Archive | September, 2010

Weekly Inventories Data – September 29, 2010

Weekly Inventories Data – September 29, 2010

U.S. crude oil refinery inputs averaged 14.7 million barrels per day during the week ending September 24, 381 thousand barrels per day below the previous week’s average. Refineries operated at 85.8 percent of their operable capacity last week. Gasoline production increased last week, averaging 9.2 million barrels per day. Distillate fuel production decreased slightly last […] [...more]

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Crude Oil Consolidates Ahead of Inventory Report

Crude Oil Consolidates Ahead of Inventory Report

Crude Oil (WTI) – $76.54 // $0.36 // 0.47% Commentary: It was another muted day for crude oil price action, as the commodity dipped $0.34, or 0.44%, on the session. Prices continue to consolidate last week’s gains, as elevated inventory levels prevent oil from surging in step with the equity markets. Nevertheless, continued gains in […] [...more]

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Cliff Wachtel Daily Oil Analysis – September 28, 2010

Cliff Wachtel Daily Oil Analysis – September 28, 2010

Oil fell towards $76 on Tuesday, tracking Asian equities lower on lingering concerns about euro-zone debt, which also boosted the dollar.  U.S. crude for delivery in November fell 25 cents to $76.27 a barrel at 0054 GMT, while ICE Brent slid 35  cents to $78.22. U.S. crude oil stockpiles probably fell by 400,000 barrels last […] [...more]

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Crude Oil Holds Gains Despite Decline in Stocks

Crude Oil Holds Gains Despite Decline in Stocks

Crude Oil (WTI) – $76.22 // $0.30 // 0.39% Commentary: Monday was a quiet day for crude, with prices ending the session $0.03, or 0.04%, higher. U.S. equity markets sold off about 0.5% on the day, so in that context, crude oil’s “quiet day” was a strong showing. Overall, oil looks like it is consolidating […] [...more]

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Crude Oil Targeting $80 a Barrel?

Crude Oil Targeting $80 a Barrel?

The price of Crude Oil continues to fluctuate between $71 and $78 a barrel, with a current price settling yesterday just under $77. Speculative reports about a decline in inventories have fueled a number of analyses to predict an impending rise in oil prices from a boost in consumption among the larger economies. The United […] [...more]

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Crude Might Test September High

Crude Might Test September High

Prepared by Jamie Saettele After reversing just shy of its 61.8% retracement, crude declined sharply but not in a clear impulsive manner. As such, another test and push above 7890 cannot be ruled out. A cautious bearish bias is warranted as long as price is below today’s high. A move above there would trigger the […] [...more]

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Petrobras Prepares To Raise $78 Billion In Largest Offering In History

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Cliff Wachtel Daily Oil Analysis – September 24, 2010

Cliff Wachtel Daily Oil Analysis – September 24, 2010

On Friday Oil dropped as investor unease about the economic recovery spread across markets after mixed U.S. employment and housing data, sending equities lower and risk-haven currencies higher. U.S. crude for November  fell 26 cents to $74.92 a barrel in midday. Yet, prices were heading for a weekly gain of more than 1.6 percent, without […] [...more]

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Crude Oil Bucks the Trend and Rises

Crude Oil Bucks the Trend and Rises

Crude Oil (WTI) – $74.98 // $0.20 // 0.27% Commentary: Crude oil managed to reverse early losses in Thursday’s session to settle with a gain of $0.47, or 0.63%. The commodity closed at $75.18, notably above the session’s low of $73.58. It was an odd move considering that U.S. equity markets tumbled 0.83% on the […] [...more]

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Crude Oil Fundamentals Could Be Weaker than Many Expected

Crude Oil Fundamentals Could Be Weaker than Many Expected

The price of Crude Oil continues to float between $73.50 and $76.50 as markets digest the impact of Japan’s bank interventions and speculation about further monetary easing in the United States. The summer driving season in Europe and America did little to support oil prices this year. Fundamentals remain weak for Crude Oil, and few […] [...more]

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