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Two Ways: Oil Prices Down the Well?


Strengthen your portfolio in good times and bad.


Chevron Sees Tough Fourth Quarter

Oil stocks could see some pressure this morning. Chevron (CVX) warned late Thursday that net income for its fiscal first quarter would be sharply lower than fourth quarter 2008. According to the Wall Street Journal, the second largest US oil company blamed lower crude and natural gas prices, as well as weak refining margins.

The company, which will take $100 million in writeoffs related to exploration activity and as much as $350 million in charges associated with corporate and other activities, reports official results on May 1.

For another perspective on oil, see Op-Ed: Carpe Peak Oil.

From the Bull Pen: For the bulls that see higher oil prices in the future, the weakness in Chevron may be an opportunity. One can enter an initial position near $66 support with a sell stop 2% below that level.

From the Bear Cave: If you're in the camp that crude prices will continue to suffer, consider a downside play in the Oil ETF (USO); a buy stop can be set above $32 resistance.

Quick Check Around the World

Asian trading closed with the Hang Seng 2.95%, Nikkei 3.74%, India 0.57%, Shanghai 1.38% and Taiwan 4.12%.

European markets are still closed this morning for the Easter Holiday.

As of 8:00 AM EST, S&P Futures are trading -7 to 845.00, and Nasdaq futures are -7 to 1329.00.

A Look at Commodities

Over in commodities, crude oil is trading -1.24 to 51.00 while gold is +5.50 to 888.80 this morning. Silver is +0.470 to 12.450 and copper +8.40 to 215.50.

The dollar index is -0.405 to 85.6700.

No events on the radar today. Click here to see the full list of events for the week.

Welcome back, Minyans. Let's make it a good week. Good luck!

In memory of our fallen friend and trusted colleague, Bennet Sedacca, 100% of the donations made to the RP Foundation through April will be channeled to philanthropic endeavors consistent with the RP mission, working closely with the Sedacca clan in the distribution of those funds. We thank you kindly for your support as we strive to effect positive change in the lives of children.

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No positions in stocks mentioned.

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