Expect crude oil to remain range bound between $100 and $110 a barrel as the evolving factors of supply disruptions, global economic uncertainty, and a weakening US dollar continue to create volatility in the energy markets.

Chesapeake Energy Corporation Announces Pricing of Common Stock Offering

Chesapeake Energy Corporation (NYSE:CHK) today announced that it has priced a public offering of 20 million shares of its common stock at $45.75 per share. The company has also granted the underwriters a 30-day option to purchase a maximum of three million additional shares of its common stock. Chesapeake expects the issuance and delivery of the shares to occur on April 2, 2008, subject to customary closing conditions.
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Crude prices continued to surge on Thursday with light, sweet crude oil for May delivery gaining $1.68 to close at $107.58 a barrel.

Petroleum Inventory Report 3-26-08

Crude -unchanged
Gasoline down 3.3 million barrels
Distillates down 2.2 million barrels
Refinery Utilization down 1.6% to 82.2%

USD Strength Pressures Crude Prices

A stronger US Dollar is continuing to pressure crude oil prices. Light sweet crude for May delivery fell 98 cents, to $100.86 per barrel in Monday's NYMEX trading. The next key level of support for West Texas Intermediate Crude is the 50 day moving average of $96.97

Oil prices pulled back considerably this week. The next levels of technical support are $100 and the 50 day moving average of $96.83.

Petroleum Inventory Report 3-19-08

Crude up 200,000 barrels
Gasoline down 3.5 million barrels
Distillates down 2.9 million barrels
Refinery Utilization down 1.2% to 83.8%

Crude Oil Stages Record Run

Light, sweet crude for April delivery on the New York Mercantile Exchange dropped 29 cents to $110.04. The contract set a record closing price of $110.33 on Thursday.

Petroleum Inventory Report 3-12-08

Crude up 6.2 million barrels
Gasoline up 1.7 million barrels
Distillates down 1.2 million barrels
Refinery Utilization down .09%% to 85%

Petroleum Inventory Report 3-05-08

Crude down 3.1 million barrels
Gasoline up 1.7 million barrels
Distillates down 2.4 million barrels
Refinery Utilization up 1.2% to 85.9%