♦ Nymex crude oil closed below $75 a barrel, traded between $74-75. Crude oil fell for the first time in 5-days after poor U.S. economic data causing concerns over economic growth.
♦ The dollar gained about 0.3% and the Dow Jones closed lower losing about 150 for the day.
♦ U.S. Commerce Department reported today that U.S. income rose 0.2% in July from 0% in June, less then expected. U.S. consumer spending rose to 3.0% in July, in-line with expectations. The Commerce Department will report unemployment rate on Friday, expected to increase by 0.1% to 9.6%. .
♦ JP Morgan has lowered its crude price forecast to $75 a barrel from $77 a barrel. Analyst
also commented that price may hit $65 by October before OPEC’s meeting
♦ Royal Dutch Shell says its Nigeria’s $1.1 billion oil pipeline is near completion, capacity up to 600,000 bpd of crude.
♦ EIA reported today that average gasoline prices in the U.S. has fallen by 0.022 cents to $2.682 a gallon, up 0.069 cents from a year ago. EIA also reported that average diesel prices fallen by 0.019 cents to $2.938 a gallon, up 0.264 cents from a year ago.
♦ NHC says hurricane Danielle is losing hurricane strength located about 440 miles south of Cape Race, Newfoundland. NHC also says hurricane Earl has strengthen into a Category 3 storm and expected to strengthen into a Category 4 within the next 24 hours, also expect to pass Leeward Islands later today. The third system the NHC is tracking is located about 1,050 miles east of the Lesser Antilles had a 90% chance of becoming a Tropical Storm later today.
♦ A reminder, American Petroleum Institute will release its inventory report tomorrow at 4:30 PM EST. Also, Nymex September RBOB and heating oil futures contract will expire tomorrow.

Crude Oil:

Crude closed 47 cents lower losing about 0.6% today. Crude fell on concerns over U.S. economic growth after personal income data. Support level will stay at $70 and resistance will also stay at $80 for the moment. Chart pattern couldn’t confirm last week’s bull trend as traders look to take profits off the table. Indicators have also rebounded off oversold levels creating a U-shape formation. Best opportunity is to day-trade as the U.S. driving season nears the end. Also, use stop orders to limit the risk.