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

Technical Review of the Energy Markets - 9th May 2013

Technical Review of the Energy Markets - 9th May 2013

Gasoil beat 863/866 again but failed to make it our next target of 875.25/876.25. If we reach here today this is tough resistance & may be worth trying shorts with a stop above 878 as a break higher should fill the gap at 883/884.

Failure to break this week’s high at 872 could see a drift back to support at 861/859.60. However below here look for 852 then better support at 846/844 could see a bounce today. Longs here need a stop below 840.

Gasoil Update - 09.05.13

Natural Gas broke 3.940/935 but bounced above excellent support at 3.844 & 200 week moving average just below at 3.805, where we expected a low for the correction. Yesterday’s reversal does indicate the end of the correction now so we may not see prices test the 3.844/805 support but if we do get a chance today we could exit shorts & try longs with stops below 3.780.

3.940 is now support & if we can hold above here look for a test of 4.025/034. This may be as far as we go so watch for a high for the day here but if we continue higher look for strong resistance at 4.110/130. Try shorts here but we need stops above 4.170 for continued strength up to resistance at 4.234/250.

Natural Gas Update - 09.05.13

RBOB Gasoline is edging higher & may test the 200 day moving average at 288.85 today. Just above here we meet strong Fibonacci resistance at 289.50/291 so this area could hold a move higher. It may therefore be a good idea to exit longs & try shorts with stops above the 100 day moving average at 292.

Support at 283.22 today then 280.46 but below here look for 278.77/23 which should hold the downside.

RBOB Update - 09.05.13

WTI Crude is above resistance at 96.10/25 & looking to test this week’s high of 97.17 but above here we run in to 3 month trend line resistance at 97.53 then April highs at 97.80. We should fail with in this band & hit profit taking being overbought on the daily chart. Exit longs & try shorts with stops above Feb highs at 98.11. If we can then beat January highs at 98.24 look for 99.52.

Good support at 95.50 today then this week’s low at 94.90/85. Below here 94.47/44 is strong support for trying longs but below 94.20 risks further losses to 93.64 & possibly further good support at 92.80/75. Longs here need a stop below 92.30 for 91.60/40 as the next target.

WTI Crude Oil Update - 09.05.13

Brent Crude made it to the target of 105.95/106.05 & topped out here this week to test support at 103.80. We just managed to hold on here & being oversold in the short term now we could go for a retest of 105.95/106.05. This could hold again today but be ready to go with a break higher looking for a test of March lows at 106.80. A break higher from here could then takes us towards 107.96 which is likely to cap at this stage.

103.80/55 is support again today but below here we could test strong support at 102.50. Look for a low for the day here so we could exit shorts & try longs with stops below 102.00.

Brent Crude Oil Update - 09.05.13

By. Jason Sen




Back to homepage


Leave a comment

Leave a comment




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