The WTI spreads have gotten considerably weaker the last few trading days losing more than -50 cents in the Jan/Feb contract going from -80 to -130.  This is a sign of traders liquidating their Jan positions and buying up the back end of the curve.  The Jan Arb (Jan WTI vs Jan Brent) has also gotten weaker going from flat yesterday to -70 today.  Yet another sign that Crude wants to test $75.

Oil broke the huge support of $76.50 Friday and traded down as low as $75.60.  There is still another big support level at $75.00 and this looks to be a good base for the Crude market right now as long as the USD continues to weaken.

Goldman on Tuesday announced their new weighting for the 2010 calendar year. We are looking at heavy gains in corn and beans, no change in wheat with Crude and Copper both losing. This will pull more money into our markets as we approach year end offering upside catalyst post harvest.

The market is expecting an increase of around 200,000+ jobs lost which will increase the unemployment rate to 9.9%.  Frankly I dont know how oil is above $80 if the market has almost double digit unemployment but it still remains to be seen.  Watch the number coming out Friday Nov 6th as this will be a tell tale sign of things to come.

And the rally continues, and the beat goes on.  Crude Oil blew passed the big resistance of $75 when banks like JP MOrgan Goldman Sachs, and Tech Giants Apple and Google crushed earnings sending Crude to $80.  Products led the charge as Gasoline and Heating Oil posted huge draws in inventory as Heat and Gas Crakcs came off of their lows.  The market is now in the range of $75-$80 and looks like it doesn’t want to stop going higher.  The Euro/USD broke the $1.50 mark for a much weaker Dollar helping Crude Rally to new highs.  There just seems like no relief for the USD as it gets pummelled by every other major currency.

Huge week ahead of us as we have big time earnings coming out from JPMorgan Chase & Co., Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp. along with Google Inc., Southwest Airlines Co., Intel Corp., IBM Corp., General Electric Co., and Johnson & Johnson.  If these companies can beat both the bottom and top lines Crude can rally to test the huge resistance of $75.  Big week ahead, keep your eyes open for these earnings announcements.

Crude trading higher in the last few days after bouncing off the major support of $65.05.  Last week we saw horrible economic data with consumer confidence and non-farm payrolls  falling way below expectations.  Even still, Crude traded higher and now is poised to test $71.30.  USD has also seen selling pressure the last few days trading lower against other major currencies.

Crude Still drifting lower here down to $66 as the USD rallies.  $65 is the next support here and if we can break that $62.50 could be in the near future.  It has been pretty volatile the last few days to say the least.

Oil got absolutely hammered today as inventories rose in Crude +2.8 million barrels, Gasoline rose +5 million barrels and Hat ros 3 million barrels.  This led to the Oil meltdown from $72 to $69.  The USD got back some of what it lost yesterday and now trades at $1.4450 Euro/USD.  It looks like crude whats to push down to the $67 level again so we will see how the USD and equity markets play out in the next week.

Big sell off Friday that continues into todays trade date as the USD fights to saty below the $1.4600 level.  Crude Sold all the way from $72.80 down to $69   and now below that as the US economy tries to figure out if the recovery will sustain.