The Oil Service Holders Index hit a new high last week at 196.

Petroleum Status Report 9-26-07

Crude up 1.8 million barrels
Gasoline up 600,000 barrels
Distillates up 1.6 million barrels
Refinery Utilization 86.9%

Oil prices are pulling back in Tuesday's trading, with November contracts for light sweet crude down $1.45 to $79.50 a barrel on the New York Mercantile Exchange.

The next level of support is at $77.30

The AMEX Oil Service Holders Index has broken through resistance at 190 and it now at record levels.

Petroleum Status Report 9-19-07

Crude down 3.8 million barrels
Gasoline up 400,000 barrels
Distillates up 1.5 million barrels
Refinery Utilization 89.6%

U.S. Rig Count Drops

The rig count of U.S. oil and natural gas operations fell to 1,787 last week, down 27 from the previous period.

1,483 rigs are targeting natural gas. 298 rigs are exploring for oil and 6 are listed as "miscellaneous".

During this week in 2006, the rig count stood at 1,737.

State by state numbers:

Alaska -1
Texas -26
Colorado +10
Oklahoma +4
New Mexico -4
Wyoming -3
Louisiana = unchanged

Rig counts have been tracked by Baker Hughes since 1944. The number peaked at 4,530 in 1981. The record low was set in 1999 at 488.

Oil continues to climb in a breakout pattern.

Key support levels to watch this week for October crude are $78.15 and and $77.37

A larger than expected decline in crude oil inventories is propelling oil prices to record highs.

U.S. oil inventories declined 7.01 million barrels last week.

Oil hit a record of $79.29 in New York trading on Wednesday.

Crude Oil On Verge Of Double Top Breakout

Crude appears poised to stage a double top breakout.

$78.77 is the key number for October crude contracts. A close above this level would signal a very bullish breakout.

Petroleum Status Report 9-6-07

Crude down 3.9 million barrels
Gasoline down1.5 million barrels
Distillates up 2.3 million barrels
Refinery Utilization 92.1%

October Crude Oil Technical Levels

Resistance: $74.44 and $74.52

Support: $73.40 and $72.27