Petroleum Status Report 8-29-07

Crude down 3.5 million barrels
Gasoline down 3.6 million barrels
Distillates up 900,000 barrels
Refinery Utilization down 1.3%

October Crude Technical Levels......Week of 8-27-07

October Crude Technical Levels

Support: $68.63 and $68.06

Resistance: $71.35 and $72.41

September Crude Oil Breaks Support

Crude Oil for September delivery closed at $69.47, breaking support at $70.10.

The next level of support is $67.56

UNG (United States Natural Gas Fund) fell over 12% on Monday to $38.70, the lowest close since July 24.

September Crude Oil Technical Levels:

Resistance: $72.67 and $74

Support: $70.10 and $69.44

Petroleum Status Report 8-15-07

Crude down 5.2 million barrels
Gasoline down 1.1 million barrels
Distillates up 200,000 barrels
Refinery Utilization 91.8%

West Texas Intermediate Crude closed up 21 cents to $71.53.

Key Technical Levels For September Crude Contracts

Support: 70.10 and 69.44

Resistance: 72.67 and 73.19

Crude Oil Technical Levels

Support: 70.10 and 69.44

Resistance: 72.67 and 73.20

During a televised speech on Saturday, Venezuelan President Hugo Chavez stated that world oil prices are on a path for $100 per barrel.

"I've always said that oil prices are headed straight to $100 per barrel," he said during a televised speech. "We should prepare ourselves for those prices of one hundred dollars."

Chavez said the world is in the midst of a "global crisis" and that oil prices will continue to rise as demand increases and available reserves continue to dwindle.

Chavez repeated threats to cut off oil sales to the United States. The United States historically receives 12 to 15 percent of it's imported oil from Venezuela.

"No one should think that we're going to stop sending oil to the United States, no -- unless they attack us again," Chavez said during a speech to leaders of Caribbean nations meeting in Caracas for an energy summit.

"If they attack us again like they did in April of 2002 ... there will be no oil."

September Crude prices traded slightly lower on Thursday.

On a technical basis Stochastics and the RSI are entering oversold territory. The next level of technical support is 70.50.

Petroleum Status Report 8-08-07

Crude down 4.1 million barrels
Gasoline down 1.7 million barrels
Distillates up 1 million barrels
Refinery Utilization 91.3% down 2.3%

Key Technical Levels For Crude Oil

Resistance Levels: 78.77 and 80.64 (high of August 2006)

Support Levels: 75.55 and 75.10 (20 day moving average)

US Crude supplies dropped 6.5 million barrels in the week ending July 27. This represents the biggest decline in 2007.

Refinery utilization increased to 93.6, the highest level in over a year.