WTI Crude Oil: Looking For Resistance At 9753, 9822, 9945

Crude: Looking for another good week for the CLH4. Time sure flies when you’re having fun and we’re looking to have some fun as we enter this new month. The RSI is close to neutral and we have a lot of room ahead of us on this chart. We’re looking for resistance at 9753, 9822, and 9945. Falling back on to support numbers, we get 9225, 9561 and 9447. The front spread is getting back in to the spotlight and we think that it’s going to continue it’s flirtation with 100. Resistance from here is targeting 90, 102 and then it’s off to 113. If there’s a pullback, it’s only profit correction and we’re holding to 70. Flat price starting out higher, but weak to the close.

Gasoline
We’re moving ahead to RBH4. RB working fading, but looking for support. Resistance is getting tired and we’re looking for 26101, 26460 and 26629. Support can fall back on 25992, 25785 and 25678. The front spread is not getting much love back here in HJ. We’re looking for support to -1895, -1959. Resistance has room back to –1858, -1805. RBCL finds support at 1260, 1202. Resistance at 1325, 1363, 1400.

Trends are only for the affected
The 10min chart is about as flat as you can get on overnight trade. We think that the big picture here is support to 9625 and resistance above at 9735. We are sure to break out of this area today and we think there will be enough follow through to trend. On the 60min chart, we managed to break the support line on the former uptrend. The good news is it hasn’t followed through and we’re looking below 9225 to complete that move and make a move to consolidation.

Fundy you should mention
Damn that debt ceiling. I think that we come to one of these budget impasse every three months. I have to think that if the GOP really wanted to push Big Oil, they could give in a little on the US budget. With this weighing on the economy and it’s recovery, we are once again seeing money hold back from invest-ment while this gets sorted out. This could mean a positive bounce once the issue is resolved until the next three months. There is some Fed speak today from Richmond Fed President Lacker, but he’s not on the voting committee (yawn). Factory Orders (-1.8) at 10:00am EST

Sorry, I am just physically attracted
We are going through the Spring refinery maintenance and we think that this is the perfect time for all of the US refiners to take their time and get this right. There’s a lot of potential going forward and it ties into the Newsletter. If all of this talk of crude oil exports and Keystone XL fall through, our only outlet for what we can make money on in the US will be refined product exports. That means that come summer time we are going to see rising US demand, but we’re going to need to keep pace with the foreign demand for our prods. As long as Brent trades at a $6 or higher premium to WTI in these circumstances, America is going to be the money maker of refined prods, as well as the biggest refining system in the world.

Techies, some Trekkies

200 Day MA 9925

100 Day MA 9798

13 Day MA 9640

8 Day MA 9698

14 Day RSI 52.15

Spread now; Roll later

Keystone roll

Key support: +70, +56, +45

Key Rests: +92, +104, +115