The Energy Report Monday, July 26, 2010

With Bonnie behind us and more economic ahead of us the oil market currently is in a state of flux. The market continues to be supported by economic earnings related optimism but at the same time it has to worry about current state of oversupply. Oil and the products remain range bound and will continue to see swings perhaps on both sides of unchanged throughout the day.

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BP CEO Hayward may exit with $18.5 million severance package, Dudley likely successor

Shares of British energy giant BP Plc surged, Monday, on reports that Tony Hayward, its embattled chief executive, is likely to quit his post following a debate by the board later in the evening on the fate of his tumultuous career.

Physical buying lifts gold

Gold softened on Monday, losing some of its safe-haven appeal after a European banks stress test showed no nasty surprises, but physical buying offered support as levels below $1,200 an ounce attracted bargain hunters.

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Gold Daily Technical Outlook

Comex Gold (GC) Intraday bias in Gold remains neutral and some more consolidation might be seen above 1175.1 first. Nevertheless, recovery is expected to be limited by 1218.8 resistance and bring fall resumption. Below 1175.1 will target 1166 key support next. However, a break of 1218.8 will dampen our bearish view that gold has topped out in medium term and will turn focus back to 1266.5 high.

Silver Daily Technical Outlook

Intraday bias in Silver remains neutral for the moment and some more choppy sideway trading would possibly be seen first. On the upside, above 18.535 will bring another rise towards upside of the range near to 19.48. On the downside, note that decisive break of 17.08/195 support zone will confirm that whole rise from 14.65 is finished and will bring deeper fall to trend line support at at 15.75.

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Crude Oil Daily Technical Outlook

With 76.16 minor support intact, further rise could still be seen in crude oil, towards 80.53 resistance (61.8% projection of 64.23 to 79.37 from 71.09 at 80.48). On the downside, below 76.16 will flip intraday bias back to the downside for 71.09 support. Break there will indicate that rebound from 64.23 is completed.

EU loses in WTO information technology row: sources

A World Trade Organisation panel has ruled that the European Union was wrong to impose duties on three types of electronics products from the United States and other countries, trade sources said on Monday.

EU's Juncker rejects criticism of EU bank stress tests

The Eurogroup chairman Jean-Claude Juncker said on Monday EU bank stress tests were done "in a very professional way," rejecting criticism that they had not been harsh enough.

Ford "cautiously optimistic" on growth: Mulally

Ford Motor Co <F.N> chief executive Alan Mulally said on Monday the company was "cautiously optimistic" that it would continue to grow as the U.S. economy recovers.