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Two Ways: World to Crave More Oil

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Strengthen your portfolio in good times and bad.

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IEA Ups World Oil Consumption

The International Energy Agency said global oil demand will average 85.7 million barrels a day, about 450,000 barrels a day higher than its previous forecast due to growth from China and stronger-than-expected usage in the US.

According to Bloomberg, it's the second consecutive month the agency increased its estimate for world oil consumption. In its statement, the IEA said that along with improved global economic conditions, industrial de-stocking appears to be nearing an end.

See related article, Professor Lance Lewis' What Gold's Rally is Telling Us.

From the Bull Pen: If the recent rally in gold suggests that commodities as a whole are skewed to the upside, look for oil plays like Petrobras (PBR) and Suncor Energy (SU). Consider entries near gapfill at $42 and $31.50 respectively. Remember to set your sell stops.

From the Bear Cave: The laggard in the space is ExxonMobil (XOM). But for bears attempting the downside, keep an eye out for Professor Cooper's Rule of 4 breakout above its 200 day moving average (currently 71.50).

Quick Check Around the World

Asian trading closed with the Nikkei 1.95%, India 0.21%, Hang Seng 1.05%, Shanghai -0.73%, and Taiwan 1.12%.

Across the pond, we see the FTSE -0.52%, CAC -0.33%, DAX 0.01%

As of 8:00 a.m. EST, S&P Futures are trading +0.000 to 1025.00 and Nasdaq futures are -0.250 to 1655.00.

A Look at Commodities

Over in commodities, crude oil is +0.42 to 71.73 while gold is -9.40 to 987.70 this morning. Silver is -0.31 to 16.16 and copper -5.600 to 285.00.

The dollar index is -0.0650 to 77.0350.

On the Radar

Economics

Initial Jobless Claims: 550 k vs. 560 k cons. Prior revised to 576 k from 570 k.

Continuing Claims: 6.08 mln from 6.24 mln.

July Trade Balance: -$32.0 bln vs. -$27.3 bln. Prior revised to -$27.5 bln from -$27.0 bln.

Click here for the full trading radar.

Happy Thirsty Thursday! Send me your best Happy Hour specials. Good luck!
No positions in stocks mentioned.

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