• 2 days Shell Oil Trading Head Steps Down After 29 Years
  • 2 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 2 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 2 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 2 days 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
  • 3 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 3 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 3 days Rosneft Announces Completion Of World’s Longest Well
  • 3 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
  • 4 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 4 days Africa’s Richest Woman Fired From Sonangol
  • 4 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 4 days Russian Hackers Target British Energy Industry
  • 4 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
  • 5 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 5 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
  • 6 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 6 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 6 days GE Considers Selling Baker Hughes Assets
  • 6 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 6 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
  • 9 days The Oil Rig Drilling 10 Miles Under The Sea
  • 9 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 9 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 9 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
Alt Text

Gold Prices Could Spike As India Resumes Imports

Gold purchases in India imploded…

Alt Text

Copper Prices Ignited By Chinese Demand Growth

Copper prices saw some gains…

Technical Review of the Energy Markets - 26th February 2013

Technical Review of the Energy Markets - 26th February 2013

Brent made it to 115.40/60 as hoped but went a little further to 115.87 before topping out. We have now tested & held good support in the 113.65/35 band as expected but if we do break lower look for 113.07 then 112.70/60. Here we should see a floor but longs need a stop below 112.30.

There is a good chance of a rally back to 114.34 today. We are in a down trend so this could see selling pressure but if we push on look for 114.97, possibly 115.46/49 but doubtful any further.

Brent Daily Chart 26.02.13
Click here to enlarge.

WTI Crude Oil pushed higher to 94.37 & failed just below 94.81/96 where we predicted a high.

We then collapsed to the target of 91.99 & have bounced from here. Any rally is expected to be short lived but we could reach for 93.14/40. Watch for a high for the day here but if we do continue higher we may reach 93.87/92 for a selling opportunity.

WTI Crude Daily Chart 26.02.13
Click here to enlarge.

Support at 91.99/92 may hold if retested but the daily outlook remains weak & so an eventual
break lower should target 91.58 which may provide a floor today. If however we break 91.10
look for 100 day & 21 week moving average support at 90.90/80. Below here 200 day MA at
90.43 then the up trend line at 90.00 should be a buying opportunity at this stage.

Natural Gas is closing in on the short term 61.8% Fibonacci resistance at 3.446/3.460 where we also meet the 100 day & 21 week Moving Average. We are sting to look over bought in the short term so there is a good chance of us topping out here. However a push through 3.480 keeps the positive momentum going for 3.505/3.512 & possibly as far as 3.534.

A big sell off is not expected but any profit taking could take us back to 3.385/377 but if this
does not hold look for 3.341/337.

Natural Gas Daily Chart 26.02.13
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