• 11 hours Iraq Begins To Rebuild Largest Refinery
  • 15 hours Canadian Producers Struggle To Find Transport Oil Cargo
  • 17 hours Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 18 hours China's CNPC Considers Taking Over South Pars Gas Field
  • 20 hours BP To Invest $200 Million In Solar
  • 21 hours Tesla Opens New Showroom In NYC
  • 22 hours Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 24 hours Venezuela Sells Oil Refinery Stake To Cuba
  • 1 day Tesla Is “Headed For A Brick Wall”
  • 1 day Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 2 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 2 days Goldman Bullish On Oil Markets
  • 2 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 2 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 2 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 2 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 2 days Colombia Boosts Oil & Gas Investment
  • 2 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 3 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 3 days Aramco On The Hunt For IPO Global Coordinators
  • 3 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 3 days India Feels the Pinch As Oil Prices Rise
  • 3 days Aramco Announces $40 Billion Investment Program
  • 3 days Top Insurer Axa To Exit Oil Sands
  • 4 days API Reports Huge Crude Draw
  • 4 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 4 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 4 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 4 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 4 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 4 days Exxon To Start Reporting On Climate Change Effect
  • 4 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 5 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 5 days Forties Pipeline Could Remain Shuttered For Weeks
  • 5 days Desjardins Ends Energy Loan Moratorium
  • 5 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 5 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 5 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 7 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 8 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

Jason Sen

Jason Sen

Jason Sen began his career at the age of 19 in the options pits, market making his own account as a ‘local’ on the trading…

More Info

Technical Review of the Energy Markets - 20th May 2013

Technical Review of the Energy Markets - 20th May 2013

RBOB Gasoline tested the 100 day moving average at 292.81 but fortunately topped at 292.76 to keep us short. We are now overbought & could head lower as we start this week. First support at 289/87 with the 200 day moving average & this did in fact hold the pullback on Friday, but below here we could see 283.60/282.50 tested to take profit on any remaining shorts. We can use 289.50/291 for a selling opportunity again today with stops above the 100 day moving average at 292.84. A break higher then targets 294.91, possibly 297.76.

RBOB Update - 20.05.13
(Click here to enlarge.)

Natural Gas did bottom out & push higher as predicted, to reach our upper target of 4.092. We start this week looking positive so watch for a break above 4.097 to take us up towards 4.130/33 & possibly as far as 4.163. We should struggle in this area today so watch for a high for the day but if we push on we could reach 4.230/250 perhaps later in the week. Failure to beat resistance at 4.093/97 today however could see us drift back to 4.015. We should meet buyers here so watch for a low for the day but if we continue lower we could retest 3.940/930 support.

Natural Gas Update - 20.05.13
(Click here to enlarge.)

Gasoil unexpectedly broke above 875 to fill the gap at 883.75 but held just below at 882.75. We are now very overbought so we could see profit taking at the start of this week. Look for a dip back to support at 873.55 with a bounce possible. However if we continue lower we meet good support at 868/867 & a good chance of a low for the day to exit any remaining shorts. Next support at 863.25 & then 859/858 could be a buying opportunity later in the week. 882.75/883.75 is our first challenge this week on the topside, with further resistance at 889.35. We should struggle here so watch for a high for the day but shorts need stops above 893 for a test of resistance at 898.

Gasoil Update - 20.05.13
(Click here to enlarge.)

Brent Crude did break above our stop of 104.80 but only made it to 104.87. This did not fit in with our expectation. We are overbought but could push on for 105.31. We should struggle here so watch for a high for the day but if we continue higher look for a retest of 105.95/106.05 May highs. This should hold again this week so we could exit longs & try shorts with stops above 106.50 for a test of March lows at 106.80. Immediate support is at 104.40/20 so a break below here should trigger sell orders & keep the market under pressure for 103.55/35. This may hold the downside but a break lower should see 102.95 & possibly 102.70/50. Good support below then at 102.05/101.90.

Brent Crude Oil Update - 20.05.13
(Click here to enlarge.)

WTI Crude broke above 96.00 which was a little unexpected & we reached 96.45. We could keep up last week’s momentum for a test of May highs at 97.17 but we are overbought and may not even make it this far so watch 96.45/65 along the way. Above 97.17 we hit 3 month trend line resistance at 97.53 & April highs at 97.80. We should fail with in this 97.17/80 band. Being overbought, if we cannot beat 96.45/65 look for a drift back to 95.50. Below here we should see 95.01 & possibly good support at 94.47/44 which should hold the downside. However a break lower again today then targets further good support at 93.67/64.

WTI Crude Oil Update - 20.05.13
(Click here to enlarge.)

By. Jason Sen




Back to homepage


Leave a comment

Leave a comment




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