Considering a long if 50 can hold on this pull back.
CL Redux
- Thread starter schizo
- Start date
H&S potential here, but I`m not convinced. 
Now I`m convinced.
Should see a test of 50 now. If that does not hold, then at least a dollar swing down to 20?
Should see a test of 50 now. If that does not hold, then at least a dollar swing down to 20?
Moving average support here. Still lower highs though, but it may be a flag before expanding to the up side.
support Line for JUN-6 : 8535 ( it looks on close basis )
support Line for JUN-5 : 8335
support Line for JUN-5 : 8335
Long 8557
Needs to hold the 50 area now, IMO. If not, range expansion below possible.
Overnight low at 40 still in line with average RTH range. Either way, I`m outta here. Have fun!
Overnight low at 40 still in line with average RTH range. Either way, I`m outta here. Have fun!
add 8530
Seaway Pipeline Makes First Delivery of Crude Oil to Texas Gulf Coast
http://www.reuters.com/article/2012/06/06/idUS185034+06-Jun-2012+BW20120606
1/ Enterprise Products Partners L.P. (NYSE: EPD) and Enbridge Inc. (NYSE/TSX:ENB) announced that the initial volumes of crude oil through the Seaway Pipeline were delivered to the Jones Creek facility, near Freeport, Texas, today at approximately 11 a.m. CDT.
2/ The arrival marks the first southbound delivery of crude by pipeline from the oversupplied Cushing hub, and gives producers access to all of the major refineries in the Greater Houston area and Texas City.
3/ Since May 19, 2012, when crude oil began flowing through the Seaway Pipeline, volumes have steadily increased towards the current capacity of <b>150,000 barrels per day (âBPDâ). Work is underway and on schedule to add incremental pumping capacity that would allow the existing Seaway Pipeline to transport up to 400,000 BPD by the first quarter of 2013. </b>
4/ The partnershipâs assets include approximately: 50,600 miles of onshore and offshore pipelines; 190 million barrels of storage capacity for NGLs, petrochemicals, refined products and crude oil; and 14 billion cubic feet of natural gas storage capacity. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage, and import and export terminaling;
http://www.reuters.com/article/2012/06/06/idUS185034+06-Jun-2012+BW20120606
1/ Enterprise Products Partners L.P. (NYSE: EPD) and Enbridge Inc. (NYSE/TSX:ENB) announced that the initial volumes of crude oil through the Seaway Pipeline were delivered to the Jones Creek facility, near Freeport, Texas, today at approximately 11 a.m. CDT.
2/ The arrival marks the first southbound delivery of crude by pipeline from the oversupplied Cushing hub, and gives producers access to all of the major refineries in the Greater Houston area and Texas City.
3/ Since May 19, 2012, when crude oil began flowing through the Seaway Pipeline, volumes have steadily increased towards the current capacity of <b>150,000 barrels per day (âBPDâ). Work is underway and on schedule to add incremental pumping capacity that would allow the existing Seaway Pipeline to transport up to 400,000 BPD by the first quarter of 2013. </b>
4/ The partnershipâs assets include approximately: 50,600 miles of onshore and offshore pipelines; 190 million barrels of storage capacity for NGLs, petrochemicals, refined products and crude oil; and 14 billion cubic feet of natural gas storage capacity. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage, and import and export terminaling;
10-Brent crude above $100 on euro zone hopes, Fed
http://www.reuters.com/article/2012/06/06/markets-oil-idUSL5E8H63I920120606
Oil's rise was capped after U.S. government data showed a much smaller-than-expected drawdown in domestic crude stockpiles last week after 10 straight weeks of stock builds.
- U.S. crude oil inventories fell 111,000 barrels, less than the 500,000-barrel drawdown forecast in a Reuters poll, as imports fell and refineries stepped up processing to hit 91 percent of capacity, the highest level since July 2010, the Energy Information Administration said.
- But crude stocks at the U.S. delivery point in Cushing, Oklahoma, rose to a record, dashing expectations for a drawdown there, following the flow reversal of a major pipeline from the hub to the Gulf Coast, which was hoped would begin easing the Midwest oil glut.
http://www.reuters.com/article/2012/06/06/markets-oil-idUSL5E8H63I920120606
Oil's rise was capped after U.S. government data showed a much smaller-than-expected drawdown in domestic crude stockpiles last week after 10 straight weeks of stock builds.
- U.S. crude oil inventories fell 111,000 barrels, less than the 500,000-barrel drawdown forecast in a Reuters poll, as imports fell and refineries stepped up processing to hit 91 percent of capacity, the highest level since July 2010, the Energy Information Administration said.
- But crude stocks at the U.S. delivery point in Cushing, Oklahoma, rose to a record, dashing expectations for a drawdown there, following the flow reversal of a major pipeline from the hub to the Gulf Coast, which was hoped would begin easing the Midwest oil glut.