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Crude Oil prices gained over 3% Monday, as the major US market indices rallied and touched a new 2009 high. Light, sweet Crude Oil for December delivery rose US$2.55, or 3.3%, to settle at US$78.90 bbl on the New York Merc. US stocks rose, with the DJIA surpassing 10,400 during the session, as retail sales rebounded more than expected in October, giving Crude Oil and Gold a healthy boost North. Meanwhile, the USD fell against a basket of currencies, helping commodities to extend gains In London, Brent Crude for January delivery gained US$2.45 to settle at US$78.76 bbl on the ICE Futures exchange. Read more

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The Red Roadmaster’s US Market Re-cap for Monday November 16th, 2009

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Crude Oil prices ended 3% higher Thursday, rallying on news that US economy grew faster than expected in Q-3, raising hopes for a speedy recovery in energy demand. Light, sweet Crude Oil for December delivery rose US$2.41, or 3.0%, to settle at US$79.87 bbl on the New York Merc. Crude Oil’s advance came as the US Commerce Department said the World’s largest economy expanded by 3.5% in Q-3 Y 2009, more than analysts previously predicted, boosting hopes that US energy demand will be soon lifted by the economic recovery. Meanwhile, strong gains on equities markets and losses in the US$ against other currencies also encouraged buying in the commodities markets. In London, Brent Crude Oil for December delivery gained US$2.28 to US$78.14 bbl on the ICE Futures exchange. Read more

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Crude Oil prices retreated from US$80 bbl after the dollar rebounded from a new 14 month low. Light, sweet crude for November delivery pulled back after briefly topping US$80 bbl and settled 52 cents down to US$79.09 bbl on the New York Merc. As November contract expired on Tuesday, the more active December contract also fell 84 cents to settle at US$79.12 bbl. Crude Oil’s pull-back was not surprising to the market, as it had gained more than 10 dollars in an 8 day rally. But Tuesday’s decline was mainly because of the strengthening USD. Crude Oil fell by 1% as soon as the Dollar went into positive territory against the Euro. In London, Brent Crude for October delivery slipped 53 cents to settle at US$77.24 bbl on the ICE Futures exchange.

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Red Roadmaster’s Technical Report on the US Major Market Indices for Monday October 19th, 2009 looks at: Gold, Crude Oil, Silver, Natural Gas, and Forex technical updates

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Crude Oil rose above UD$75bbl to settle at a record high on the year Wednesday as economic optimism hinted at a recovery in global energy demand. US crude settled up US$1.03 at US$75.18 bbl, the highest settlement since October 14, 2008. Brent Light Crude settled up 70 cents to US$73.10 bbl. Support was provided by a weakened US$ which slipped to its lowest level in more than a year, making dollar denominated commodities like Crude Oil and Gold more affordable for holders of other currencies. “The dollar is weak and people are buying commodities, that’s by far the sole and exclusive reason we’ve seen behind the crude rally today,” said Tom Knight, broker at Truman Arnold in Texarkana, Texas. “There are those who also see the rally in equities as supportive, as it raises hopes for improving oil demand.” Crude Oil has more than doubled from below US$33 bbl last December in anticipation of this economic recovery.

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