• 1 day Shell Oil Trading Head Steps Down After 29 Years
  • 1 day Higher Oil Prices Reduce North American Oil Bankruptcies
  • 1 day Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 1 day $1.6 Billion Canadian-US Hydropower Project Approved
  • 1 day Venezuela Officially In Default
  • 2 days Iran Prepares To Export LNG To Boost Trade Relations
  • 2 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 2 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 2 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 2 days Rosneft Announces Completion Of World’s Longest Well
  • 2 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 3 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 3 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 3 days Santos Admits It Rejected $7.2B Takeover Bid
  • 3 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 3 days Africa’s Richest Woman Fired From Sonangol
  • 3 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 3 days Russian Hackers Target British Energy Industry
  • 3 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 4 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 4 days Lower Oil Prices Benefit European Refiners
  • 4 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 4 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 4 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 5 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 5 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 5 days OPEC To Recruit New Members To Fight Market Imbalance
  • 5 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 5 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 5 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 5 days GE Considers Selling Baker Hughes Assets
  • 5 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 5 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 6 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 6 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 6 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 8 days The Oil Rig Drilling 10 Miles Under The Sea
  • 8 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 8 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 8 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
Alt Text

Will Ecuador’s Mining Sector Return To Its Golden Days?

Despite the recent political problems…

Alt Text

Gold Prices Could Spike As India Resumes Imports

Gold purchases in India imploded…

Technical Review of the Energy Markets - 19th March 2013 - Part 1

Technical Review of the Energy Markets - 19th March 2013 - Part 1

WTI Crude broke lower but held above 91.58/40 as hoped. We then broke 93.31 to retest last week’s high at 93.84 & over ran a little to 93.94. So 93.72/94 is our resistance band today & if we push higher look for 94.46, possibly as far as 94.76. It may be worth trying shorts
here with a stop above 95.00.

Failure to beat resistance sees us drifting lower to 93.35 & below here risks a test of support at 92.85/68. there is a chance of a low here today but longs need a stop below 92.45 for the next support at 92.18.

WTI Crude Daily Chart 19.03.13
Click to enlarge.

May Brent Crude retested last week’s low at 107.91/84 & bounced as predicted. We then reached 109.56 resistance & we stated ‘unlikely we can make it any higher at this stage’ as we topped out just above at 109.68.

Support today is at 108.92/83 with a low possible but if we continue lower look for 107.95/78 to be tested once again & a buying opportunity. Longs however need a stop below 107.58 for
107.09/01. Below here risks a test of December lows at 106.66/63.

A push through 109.70 targets 110.01 & possibly 110.46/53. Watch for a high for the day here but shorts need a stop above 110.85.

Brent Daily Chart 19.03.13
Click to enlarge.

Natural Gas tried to break last year’s high at 3.933. We warned all last week that the market is becoming very over bought now and we do expect to see a top for the bull run here this year. We managed to stretch to 3.966 but held below our stop loss level of 3.405 keeping us short for the sell off down to 3.858. We can hold those shorts now looking for 8.847 today. We could continue lower and test the next support at 3.774/768. We would expect a low for the day here.

Resistance at 3.933/966 should hold any move higher now but shorts need a stop above 3.405 for 3.413/414 as the next upside target.

Natural Gas Daily Chart 19.03.13
Click to enlarge.

By. Jason Sen




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News