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    Oil prices opened higher on Monday but failed to break above key resistance levels of $75.75-$76.30. While equities and the euro provided some initial support, oil prices fell more sharply later in the day as equities pared gains and the euro weakened on a Moody's debt downgrade of Greece. The inability of oil to break through resistance with supportive factors indicates the market is in a bearish technical position heading into this week's supply and demand reports.

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    0614PM

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    Zerohedge
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    Oil prices opened higher on Monday but failed to break above key resistance levels of $75.75-$76.30. While equities and the euro provided some initial support, oil prices fell more sharply later in the day as equities pared gains and the euro weakened on a Moody's debt downgrade of Greece. The inability of oil to break through resistance with supportive factors indicates the market is in a bearish technical position heading into this week's supply and demand reports.

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    Oil prices opened higher on Monday but failed to break above key resistance levels of $75.75-$76.30. While equities and the euro provided some initial support, oil prices fell more sharply later in the day as equities pared gains and the euro weakened on a Moody's debt downgrade of Greece. The inability of oil to break through resistance with supportive factors indicates the market is in a bearish technical position heading into this week's supply and demand reports.

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    47 views2 pages

    0614PM

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    Zerohedge
    Oil prices opened higher on Monday but failed to break above key resistance levels of $75.75-$76.30. While equities and the euro provided some initial support, oil prices fell more sharply later in the day as equities pared gains and the euro weakened on a Moody's debt downgrade of Greece. The inability of oil to break through resistance with supportive factors indicates the market is in a bearish technical position heading into this week's supply and demand reports.

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    of 2

    CAMERON HANOVER

    [DAILYPETROSPECTIVE] June14,2010

    EarlyEveningMarketReviewforMonday
    OnMonday,oilpricesopenedhigherandtradedatthosehigherlevels
    throughoutthemorningpartofthesession.Priceshadbeenhigheron
    Sundaynight,andtheyworkedhigherfromthosefiguresMondaymorningin
    AsiaandthenEurope.StrongerequitiesandaweakerUSdollarinrelationto
    theeurowerecitedastwomajorfactorsbehindthestrongerpricesSunday
    nightintoMondaymorning.
    Aswehavenotedrecently,oilpriceshavebeenmovingonacombination
    oftheoldoutsidefactors,likeequitiesandcurrencies,andtheveryold,or

    Page|1Research:203.801.0771
    Sales:203.504.2786

    www.cameronhanover.comPoweredbyFMX|Connect
    CAMERON HANOVER
    [DAILYPETROSPECTIVE] June14,2010

    traditional,factorslikesupplyanddemandoreconomicdata.Thestateoftheeconomyhasalwaysbeena
    factorinoiltrading,evenifithasbeenimpliedorinferred.
    Equitiesparedtheirgainsasthemorningbecameafternoon,andtheeurogavebacksomeofitsgains.
    MoodysdowngradedGreeces
    sovereigndebtandthatpulled DOEExpectations

    somesupportfromtheeuro. Category DowJones Bloomberg Reuters


    Evenwiththat,though,oil CrudeOil dn1.500 dn1.750 dn1.400mlnbbls
    priceseasedmoredramatically Distillate up0.800 up1.000 up0.800
    thaneitherequitiesorthe Gasoline up0.400 up0.625 up0.500
    Utilization up0.1% up0.2% up0.2%
    euro,atleastbeforetheoil
    marketclose.Mondays
    pullbacklookslikeasecondfailuretobreakaboveresistanceoverhead.OnThursday,crudeoilpricesbroke
    thecriticalresistanceat$75.75,andreachedashighas$76.30beforeturningthatbreakoutintoafailure.By
    theendoftradingonThursday,oilpricescouldhavegoneeitherway,andtheyweretheoreticallypoisedfor
    anotherrunatthenewlyexpandedresistancefrom$75.75$76.30.Instead,though,pricessoldoffon
    Thursdaynight,inreactiontodeclinesintheeuroandinequities,andthetechnicalfailuretobreakresistance
    wascomplete.
    OnMonday,crudeoilpricesfailedagaintobreakdecisivelyhigher.Theycouldnotbreakover$76.00with
    anykindofmomentum,andthedayshighat$75.99tellsusthatsomeonedecidedtosellaggressivelyjust
    below$76.00.Weexpectthatthesellingat$76.00washeavy,andthatsomeonesawthatanddecidedtoget
    infrontofitbysellingapennybelowthat.Themarketsinabilitytoprint$76.00hastobeseenasabearish
    factor.Thefactthatcrudeoilhadtheeuroandequitieshelpingitallmorninglong,andyetitwasstillunable
    tobreakdecisivelyhigherhastobeseenasbeingbearish.Mondaysfailuretomakehaywhilethesunshoneis
    likelytocomebacktohauntthismarket.
    Traderswillstartthinkingaboutthisweeksinventory,supply&demandstatisticsbythisafternoon.

    CrudeOilDailyTechnicalChart


    CrudeoilpriceshadthebenefitofstrongereuroandequitiesquoteshelpingitmovehigheronMondaybutitfailedyetagaintobreak
    aboveresistanceoverhead.
    Page|2Research:203.801.0771
    Sales:203.504.2786

    www.cameronhanover.comPoweredbyFMX|Connect

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