I believe 38.00 is the crude support now till tomorrow govt. stock pile report is released
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5% - 10% profit per day trading
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1) an inventory report to be released Wednesday by the U.S. Department of Energy is expected to show that crude inventories continue to grow, indicating that demand for energy has evaporated severely.
"The weekly U.S. inventory data is likely to show that crude supplies increased by one million (barrels)," wrote Addison Armstrong of Tradition Energy.
2) Analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., expect the demand picture to be even worse than that.
Ritterbusch said bigger than expected inventory numbers could drive oil prices to new lows.
3) Even large output reductions by the Organization of Petroleum Exporting Countries have failed to boost prices. OPEC has slashed 4 million barrels a day from production and the group's leaders have said it's likely output will be cut again on March 15.
OPEC must slash production and allow crude inventories to slim down before prices stabilize.
4) In an indication of how far demand has fallen, storage facilities continue to fill up even though production from around the world is falling.
The latest official oil production figures from Mexico show output has deteriorated. Mexico's Pemex produced an average of 2.68 million barrels in January, a 9.2 percent year-on-year decline, Armstrong said.
Output at Mexico's most productive field since 1979, the giant Cantarell field, fell 38 percent.
5) "Right now, it's all about the stock markets," said Phil Flynn, an analyst at Alaron Trading Corp. "A little pop on stocks means a little pop on oil. If things start looking bad, then we start looking down."
"The weekly U.S. inventory data is likely to show that crude supplies increased by one million (barrels)," wrote Addison Armstrong of Tradition Energy.
2) Analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., expect the demand picture to be even worse than that.
Ritterbusch said bigger than expected inventory numbers could drive oil prices to new lows.
3) Even large output reductions by the Organization of Petroleum Exporting Countries have failed to boost prices. OPEC has slashed 4 million barrels a day from production and the group's leaders have said it's likely output will be cut again on March 15.
OPEC must slash production and allow crude inventories to slim down before prices stabilize.
4) In an indication of how far demand has fallen, storage facilities continue to fill up even though production from around the world is falling.
The latest official oil production figures from Mexico show output has deteriorated. Mexico's Pemex produced an average of 2.68 million barrels in January, a 9.2 percent year-on-year decline, Armstrong said.
Output at Mexico's most productive field since 1979, the giant Cantarell field, fell 38 percent.
5) "Right now, it's all about the stock markets," said Phil Flynn, an analyst at Alaron Trading Corp. "A little pop on stocks means a little pop on oil. If things start looking bad, then we start looking down."
web link for the post
http://finance.yahoo.com/news/Oil-well-below-40-consumer-apf-14452465.html
http://finance.yahoo.com/news/Oil-well-below-40-consumer-apf-14452465.html
Quote from InvestVision:
1) an inventory report to be released Wednesday by the U.S. Department of Energy is expected to show that crude inventories continue to grow, indicating that demand for energy has evaporated severely.
"The weekly U.S. inventory data is likely to show that crude supplies increased by one million (barrels)," wrote Addison Armstrong of Tradition Energy.
2) Analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., expect the demand picture to be even worse than that.
Ritterbusch said bigger than expected inventory numbers could drive oil prices to new lows.
3) Even large output reductions by the Organization of Petroleum Exporting Countries have failed to boost prices. OPEC has slashed 4 million barrels a day from production and the group's leaders have said it's likely output will be cut again on March 15.
OPEC must slash production and allow crude inventories to slim down before prices stabilize.
4) In an indication of how far demand has fallen, storage facilities continue to fill up even though production from around the world is falling.
The latest official oil production figures from Mexico show output has deteriorated. Mexico's Pemex produced an average of 2.68 million barrels in January, a 9.2 percent year-on-year decline, Armstrong said.
Output at Mexico's most productive field since 1979, the giant Cantarell field, fell 38 percent.
5) "Right now, it's all about the stock markets," said Phil Flynn, an analyst at Alaron Trading Corp. "A little pop on stocks means a little pop on oil. If things start looking bad, then we start looking down."
finally entered oil spread at net $2.50
MAY/APR long/short 42.77/40.27
here is possible cases
1) if APR shoots to >41 there may be loss of 25 cents on this spread
2) if APR drops to 38 level , there will be gain of 50 cents on this spread .
in above case if spread is held for 2 days it will come back to $2.50 resulting no loss flat situaton
MAY/APR long/short 42.77/40.27
here is possible cases
1) if APR shoots to >41 there may be loss of 25 cents on this spread
2) if APR drops to 38 level , there will be gain of 50 cents on this spread .
in above case if spread is held for 2 days it will come back to $2.50 resulting no loss flat situaton
http://finance.yahoo.com/news/Oil-above-40-as-market-apf-14462258.html
Analysts expect crude stocks for the week ended Feb. 20 grew by 2.25 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
The department said last week that inventories fell by 200,000 barrels after rising more than 30 million barrels in about the last two months
Analysts expect crude stocks for the week ended Feb. 20 grew by 2.25 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
The department said last week that inventories fell by 200,000 barrels after rising more than 30 million barrels in about the last two months
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