Wti Crude Oil Heading Back To Resistance At $102.62, 103.75/Bbl

If you need to see how much the oil market is unsure about the state of supply and demand, come to watch the charts with us. Numbers here are not changing the chart and it’s heading back to the resistance at 10262, 10375 and 10420. If we turn back to support levels at 10147,10060 and 9986. The front spread slipped to find support to –11, but might be getting a little overdone here. We’re going to keep an eye on resis-tance at 00 and +08. If flat price slips, look for the spread to take a hit to the –14 area. Today we’re looking to see flat price head lower early and try to get back some back into the close, yeah again.

Gasoline:
We’ve moved on to RBX3. That’s a difference a day makes in RB. We are now reset-ting resistance to 26867, 27035 and 27218. The support numbers fall back 26550, 26330 and 26155. The front spread found new life and is testing resistance at 212 and 240. The support looks to hold 176, 150. The RBCL is taking off the rally and looks to support at 955, 907. Resistance to 1025, 1050.

Trends are only for the affected:
Oh boy, another day, another sideways move on the 10min chart for CL. We’re still looking at 10050 for support to hold the range and 10260 as a ceiling. There’s not a lot more to any of this and it’s seems like forever since we were committed to a real solid trend here. The 60min chart is no better, but we are go-ing to start up a new downtrend channel here. This will keep a similar channel resistance in the 10260 area, but support looks to 10125 pivot and support line holding the 10000 level.

Fundy you should mention:
The one thing that we know for sure regarding the US budget and the Iran talks is that we know nothing. Heck, why don’t we throw the US economic recovery in there too. It’s all guess work from here and funds hate more than anything, uncertainty. One thing that has been certain though is the optimism in the US equity market. We think you’re wondering what that has to do with oil, but we believe oil will see a “flight to quality” as this money leaves oil and heads to safety. We could continue to see this through the end of the week with a Budget deal talked and Iran negotiations ongoing.

Sorry, I am just physically attracted:
Well someone still put in their estimates for the EIA report this week and we’re boycotting. Our idea is to do our own report. We have the estimates for our report up on our EIA page. I’m from Chicago, so esti-mating the numbers on my own report that I’m publishing Wednesday is fair game. We did see that Gen-scape is estimating that Cushing rose by 800K bbls last week. Possibly with BP Whiting (405K) not back up 100% and Marathon Catlettsburg (240K) still in maintenance. On foreign oil, Grangemouth Refinery (220K) did shut yesterday after oil workers went on strike. We also are dealing with a force majeure on the Trans-Nigerian pipeline (150K) which is halting shipments of Bonny Light crude.

Techies, some Trekkies

200 Day MA 9842

100 Day MA 10286

13 Day MA 10276

8 Day MA 10265

14 Day RSI 41.49

Spread now; Roll later

Everything is expensive

Key support: -14, -22, -30

Key Rests: 00, +06, +11

By Carl Larry