CL Redux
- Thread starter schizo
- Start date
Feb. 25, 2012, 4:03 p.m. EST
Saudi Arabia raises crude oil output: reports
By Andria Cheng, MarketWatch
NEW YORK (MarketWatch) â As crude oil prices reached a nine-month high on concerns about Iranâs nuclear program, Saudi Arabia has increased its crude exports, and the U.S. is pondering releasing oil from its Strategic Petroleum Reserve, according to media reports Saturday.
Saudi Arabia, the worldâs biggest oil exporter, has increased production in the past week and offered additional output to its largest customers to contain prices, Reuters reported.
The kingdom has said publicly that it would increase its output to cover any shortfall to the world supply from Iranian exports, Reuters reported.
The newswire, citing unnamed industry sources, said that Saudi Arabia had increased exports to just over 9 million barrels a day last week, compared with an average of about 7.5 million in January. Reuters said it wasnât clear if the export numbers were the start of a longer Saudi supply addition or a temporary move.
Crude-oil prices rose to more than $125 a barrel after the United Nationsâ nuclear watchdog flagged the potential military threat of Iranâs nuclear program, Reuters said, adding the U.N. aborted an inspection mission to Iran this week.
Iranâs customers in Europe and Asia have already curbed their buying from the worldâs fifth-largest crude exporter because of U.S. sanctions on Iranâs oil buyers, as well as a European Union oil embargo to begin July 1, Reuters reported.
According to AAA, average U.S. regular gasoline prices had risen to $3.674 a gallon as of Saturday. The average was $3.38 a month ago and $3.29 a year ago.
Treasury Secretary Timothy Geithner said on CNBC television on Friday that an improving economy and Iran âsaber-rattlingâ were behind the recent rise in oil prices.
He said the administration would continue to look at tapping the strategic petroleum reserve but emphasized thereâs âno quick fix,â language President Barack Obama used in a key speech on Thursday. Geithner also said the White House was looking to ensure alternative supplies from Saudi Arabia if needed. See Obamaâs weekend speech on oil and energy.
Europe, which imports about 700,000 barrels per day from Iran, would suffer more directly from the cutoff of Iranian crude than would the U.S., which doesnât buy oil from Tehran. But the knock-on effect of a disruption would drive prices higher around the globe, Reuters reported.
The U.S. Strategic Petroleum Reserve has enough capacity to cover U.S. needs for about 40 days, Reuters reported, adding the government most recently tapped into the reserve after Libyaâs civil war.
Saudi Arabia raises crude oil output: reports
By Andria Cheng, MarketWatch
NEW YORK (MarketWatch) â As crude oil prices reached a nine-month high on concerns about Iranâs nuclear program, Saudi Arabia has increased its crude exports, and the U.S. is pondering releasing oil from its Strategic Petroleum Reserve, according to media reports Saturday.
Saudi Arabia, the worldâs biggest oil exporter, has increased production in the past week and offered additional output to its largest customers to contain prices, Reuters reported.
The kingdom has said publicly that it would increase its output to cover any shortfall to the world supply from Iranian exports, Reuters reported.
The newswire, citing unnamed industry sources, said that Saudi Arabia had increased exports to just over 9 million barrels a day last week, compared with an average of about 7.5 million in January. Reuters said it wasnât clear if the export numbers were the start of a longer Saudi supply addition or a temporary move.
Crude-oil prices rose to more than $125 a barrel after the United Nationsâ nuclear watchdog flagged the potential military threat of Iranâs nuclear program, Reuters said, adding the U.N. aborted an inspection mission to Iran this week.
Iranâs customers in Europe and Asia have already curbed their buying from the worldâs fifth-largest crude exporter because of U.S. sanctions on Iranâs oil buyers, as well as a European Union oil embargo to begin July 1, Reuters reported.
According to AAA, average U.S. regular gasoline prices had risen to $3.674 a gallon as of Saturday. The average was $3.38 a month ago and $3.29 a year ago.
Treasury Secretary Timothy Geithner said on CNBC television on Friday that an improving economy and Iran âsaber-rattlingâ were behind the recent rise in oil prices.
He said the administration would continue to look at tapping the strategic petroleum reserve but emphasized thereâs âno quick fix,â language President Barack Obama used in a key speech on Thursday. Geithner also said the White House was looking to ensure alternative supplies from Saudi Arabia if needed. See Obamaâs weekend speech on oil and energy.
Europe, which imports about 700,000 barrels per day from Iran, would suffer more directly from the cutoff of Iranian crude than would the U.S., which doesnât buy oil from Tehran. But the knock-on effect of a disruption would drive prices higher around the globe, Reuters reported.
The U.S. Strategic Petroleum Reserve has enough capacity to cover U.S. needs for about 40 days, Reuters reported, adding the government most recently tapped into the reserve after Libyaâs civil war.
GM 
Wasn't sure what CL was up to so traded TF and did well but didn't trade enough contracts. Oh, well.
This created the follow through to the bounce:
Feb. 27, 2012, 10:00 a.m. EST
Jan. pending home sales hit nearly two-year high
WASHINGTON (MarketWatch) -- Pending home sales climbed 2% in January to the highest level since April 2010, when buyers were taking advantage of a now-expired tax credit. The pending-home-sales index rose to 97.0 from a downwardly revised 95.1 reading in December, the National Association of Realtors reported Monday. Even without the revision, the index would have shown growth, as December's index initially was reported as 96.6. Compared to January 2011, pending home sales were up 8%. The data reflects contracts but not closings, and the percentage of real-estate agents who report at least one cancellation has hovered around 33% over the last few months. "Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year," said NAR Chief Economist Lawrence Yun, who added this would bring about a broad price stabilization or even modest national price growth.
Wasn't sure what CL was up to so traded TF and did well but didn't trade enough contracts. Oh, well.
This created the follow through to the bounce:
Feb. 27, 2012, 10:00 a.m. EST
Jan. pending home sales hit nearly two-year high
WASHINGTON (MarketWatch) -- Pending home sales climbed 2% in January to the highest level since April 2010, when buyers were taking advantage of a now-expired tax credit. The pending-home-sales index rose to 97.0 from a downwardly revised 95.1 reading in December, the National Association of Realtors reported Monday. Even without the revision, the index would have shown growth, as December's index initially was reported as 96.6. Compared to January 2011, pending home sales were up 8%. The data reflects contracts but not closings, and the percentage of real-estate agents who report at least one cancellation has hovered around 33% over the last few months. "Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year," said NAR Chief Economist Lawrence Yun, who added this would bring about a broad price stabilization or even modest national price growth.
Here's an interesting article with an Elliott Wave analysis of what's up with crude. This guy's long crude so maybe take it for what it's worth and factor that in.
http://www.marketwatch.com/story/oi...d-wave-up-2012-02-27?link=MW_home_latest_news
http://www.marketwatch.com/story/oi...d-wave-up-2012-02-27?link=MW_home_latest_news
That's true but the news does affect the price so I post news that may be relevant.
I offer my take on what's up obviously, but it's just some thoughts. That's what these forums are for. To interact. I may be totally wrong in what I suggest at any given time. If people don't want to hear what I have to say they can put me on ignore or ignore those posts. No problem.
BTW, here's an updated TF chart. Just posted it as a insight into TA. The symmetry from Thursday and today is striking.Quote from BCE:
I thought this was really interesting. I was looking at this and trading off it actually. This is a 60 min chart of TF. Look at the action on Thursday and then today. The difference in the LODs was 3 ticks.
BTW 2: I missed that last break while posting here. Nothing new.
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A bit disappointed I didn't trade more contracts and missed that last move. Oh, well. Made some good money anyway so can't whine too hard. Hope everyone's having a good morning.ADD: At least I'm reading the market well so there's something to be said for that. Maybe they'll give me some free groceries when I go to the market if I tell them about this. Or a free car at the dealer's.