Long 48.75
Stop 48.50
Stop 48.50
5% - 10% profit per day trading
- Thread starter spanish89
- Start date
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http://www.alaron.com/energy_report.aspx
Oil is still fighting hard to find something to believe in. The bulls and bears continue to fight to a stalemate result as they try to make their case. For every bearish story there seems to be a compelling bullish argument on the other side. On one hand you have oil demand near a ten year low and supply near a 20 year high and on the other side you have the Fed and its magic money printing press. But then you have OPEC cutting back on production and you have oil investment falling to the wayside.
Oil rallied Friday but is selling off today. Some thought that the rally in oil had something to do with the growing talk of a potential attack on Iran by Israel. This talk seemed to gain a bit of credibility when the London Times reported that the Israeli military is preparing itself to launch a massive aerial assault on Iranâs nuclear facilities within days of being given the go-ahead by its new government. Today the market seems to be worrying more about the rebounding dollar and the falling stock market than any attack talk. The market always seems to get back to basics on Monday.
Reuters News reported that the number of rigs drilling for natural gas in the United States fell 30 to 760 last week, the lowest level in more than six years, according to a report issued on Friday by oil services firm Baker Hughes Inc in Houston. Joe Silha says that U.S. natural gas drilling rigs have been in a steady decline since peaking above 1,600 in September and now stand about 701 below the same week last year, the lowest level since March 14, 2003, when there were 754 gas rigs operating.
Oil is still fighting hard to find something to believe in. The bulls and bears continue to fight to a stalemate result as they try to make their case. For every bearish story there seems to be a compelling bullish argument on the other side. On one hand you have oil demand near a ten year low and supply near a 20 year high and on the other side you have the Fed and its magic money printing press. But then you have OPEC cutting back on production and you have oil investment falling to the wayside.
Oil rallied Friday but is selling off today. Some thought that the rally in oil had something to do with the growing talk of a potential attack on Iran by Israel. This talk seemed to gain a bit of credibility when the London Times reported that the Israeli military is preparing itself to launch a massive aerial assault on Iranâs nuclear facilities within days of being given the go-ahead by its new government. Today the market seems to be worrying more about the rebounding dollar and the falling stock market than any attack talk. The market always seems to get back to basics on Monday.
Reuters News reported that the number of rigs drilling for natural gas in the United States fell 30 to 760 last week, the lowest level in more than six years, according to a report issued on Friday by oil services firm Baker Hughes Inc in Houston. Joe Silha says that U.S. natural gas drilling rigs have been in a steady decline since peaking above 1,600 in September and now stand about 701 below the same week last year, the lowest level since March 14, 2003, when there were 754 gas rigs operating.
Long 1 @ 48.35
Stop 47.80
we're down 4.00+ in a single day, i think we should retrace into tomorrow.
Stop 47.80
we're down 4.00+ in a single day, i think we should retrace into tomorrow.
the Dow Jones industrial average dropped 3.6 percent, the Standard & Poor's 500 index fell 4.3 percent.
"Oil is being driven by perceptions about the economy, and there are plenty of obstacles to an international recovery," said David Moore, commodity strategist at Commonwealth Bank of Australia in Sydney. "It's going to be difficult for the next year."
Traders also are focused on weekly petroleum inventory data that the Energy Information Agency will release Wednesday. Analysts expect a build of 3 million barrels in crude stocks, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. Crude stocks already are near 19-year highs.
"There's a lot of oil around in the U.S.," Moore said.
Moore said he expects crude prices to rise to $58 a barrel by the end of the year as the Organization of Petroleum Exporting Countries moves to reduce production in line with falling demand. OPEC has already announced 4.2 million of output cuts since September.
"If prices are in the mid-$40s, OPEC might be inclined to leave production targets where they are," Moore said. "But at some point OPEC may cut again as demand forecasts keep getting wound back."
"Oil is being driven by perceptions about the economy, and there are plenty of obstacles to an international recovery," said David Moore, commodity strategist at Commonwealth Bank of Australia in Sydney. "It's going to be difficult for the next year."
Traders also are focused on weekly petroleum inventory data that the Energy Information Agency will release Wednesday. Analysts expect a build of 3 million barrels in crude stocks, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. Crude stocks already are near 19-year highs.
"There's a lot of oil around in the U.S.," Moore said.
Moore said he expects crude prices to rise to $58 a barrel by the end of the year as the Organization of Petroleum Exporting Countries moves to reduce production in line with falling demand. OPEC has already announced 4.2 million of output cuts since September.
"If prices are in the mid-$40s, OPEC might be inclined to leave production targets where they are," Moore said. "But at some point OPEC may cut again as demand forecasts keep getting wound back."
put in my order to short a few seconds too late, market took off as i realized we were going to head down 
Long 46.79
stop 46.55
stop 46.55
out 47.45
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