Archive for November 2008

Daily Oil Prices – November 28th 2008

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Friday, November 28th, 2008

The ‘Inside Day’ yesterday had less than half the range of the previous day, so although crude oil prices broke below the 14 day moving average again, the 9 day moving average proved to be enough of a support level. Maybe worth pointing out is the fact that 9 day moving average is starting to flatten and a strong day today could determine the crossover of the 14 day moving average, which would be a bullish signal for the short term.

The short term is sideways while the medium and the long terms are bearish.

Support: $51.56 (9 day moving average) Resistance: $55.92 (high of 12/11/08

Support: $50.00 (psychological level) Resistance: $54.45 (high of 26/11/08)

Support: $48.00 (low of 24/11/08) Resistance: $53.91 (yesterday high)

Summary:

Oil prices fell slightly in yesterday’s session amid speculation that a potential OPEC production cut in the meeting scheduled this weekend in Cairo may fail to support prices. As OPEC can only control the supply side the market is continuously worried that in a global recession the demand deterioration is still the trump card. Have a great weekend and I will be back on Monday morning with more oil trading news and comment – regards Anna


Categories : Daily Oil Prices
Tags : brent crtude, brent crude oil, crude oil, crude oil price, crude oil prices, daily oil price, Daily Oil Prices, oil price today, oil prices, price brent crude, price crude oil, WTI oil price

Daily Oil Prices – November 27th 2008

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Thursday, November 27th, 2008

Yesterday we saw a range of $ 4.50 dollars which marginally engulfed the previous day range with oil breaking again above the 9 day and 14 day moving average. I feel it is important to note that crude settled above these indicators, and on a break of $54.50 could easily target the top of the $47.50 – $56.50 range pointed out on Tuesday. However failure to break the $54.00 – $54.50 resistance established this week, could see some short term long liquidation and quickly fall back toward $50.00.The short term is sideways while the medium and long terms are bearish.

Support: $51.51 (9 day moving average) Resistance: $55.92 (high of 12/11/08

Support: $50.00 (psychological level) Resistance: $54.45 (yesterdays high)

Support: $48.00 (low of 24/11/08) Resistance: $53.86 (high of 25/11/08)

Summary:

Normally a bearish EIA report, followed by a fairly strong advance in the crude price, would suggest that the market is ready for a significant rally. Still much of yesterday’s price strength appears to be related with gains in the stock markets and an unexpectedly large cut in Chinese interest rates which is viewed as a potential boost to the economy. The Thanksgiving holiday in US is also expected to have an impact on volume level and I feel that the consolidation is likely to continue within the $ 47.50-56.50 range.

DOE Stock Figures (change in millions of barrels)

Crude +7.3 (+0.6) Distillate -0.2 (-1.1) Gasoline +1.8 (+0.3)


Categories : Daily Oil Prices
Tags : crude oil price, daily oil, daily oil price, Daily Oil Prices, oil news, oil price daily, oil prices, Oil Trading News, WTI price

Daily Oil Prices – Crude Oil

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Wednesday, November 26th, 2008

In an ‘Inside Day’ pattern, similar to the one we saw 3 weeks ago, the daily oil prices retraced and crude oil prices erased most of the previous day’s rally. The important feature was that just like before we broke below the 9 day and 14 day moving average, but the fact that we didn’t make new lows seems to suggest that more sideways movements could be expected. The short term is sideways while the medium and long terms are bearish.

Support: $50.10 (yesterdays low) Resistance: $53.86 (yesterdays high)

Support: $48.00 (low of 24/11/08) Resistance: $52.95 (high of 19/11/08)

Support: $47.40 (low of 21/11/08) Resistance: $51.70 (9 day moving average)

Summary:

After the US government plan to bail out Citigroup, yesterday’s report of a contracting gross domestic product came as a reminder that the economic outlook remains grim, which in turn reinforced a weak oil demand that has been making the headlines for more than 4 months. As a consequence crude oil prices moved lower, even in the face of a weak dollar and a relatively stable stock market. Today’s EIA stats are expected to show an increase of about 1 mb crude stocks, but a build in excess of 3-4 mb cannot be ruled out providing, as always, good opportunities for us as oil traders.

DOE Stock estimates (change in millions of barrels)

Crude (+0.6) Distillate (-1.1) Gasoline (+0.3)


Categories : Daily Oil Prices
Tags : crude oil news, crude oil price, daily oil price, Daily Oil Prices, latest oil prices, oil news, oil price today, sunflower oil prices, today oil price, WTI oil price

Crude Oil Daily Prices – November 25th

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Tuesday, November 25th, 2008

As I suggested yesterday, the day belonged to the bulls, as we saw a big rally with crude oil prices moving over six dollars. This came as no surprise to me ( perhaps it did to others!!). In any market, once the TV and media start to comment about a particular price, then you can generally reckon that prices will move in the opposite direction. The most important feature of the day was the break above the 9 and 14 days moving averages and the fact that we closed above these indicators. This in effect halted the seemingly unstoppable downtrend of the last week with the moving averages now predicting sideways movements potentially within a $47.50 -$56.50 range. The short term is sideways while the medium and long terms are bearish.

Support: $51.70 (9 day moving average) Resistance: $56.56 (high of 14/11/08)

Support: $50.60 (low of 13/11/08) Resistance: $54.92 (low of 11/11/08)

Support: $47.40 (low of 21/11/08) Resistance: $54.50 (yesterdays high)

Summary:

The Citigroup rescue package seemed to be the main driver behind the strong rebound in the equity markets which in turn triggered the 9% spike in the crude price. So as mentioned for quite a while, I expect the close correlation between oil price, stock markets and the US dollar to be maintained. At the same time I would advise against any bottom picking as many stories i.e. the US automobile industry are yet to unfold so stock market rallies like these are to be viewed as consolidation at best.


Categories : Daily Oil Prices
Tags : crude oil, crude oil daily prices, crude oil prices, daily oi prices, daily oil news, price crude oil, spot oil prices, sunflower oil, sunflower oil prices

Daily oil prices – November 24th 2008

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Monday, November 24th, 2008

Good morning everyone and welcome to another week of exciting oil trading. It certainly seems to be “one way traffic” for daily oil prices at the moment, but be careful. Once your mind set starts to think that prices can only go one way, then this is generally the point at which they may reverse! Friday’s trading activity once again established fresh lows continuing to add momentum to this relentless down trend. As I mentioned last week, after breaking through the psychological level of 50.00, crude oil prices seems to be on a consolidation path, rather than a real corrective rally. Although oil closed higher on Friday and also marginally higher this morning, I feel that a break of the 9 day moving average will be required to add any technical strength to the short term outlook. The short, medium and long term trends are all bearish.

Support: $47.40 (low of 21/11/08) Resistance: $51.68 (low of 12/11/08)

Support: $47.25 (high of 27/01/05) Resistance: $51.09 (9 day moving average)

Support: $46.43 (high of 30/11/04) Resistance: $50.60 (low of 13/11/08)

Summary:

On Friday we saw a small recovery in the energy complex, mainly because of a late session sharp rebound in the Dow, which shows that the correlation between the price of crude oil and stock markets remains intact. Bad news, literally on a daily basis suggests that the bigger picture is still influenced by a bearish sentiment, with any short term rally quickly dismissed by traders as unconvincing. So although many oil trading analysts expect a period of consolidation at around $50 level, possibly followed by an upward move towards mid $50 region, fresh shorting opportunities are definitely on the cards too.


Categories : Daily Oil Prices
Tags : crude oil, crude oil price, daily oil news, daily oil price, Daily Oil Prices, Oil Futures, oil prices, oil prices today, spot oil contracts, spot oil price, sunflower oil prices, today's oil price, trading oil news, WTI oil price
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