♦ Nymex crude oil closed below $73 a barrel, traded between $72-73. Crude oil rose for the second consecutive day after positive U.S. labor market.
♦ The dollar closed lower losing about 0.5% and the Dow Jones lost about 80 points.
♦ U.S. Labor Department released data showing initial jobless fell by 31K to 473K, the second biggest decline for the year. Continuing jobless claims also fell by 62K to 4.456 mln. The unemployment rate for insured workers fell to 3.5%.
♦ Analysts show a 2Q net profit of $32.8 billion Yuan ($4.8 billion) for PetroChina Co., down from 1Q after government raises tariffs on gasoline and diesel.
♦ Barclays Capital Plc – analysts cut its WTI crude price forecast for 2010 and 2011. 2010 WTI prices fell to $78 a barrel from $82 and 2011 WTI prices fell to $85 a barrel.
♦ Kuwait’s oil minister says the country is “satisfied with oil prices and expects them to pick up in the fourth quarter.”
♦ Iraq’s oil pipeline resumes oil exports to Turkey after militant attack on August 20th. About 450,000 bpd was halted due to repairs on the pipeline.
♦ OPEC’s oil export will fell by 70K bpd in the 4-weeks ending on September 11th while refineries continue its maintenance according to the Oil Movement. Exports will fell to an average of 23.38 mln bpd or 0.3% from 23.45 mln bpd.
♦ NHC says hurricane Danielle has strengthened into a Category 2 storm located about 860 miles southeast of Bermuda, expected to miss the oil & gas production in the Gulf. NHC also says tropical storm Earl strengthened today located about 1,735 miles east of the Leeward Islands, expected to become the season’s third hurricane.
♦ A reminder, Nymex September natural gas futures contract will expire tomorrow on the close.

Crude Oil:

Crude closed 84 cents higher gaining over 1.1% today. Crude rallied for the second straight day after positive government reports, easing concerns over economic growth. Support level will stay at $67 and resistance will also stay at $75 for the moment. Chart pattern remains bearish as prices fail above recent highs. Indicators are also bearish, but rebounding off oversold levels. Best opportunity is to trade from the short side as the U.S. driving season nears the end. Also, use stop orders to limit the risk.