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Archive for October 2008

Daily Oil Prices – October 31st 2008

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Friday, October 31st, 2008

As I mentioned yesterday, for the short term rally to continue it needed a convincing break above the 14 day moving average, and daily oil prices failed to achieve this yestreday. The result was a drop back down below the 9 day moving average, and as we have dropped below yesterday’s low this morning, a test of the lowest level for this year ($59.02) looks on the cards.The medium term trend is bearish while the short and long term trends are sideways.

  1. Support: $61.24 (low of 29/10/08) Resistance: $64.35 (9 day moving average)
  2. Support: $59.47 (low of 28/10/08) Resistance: $63.96 (low of 22/10/08)
  3. Support: $59.02 (low of 27/10/08) Resistance: $63.59 (high of 27/10/08)

Summary:

After making the highest level for six trading sessions oil prices fell back yesterday on the back of a stronger US Dollar and falling stock markets. Prices are again lower today as a decision by Japan’s Central Bank to reduce interest rates failed to find buyers, whereas the decision should have been supportive for prices. With the recession biting hard in the US particularly, traders are reluctant to buy, fearing that demand will continue to decrease in the world’s biggest energy absorbing country. Eyes will remain on the US Dollar and stock markets today. As always have a good weekend and I will be back on Monday morning with more daily news and comment on world oil prices.


Categories : Daily Oil Prices
Tags : daily oil price, Daily Oil Prices, latest oil prices, live oil prices, October oil prices, oil prices daily, oil prices today, Oil Trading News, trading oil

Daily Oil Prices – October 30th 2008

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Thursday, October 30th, 2008

We saw a strong day yesterday with daily oil prices in a range of nearly six dollars. The most important feature of the day being the break above the 9 day moving average. Although we failed to close above that level last night, we are trading above the average today, and for the short term bull run to continue we need to break convincingly above the 14 day moving average which is currently at $68.21. The medium term trend is bearish while the short and long term trends are sideways.

  1. Support: $65.95 (9 day moving average) Resistance: $80.74 (high of 14/10/08)
  2. Support: $61.24 (yesterday’s low) Resistance: $73.61 (high of 20/10/08)
  3. Support: $59.47 (low of 28/10/08) Resistance: $73.14 (low of 10/10/08)

Although it was DOE stat day yesterday the release of the figures had a rather small impact on the trading activity, with the main focus of the day on the rising stock markets and the cut in interest rates of half of one percent in the US . The financial picture is still leading oil prices with attention being drawn away from fundamental oil news, but if we rally further, which the short term charts are indicating, the question of world demand will be strong in traders minds, and in my opinion will represent a good selling opportunity.
Crude +0.5 (expected +1.6) Gasoline -1.5 (expected +1.3) Distillates +0.7 (expected +2.3)


Categories : Daily Oil Prices
Tags : barrels per day, Daily Oil Prices, DOE, oil news, oil price today, oil prices, oil prices daily, oil stock estimates, Oil Trading News, OPEV cuts, price of oil

Daily Oil Prices – 29th October 2008

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Wednesday, October 29th, 2008

The oil market made new year lows again yesterday as the downtrend continues in daily oil prices. We are still seeing any bounce being sold into which is a feature of downtrends, and although the price of oil has fallen over $85 dollars in last three months, I would advise against trying to pick the markets bottom and only enter a long position, for anything longer than a day trade, when the technical picture has shown us a signal of the trends reversing. The short and medium term trends are still bearish while the long term trend is sideways.

  1. Support: $60.06 (low of 27/10/08) Resistance: $63.96 (low of 22/10/08)
  2. Support: $59.47 (yesterday’s low) Resistance: $63.59 (high of 27/10/08)
  3. Support: $58.46 (low of 09/02/07) Resistance: $62.95 (yesterday’s high)

Summary:

The oil market is finding some strength on the back of the stronger global equity markets and buying from speculators who feel that this market is now oversold. While it is true that the downtrend could afford a decent rally without showing signs of reversing, I feel that the big picture is dominated by falling demand due to world recession and would expect any rally to be sold into. As always on a day of DOE stats I am anticipating a volatile market with many opportunities for the day trader, so watch out for short term intraday trades.

DOE Stock Estimates (Change in millions of barrels)

Crude +1.6 Gasoline +1.3 Distillate +0.7


Categories : Daily Oil Prices
Tags : crude oil price, daily oil price, Daily Oil Prices, oil price, oil prices, oil prices today, prices oil, spoy oil prices, trading oil

Daily Oil Prices – 28th October 2008

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Tuesday, October 28th, 2008

Daily oil prices continued their current down trend yesterday, albeit attempting a rally early on which failed to break resistance above, and subsequently made fresh lows. The moving averages show no signs of turning yet remain a good $5.00 above current levels. With this mornings early activity showing a bounce from the lows, the $60.00 psychological area looks to be offering good support, and charts are pointing to a short term range of $60.00-$64.00.The short and medium term trends are bearish while the long term trend is sideways.

  1. Support : $60.00 (psychological level) Resistance: $66.45 (9 day moving average)
  2. Support : $58.87 (low of 22/02/07) Resistance: $64.00 (low of 23/10/08)
  3. Support : $58.46 (low of 09/02/07) Resistance: $63.59 (high of 27/10/08)

Summary:
The historically unusual, yet relative correlation between oil markets and equities has been proved again yesterday, with heavy selling in the overseas markets and strengthening in the US dollar, trumping the hints dropped by the OPEC’s Secretary General about the possibility of another production cut as early as next month. As long as global financial markets remain unstable with the de-leverage still intact, I feel that there’s still further potential for weakness in the energy complex. As a result of stabilising Far-Eastern equity markets overnight and a weakening US dollar, oil prices are trading this morning $1.50 above the recent lows.


Categories : Daily Oil Prices
Tags : Brent Crude price, daily oil price, Daily Oil Prices, live oil prices, news of oil prices, oil news, oil prices, oil prices today, oil priices, oil trading, OPEC, OPEC news, price of oil, price oil, spot oil prices, trading oil news

Daily Oil Prices – 27th October 2008

By admin · Comments (0)
Monday, October 27th, 2008

Good morning everyone and welcome to another trading week on the daily oil markets, and I believe we are in for some interesting times with oil prices this week. On Friday we saw a range of over $6.00 in crude, as we broke below Wednesday and Thursdays lows and out of the short term double bottom mentioned in my post on Friday. The current chart pattern remains indicative of a continuation of the downtrend; we have already broken below $60.00 in Brent (Oil) which I feel was a psychological target for some traders. The short and medium term trends are bearish while the long term trend is sideways.

  1. Support : $58.87 (low of 22/02/07) Resistance: $67.70 (high of 23/10/08)
  2. Support : $58.46 (low of 09/02/07) Resistance: $67.40 (9 day moving average)
  3. Support : $58.05 (low of 19/02/07) Resistance: $67.33 (high of 24/10/08)

Summary:

As I suggested, Fridays OPEC meeting brought nothing new to the table and a cut of 1.5m bbls per day was never going to be enough to reverse the current down trend in my opinion. Crude continued to fall throughout the trading session in London on Friday and has continued to decline this morning exacerbated by plunging equity markets in Asia, and further gains in the dollar. One would suspect OPEC coming back to the table for further cuts in production, before the next scheduled meeting in December.


Categories : Daily Oil Prices
Tags : crude oil price, Daily Oil Prices, daily prices of oil, oil price, oil price daily, oil prices daily, oil trading, Oil Trading News, trading oil, trading oil prices
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