9 day moving average - $65.58 14 day moving average - $64.09 40 day moving average - $66.69


The Oil market was forced lower yesterday with a suprisingly large build in Crude stockpiles, DOEinventories expected by analysts to decline on recovering fuel demand, increased by 5.1 million barrels. Trading in the largest daily range for weeks crude lost over three and a half dollars to close down at $62.86 exacerbated bycontinuing concerns over economic growth and weak Oil fundamentals whichweighed heavily on the energy complex.Oils losses this week appears to have exceeded that of the stock markets which had been providing most of the months price guidance indicating downside decoupling in oil that we have alluded to as a possibility is essentially a refocus on the reality of bearish supply/demand balances, as mentioned yesterday in our daily Oil comment it seems this current trend revershal and hefty stock build could well be enough to release the grip of equities on crude.


Support: $62.69(lowof29/07/09) Resistance: $65.46 (high of06/07/09)

Support:$62.17(low of07/07/09)Resistance: $64.91(high of 20/07/09)

Support:$61.04(low of17/07/09) Resistance: $63.99(high of17/07/09)


Support: $66.14 (low of 29/07/09)Resistance: $68.55 (highof02/06/09)

Support:$65.84 (low of04/06/09)Resistance: $67.92 (high of 21/07/09)

Support:$65.49 (low of 01/06/09)Resistance: $67.48 (high of 22/07/09)

DOE St ats (change in millions of barrels)

Crude+5.1 (-1.2) Distillates +2.1(+0.9) Gasoline -2.3(-0.1)