Oct. 30, 2006 - Saudi Arabia has put its entire Navy and all their special forces units in defensive positions around the world’s largest oil terminal, Ras Tanura in response to credible intelligence that al Qaeda is preparing to attack Saudi oil installations. With three U.S. battle groups off the coast of Iran, markets could quickly be caught off guard while focusing on inventory levels rather than threats to supplies.
Nov unleaded gas
The market is bearish and a close below 14574 encourages a test of the contract low of 14269. A pop over 15387 is needed to hurt bear forces and a push above 15624 alerts for a market reversal.
Dec crude oil
Over all the market is bearish. A dip or close below $58.10 encourages another leg down and targets $55.80 a barrel. Trade that is contained under $60.54 should remain bearish. A close over $61.05 is needed to embolden the bulls and a close over $62.69 alerts for a turn to higher prices.
Nov heating oil
The market is bearish and a dip or close below 16351 encourages further selling off and targets 15864. A close above 17553 alerts for a market reversal.
Dec natural gas
The market is in the midst of staging a bull reversal. A close or dip below 7345 hurts the bull advance and cautions for further declines to test 6937. While a close above 8479 emboldens the bulls and targets 8884.
