♦ Nymex crude oil closed above $74 a barrel, traded between $73-75. Crude oil rose for the first time in 3-days after U.S. and Euro equity markets regained strength.

♦ The dollar closed a little lower and the Dow Jones closed higher gaining about 30 points.

♦ EIA released its Short-Term Energy Outlook today and raised its 2010 global oil consumption to 85.95 mln bpd from 85.91 mln bpd. 2011 world oil demand estimates fell 60K to 87.36 mln bpd. 2011 non-OPEC output remained unchanged at 51.01 mln bpd. For more information please visit here

♦ Mexico - Pemex’s Cadereyta refinery plant will take at least 2-weeks to repair the
hydrotreater after yesterday’s explosion according to sources.

♦ Iraq will raise the selling price of its Basra light crude in October for U.S. and European buyers, a 15 cent hike to the U.S. and 5 cent hike to Europe. Iraq will also increase the price of its Kirkuk crude, a 10 cent hike to the U.S. and a 15 cent hike to Europe per barrel.

♦ Mastercard stated today that U.S. retail gasoline demand fell 0.5% last week. Gasoline demand averaged 9.126 mln bpd, up 1.7% compared to last year. U.S. retail gasoline prices at the pump fell 1 cent to $2.67 per gallon.

♦ American Petroleum Institute reported a draw of -7.308 mln in crude, a build of +1.288 mln barrels in distillate, a build of +0.654 mln in gasoline and refinery capacity 86.2%.

♦ NHC says tropical storm Igor has formed in the far eastern Atlantic, poses no threat to the oil & gas production in the Gulf of Mexico. NHC also reported that tropical storm Gaston and Tropical storm Hermine has become less organized and has a no chance in strengthening.
 

Crude Oil:

Crude closed 58 cents higher gaining about 0.7% or yesterday’s losses. Crude closed higher as traders look to clean up positions ahead of report tomorrow. Support level will stay at $70 and resistance will also stay at $80 for the moment. Chart pattern remains in a choppy range while the bulls and bears are at a stalemate. Indicators have rebounded off oversold levels, but lacking momentum. Best opportunity is to day-trade and use stop orders to limit the risk.