Of course, this could be a bear flag building here as well. 
CL Redux
- Thread starter schizo
- Start date
Long 90.52
Nymex RTH bottom is most likely in. IHS bottom held.
Can we see 91,25 by the close?
I sure hope so.
Can we see 91,25 by the close?
I sure hope so.
Needs to take out 80 now or we got a double (triple) top in this area.
out 90.81
http://online.wsj.com/article/BT-CO-20120529-709253.html
1/ The market shook off a disappointing report on U.S. consumer confidence. U.S. consumers in May were less confident as their views on labor conditions deteriorated, according to a report released Tuesday.
2/ The Conference Board, a private research group, said its index of consumer confidence dropped for a third straight month, to 64.9 this month from a revised 68.7 in April, first reported as 69.2. Economists surveyed by Dow Jones Newswires expected a reading of 70.3.
<b>
3/ Crude futures dropped last week to seven-month lows under $90 a barrel
- on concerns over Greece's economic instability
- and hopes for a breakthrough in talks between major global powers and Iran over its nuclear program.
Now the thinking on the those issues has shifted, with the focus moved to mid-June when Greek elections are set to take place, along with the next round of Iran talks, traders said.
Prices eased from highs but show signs of holding well above $90 a barrel.
"We're seeing some strength from the strong equities market and their support at $90 for crude," said Andy Lebow, an energy trader at Jefferies Bache LLC.
</b>
High hopes for a breakthrough in talks between major world powers and Iran over its nuclear program ended with an impasse last week.
- Hopes of an agreement helped push crude below $90 a barrel, to its lowest level since last October.
- New talks are scheduled next month in Russia, ahead of a European Union embargo on Iranian oil imports set to go into effect July 1.
- Iran repeated its past tough stance on the nuclear issue over the weekend, while U.N. nuclear officials reported indications that Iran has moved closer to possessing materials for automatic weapons.
Light, sweet crude oil for July delivery on the New York Mercantile Exchange climbed to a high of $92.21 a barrel, but was recently trading 97 cents higher at $91.83 a barrel. July ICE Brent crude was 10 cents higher at $107.21 a barrel, after a high of $107.95.
4/ Although the world oil market is "better supplied" than in other recent times,
- world oil-market conditions could swiftly change this summer as Iran sanctions bite into supply, <b> potentially compelling the International Energy Agency to tap global emergency stockpiles, an IEA official said. </b>
David Fyfe, head of the agency's oil industry and markets division, said no such moves are currently under way.
5/ Iranian oil delivered to the market in April
- was 1 million barrels a day below the 2.5-million-barrels-a-day average level for the whole of 2011,
according to preliminary IEA data, as sanctions take hold, Fyfe said.
- <b>But what happens in the next month or two will be crucial--particularly if more data show that is a trend or reveal an even larger hit to Iranian supply after a European embargo of Iranian oil takes effect July 1, he said. </b>
Weekly U.S. oil inventory data from the Energy Information Administration will be released at 11 a.m. EDT Thursday, one day later than usual, because of the Memorial Day holiday celebrated Monday.
6/ This took oil from 92 to 90 http://www.marketwatch.com/story/dollar-edges-up-against-euro-amid-spain-focus-2012-05-29
Euro falls under $1.25 on Spain worries
Spanish bank worries loom over euro
1/ The market shook off a disappointing report on U.S. consumer confidence. U.S. consumers in May were less confident as their views on labor conditions deteriorated, according to a report released Tuesday.
2/ The Conference Board, a private research group, said its index of consumer confidence dropped for a third straight month, to 64.9 this month from a revised 68.7 in April, first reported as 69.2. Economists surveyed by Dow Jones Newswires expected a reading of 70.3.
<b>
3/ Crude futures dropped last week to seven-month lows under $90 a barrel
- on concerns over Greece's economic instability
- and hopes for a breakthrough in talks between major global powers and Iran over its nuclear program.
Now the thinking on the those issues has shifted, with the focus moved to mid-June when Greek elections are set to take place, along with the next round of Iran talks, traders said.
Prices eased from highs but show signs of holding well above $90 a barrel.
"We're seeing some strength from the strong equities market and their support at $90 for crude," said Andy Lebow, an energy trader at Jefferies Bache LLC.
</b>
High hopes for a breakthrough in talks between major world powers and Iran over its nuclear program ended with an impasse last week.
- Hopes of an agreement helped push crude below $90 a barrel, to its lowest level since last October.
- New talks are scheduled next month in Russia, ahead of a European Union embargo on Iranian oil imports set to go into effect July 1.
- Iran repeated its past tough stance on the nuclear issue over the weekend, while U.N. nuclear officials reported indications that Iran has moved closer to possessing materials for automatic weapons.
Light, sweet crude oil for July delivery on the New York Mercantile Exchange climbed to a high of $92.21 a barrel, but was recently trading 97 cents higher at $91.83 a barrel. July ICE Brent crude was 10 cents higher at $107.21 a barrel, after a high of $107.95.
4/ Although the world oil market is "better supplied" than in other recent times,
- world oil-market conditions could swiftly change this summer as Iran sanctions bite into supply, <b> potentially compelling the International Energy Agency to tap global emergency stockpiles, an IEA official said. </b>
David Fyfe, head of the agency's oil industry and markets division, said no such moves are currently under way.
5/ Iranian oil delivered to the market in April
- was 1 million barrels a day below the 2.5-million-barrels-a-day average level for the whole of 2011,
according to preliminary IEA data, as sanctions take hold, Fyfe said.
- <b>But what happens in the next month or two will be crucial--particularly if more data show that is a trend or reveal an even larger hit to Iranian supply after a European embargo of Iranian oil takes effect July 1, he said. </b>
Weekly U.S. oil inventory data from the Energy Information Administration will be released at 11 a.m. EDT Thursday, one day later than usual, because of the Memorial Day holiday celebrated Monday.
6/ This took oil from 92 to 90 http://www.marketwatch.com/story/dollar-edges-up-against-euro-amid-spain-focus-2012-05-29
Euro falls under $1.25 on Spain worries
Spanish bank worries loom over euro