Tuesday June 30, 2009

NYMEX crude oil prices rise above $73 on USD fall, Nigeria attacks

bloomberg.com :

NYMEX crude oil prices rose to the highest in 8 months, set for its biggest quarterly gain since 1990, as the US dollar declined and militant attacks in Nigeria raised concern that supplies may be disrupted. Shell shut a field after an attack by Nigerian rebels, disrupting supply from Africa's largest producer. The rebel group MEND said it attacked the oil field near Shell's Forcados oil export terminal and set it ablaze.

Oil prices jumped as much as 2.6% in New York as investors sought commodities as a hedge against inflation. Crude oil prices for Aug 2009 delivery rose to $73.38 per barrel. Oil has risen 64% since the beginning of 2009, rebounding from $32.40 on optimism that the global economic recession is easing. China raised domestic fuel prices today by as much as 11% to encourage refiners to produce more fuels amid higher crude costs. Meanwhile, live gold prices rose to $941.42 per ounce, gaining for a third quarter. Copper headed for its best 6 months in 22 years.

- Some people have been talking about the S&P 500's Golden Cross, but relatively fewer people have been talking about crude oil's own Golden Cross : the point on the chart where the 50-dma does a crossover above the 200-dma moving average line. I've mentioned it before back in Mar 2009. If crude oil prices continue on the present trajectory it looks like we are all set to go. For the short term, it would be bullish if oil prices could maintain $70 and continue to aim for $75. $100 oil remains a hurdle at this point, but do keep an eye out for that in the longer term.

See also :

1. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
2. Gold jumps over $950, crude oil rises above $50 as inflation concern spurs commodities
3. NYMEX crude oil prices rise above $53 on global stimulus, OPEC production cut
4. NYMEX crude oil prices fall below $70 on gasoline market sentiment

(2009-06-30 19:30:35 SGT) [Energy] Permalink

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