Crude Oil: Upside Resistance Above At 9450, 9540 And 9664

Crude: Not that there’s much difference in our chart, but we’re moving our interests to the next month ahead; CLF4. Hard to believe we’re already into the new year, but we do hope it brings better trading for everyone involved. We’re going to look to hold support today at 9343, 9286 and 9155. The upside has resistance numbers above at 9450, 9540 and 9664. The front spread moves ahead also and we’re now watching the first two months of 2014; FG. The support here looks to hold the –39 area for now, but we’re going to keep an eye on resistance above at –32 and –28. Flat price will look to push higher early and stay flat into the close.

Gasoline
We’ve moving on to RBZ3. RB is doing it’s best to keep the dream alive for the Bulls. We’re looking higher to resistance at 26705, 26829 and 27075. The support numbers can revert back to 26474, 26319 and 26254. The front spread slipped after a good rally. Resistance at 220, 243. Support to 196, 175. The RBCL picking up once again and looks to resistance at 1910, 1956. Support back to 1858, 1820.

Trends are only for the affected
Nothing much here and I wouldn’t even call yesterday’s action on the 10min chart a result of our down-trend. We are covering CLF4 here, but everything looks the same. The trend is intact and it looks to hold the support line to the 9280 area. The pivot sits at 9360 and we can target the channel resistance at 9420. The 60min chart holds our sideways support in the 9325 area and we’re now looking to the upside resistance to cap a 9500 ceiling.

Fundy you should mention
We managed to see a major drop in the US crude oil futures yesterday and then for those watching, a pop in Brent futures later. By the close, there was a major drop in Nat Gas futures. If we connect the dots, it sure looks like someone was busy testing out a new trading algo. There were some fundamen-tals, but it’s hard to think that all of these moves were driven by Fed speak. There’s more Fed talk on the tape today with Charles Plosser at 2:15pm EST and Big Ben Bernanke at 7:00pm. For those who still care, Employment Cost Index (0.5) at 8:30am EST. Start watching Obamacare affect these soon.

Sorry, I am just physically attracted
Worthwhile keeping track of the refineries that go down like Irving St John (300K) that is pulling a sulfur unit offline, but also worth watching the refineries that are coming back up. We see that Marathon Gary-ville (522K) I warming up the units and should be running full tilt soon. They’ve gone through some major upgrades so it will be interesting to see where their feedstock pulls inventory. I tweeted out (@oiloutlooks) yesterday morning that we were going to see some major Houston Ship Channel delays and it took until yesterday afternoon to ease the backlog. We’re going out soon to walk the dogs and will update everyone about the status this morning.

Techies, some Trekkies

200 Day MA 9857

100 Day MA 10306

13 Day MA 9399

8 Day MA 9478

14 Day RSI 32.90

Spread now; Roll later

Everything is expensive

Key support: -39, -46, -52

Key Rests: -28, -19, -07