• 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 – 21st March 2013

Technical Review of the Energy Markets – 21st March 2013

Natural Gas has struggled at 3.965-3.976 for the past 3 days. We had warned the market should run out of momentum here but we do need a stop loss on shorts above 4.050 for 4.413/414 as the next upside target.

Failure to break higher in this severely over bought market should see us drift back to 3.924/917. Bears need the market back below here or we risk another move towards this week’s high. If we do continue lower, look for another test of 3.869/855 support & a good chance of a low for the day again. However a break of 3.834 could keep the pressure on for excellent support and a buying opportunity at 3.778/777.

 Natural Gas Daily Update - 21.03.13

RBOB Gasoline dipped lower but only to 302 and shot higher. We unexpectedly broke resistance at 309.90 & if we hold above here look for 312.08/25 to be tested again. A break higher does look possible today for 314.25 on the way to 315.51/316.53 but this is tough resistance so we look for prices to halt here. Stops on shorts would be needed above 319.00.

Below 308.80 could see us slide back to 304.71 support. Any longs here need a stop below 303 for 302 & then 299.52 support. If this fails perhaps next week, we could fill the roll over gap at 292.12 but we are not expected to fall any further and this could be a very good buying opportunity with the end of the correction expected.

RBOB Daily Update - 21.03.13

Gasoil was predicted to bottom out yesterday at 897.00, the 4 year trend line support and expected low for the 6 week down trend here. We have suffered sever losses but are now oversold so it is too risky to continue to run shorts. We already reached our first target of 906.40 & got close to 912.68 as we topped at 910.25. So above 910.50 today we look for 912.68 with 917.75 the target above.

Back below 906 however could see 901 & below here risks another test of 897/896. It should be worth attempting longs but we need a wide stop below 892 as this is such a major long term support area. A break then spells serious trouble for this market and could then target 884.75.

Gasoil Daily Update - 21.03.13

By. Jason Sen




Back to homepage


Leave a comment

Leave a comment




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