Key levels for September crude contracts........

Resistance levels....77.24 and 77.45

Support levels.......75.15 and 74.70

Petroleum Status Report 7-25-07

Crude down 1.1 million barrels
Gasoline up 800,000 barrels
Distillates up 1.5 million barrels
Refinery Utilization 91.7% up 0.7%

Oil prices pulled back almost $2 on Tuesday amid speculation that OPEC might increase output in the 4th quarter.

Analysts and traders are expecting that Wednesday's petroleum inventory data will show a build in US gasoline stocks.

Analysts polled by Thomson Financial News predict gasoline inventories to build by 500,000 barrels and crude stocks to post a decline of 1 million barrels.

Energy Investment Report will have the petroleum inventory data the instant it is released at 10:30 am Eastern time on Wednesday.


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Transocean announced on Monday that it is merging with GlobalSantaFe in a deal that will value the combined company at over $53 Billion.

The merger creates a drilling powerhouse that will be able to produce crude and natural gas from both shallow wells and ultra deep offshore ventures.

Shareholders of both companies will receive shares in the new company which will use the Transocean name and stock symbol (RIG-NYSE).

The deal is expected to close by the end of 2007.


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Crude oil prices continue to break out with $77.50 being the next level of technical resistance for West Texas Intermediate Crude.

Barclays Capital has raised its crude oil price forecasts for 2008 by 11 percent due to rising demand and slow production outside of the OPEC region.

Barclays forecasts that Brent Crude will average $73.60 in 2008. This represents an increase of $7.40 from previous forecasts.

Barclays predicts West Texas Intermediate Crude prices will average $73.90, an increase of $6.60 over previous estimates.

Petroleum Status Report 7-18-07

Crude down 500,000 barrels
Gasoline down 2.3 million barrels
Distillates down 200,000 barrels
Refinery Utilization 91% up 0.8%

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Oil Tops $75.........

Crude prices topped $75 on Tuesday before pulling back to close at $74.11

Crude Prices Continue To Surge..........

Crude oil prices hit an 11 month high on Friday and appear poised to test overhead resistance at the $75 level in the coming sessions.

Petroleum Status Report 7-11-07

Crude down 1.4 million barrels
Gasoline up 1.2 million barrels
Distillates up 800,000 barrels
Refinery Utilization 90.2%

Oil prices pulled back slightly on Tuesday to close at $72.19 (West Texas Intermediate Crude).

Oil remains in a very bullish breakout since topping the resistance level of $67 in mid June.

The WTIC 50 day moving average currently stands at $66.60.

Crude oil prices continue to breakout, topping the $72 mark for the first time since September 2006.

Petroleum Status Report 7-05-07

Crude up 3.1 million barrels
Gasoline up 1.8 barrels
Distillates up 1.2 Million barrels
Refinery Utilization 90%

Due to the July 4 holiday the U.S. Energy Department's Energy Information Administration Petroleum Status Report will be delayed until Thursday July 5 at 10:30 am.

Here are predictions for tomorrows numbers from select analysts surveyed by Dow Jones Newswires:

Gasoline Inventories: Increase of 700,000 barrels

Refinery Utilization: Increase of 1.1 percentage points to 90.5 percent

Crude Inventories: Decline of 500,000 barrels.

Distillate Inventories: Decline of 200,000 barrels.

Oil prices continued to rally on Monday with West Texas Intermediate finishing up 41 cents to close at $71.09 a barrel.

August Brent crude futures rose $1.22 to settle at $72.63 a barrel on the ICE Futures exchange in London.