillate fuel production increased last week, […] [...more]

Inventories Comments Off on Weekly Inventories Data – June 30, 2010

Light Crude 06-30

The decline from the May high is an impulse (5 waves) and the move higher from 6724 is in 3 waves and probably complete after failing to reach the 100% extension of the prior rally. Favor the downside. [...more]

Technicals Comments Off on Light Crude 06-30

Crude Declines a 3rd Day on Concern over China

2010-06-30: Crude Declines a 3rd Day on Concern over ChinaCrude Oil prices settled 3% lower Tuesday as a downward revision of a leading Chinese economic indicator sparked a broad market sell-off. Oil dropped for a 3rd day on concern over weakening economic growth in China and as confidence declined more than forecast among consumers in […] [...more]

ForexYard Comments Off on Crude Declines a 3rd Day on Concern over China

Crude Oil Testing $75.50 Support, Gold Inches Higher on Safe Haven Appeal

Crude oil buckled under the pressure of plummeting stock markets, but the commodity remains well above key support near $69.50, and the May lows near $64.00. Prices are near initial support at $75.50; whether this level holds or not will be decided by the fate of broader financial markets. Commodities – Energy Crude Oil Testing […] [...more]

Technicals Comments Off on Crude Oil Testing $75.50 Support, Gold Inches Higher on Safe Haven Appeal

Crude Buffeted by Investor Worry, Chinese Growth Concerns

A cumulative drop in risk appetite and building concern over the future of growth would send the energy market tumbling through the European and US sessions Tuesday. For the US-based WTI crude futures contract, the day’s performance was particularly ugly. North American Commodity Update Commodities – Energy Crude Buffeted by Investor Worry, Chinese Growth Concerns […] [...more]

Technicals Comments Off on Crude Buffeted by Investor Worry, Chinese Growth Concerns

Oil Falls below $78.50

2010-06-29: Oil Falls below $78.50The price of crude oil fell on Monday on forecasts that tropical storm Alex will bypass the Gulf of Mexico’s main oil producing region and BP’s oil spill. The oil price had reached a seven-week high of $79.40 on earlier reports that Alex will become a hurricane in the next 48 […] [...more]

ForexYard Comments Off on Oil Falls below $78.50

Crude Oil Down on Profit Taking, Gold on the Brink

Crude oil got a reminder that hurricane season is just getting started when Tropical Storm Alex formed late last week. Though prices have sold off over the last two session, the larger trend has been strongly to the upside. Global economic concerns remain a wildcard. Commodities – Energy Crude Oil Down on Profit Taking Crude […] [...more]

Technicals Comments Off on Crude Oil Down on Profit Taking, Gold on the Brink

Free Ebook!

Dowlnoad this FREE Ebook to Discover
7 Expert Secrets to Crude Oil Futures Trading
Enter Your Name & Email For Instant Access: