• 2 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 2 days Schlumberger Warns Of Moderating Investment In North America
  • 2 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 2 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 2 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 3 days British Utility Companies Brace For Major Reforms
  • 3 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 3 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 3 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 4 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 4 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 5 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 5 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 days China To Take 5% Of Rosneft’s Output In New Deal
  • 5 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 6 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 6 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 6 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 7 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 7 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 7 days Aramco Says No Plans To Shelve IPO
Alt Text

Gold Prices Could Spike As India Resumes Imports

Gold purchases in India imploded…

Alt Text

Is South America Set For A Gold Rush?

A Chinese gold miner is…

Alt Text

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

Despite the recent political problems…

Technical Review of the Energy Markets – 4th June 2013

Technical Review of the Energy Markets – 4th June 2013

Brent Crude broke 100.00/85 but held on to the next support at 99.50. Today we have support at 101.20/10 but below here look for 100.70/60 & then a retest of 99.85/65. A break lower today could target the 200 week moving average at 98.93. A low for the day is very possible here but longs need stops below 98.60.

102.00/10 is our first resistance but a break above yesterday’s high at 102.48 sees 102.80/85 & possibly a move towards 103.50/60. Exit longs & try shorts here with stops above 104.00.

Brent Crude Oil Update - 04.06.13
Click to enlarge

WTI Crude again tested support in the 91.65/35 area & this held nicely. We then shot higher reaching the upper target of 93.50/80 where we advised to enter shorts & we topped exactly here in fact. Use stops above 94.20 as stated yesterday for the next resistance at 94.80/90. We have been moving sideways in the past few sessions as suggested by our green arrow. We can cover some shorts at 92.75/65 today but below the 200 day moving average at 92.30 look for a retest of 91.45/25. The daily chart is still quite negative so keeps stops tight on any longs below 91.00. On a break lower look for a move towards 90.65 then 90.11/00. Exit shorts & try longs here looking for a low for the day.

WTI Crude Oil Update - 04.06.13
Click to enlarge

Natural Gas resistance at 4.011/034 did hold the bounce yesterday as predicted, where we suggested exiting longs & trying shorts with stops above Friday’s high of 4.064. This trade has worked perfectly with a high at 4.040. This resistance applies again today so we can try the same trade but a break higher would target resistance at 4.083.

We have fallen back to support at 3.970/940 which is also holding to offer a nice profit on our shorts. We look oversold in the short term at this stage so a bounce from here is possible as stated yesterday. However a break lower cannot be ruled out with the daily chart still negative & targets May lows at 3.897/883. A break lower would then see 3.861 tested.

Natural Gas Update - 04.06.13
Click to enlarge

RBOB Gasoline failed at resistance of 282.25/50 for the second day & also held support at 274. However today’s outlook is still quite negative so watch for a break lower to then target 271/70. If we continue lower we should test this years low at 269.15/268.80 this week but should look quite oversold at this stage.

If we can hold above 278.20 we could try for 280.90/281 today. We still have resistance at 282.25/50 but a break higher through 283.30 should trigger stops and a move towards resistance at 285.40/50. Look for a high for the day here to exit longs & try shorts with stops above 287.

RBOB Update - 04.06.13
Click to enlarge

Gasoil headed lower as expected breaking 838 but only as far as 834.25 before we bottomed. We warned that we were oversold short term & a sharp bounce unexpectedly took us through all resistance. Today strong resistance at 859 should hold the topside again so we could use this as a selling opportunity with stops above 863. Immediate support is 853.75 but below here sees 851/50 & possibly 846.50/25. Watch for a bounce from here & may be a low for the day but a break lower could target 841/840 then yesterday’s low at 834. Another break lower today then targets 831/830.

Gasoil Update - 04.06.13
Click to enlarge

By. Jason Sen




Back to homepage


Leave a comment

Leave a comment




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