energy intraday

Major Headline:

- Oil raced above $109, propelled by perpetual dollar weakness, OPEC's defiance to releasing more oil and as cold US spring weather sparked heating demand.

- Gas oil is particularly high, driven in part by its imminent expiry, which is pulling oil prices up. Meanwhile, oil is well underpinned by the ailing US currency and expectations for further weakness which is boosting the appeal of dollar-denominated commodities.

- On the fundamental side, OPEC's secretary general has said there is no need for more oil, disappointing consumers who reckon supply is tight.

- OPEC has resisted calls from consumers to release more oil to ease high prices that are harming the global economy at its last two meetings. Current official output is 29.67 million barrels per day.

- Fund money is plunging back into commodities today, which also lend the sector support. Gold and most base metals were also higher.

- Players remain wary ahead of the release of the minutes to the Federal Open Market Committee on Tuesday.

- Looking ahead, it is a light week for U.S. data so focus may well shift to weekly U.S. inventory statistics due Wednesday as players track stock levels and demand in the world's top consumer as it flirts with recession.

MCX Crude Oil April

Technical Outlook: Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 21-day EMA. The downside closing price reversal on the daily chart is somewhat negative.

Recommendations-MCX Crude Oil April: Buy at 4295 Target 4390 and 4455 Stop loss 4246

MCX Natural gas April

Technical Outlook: Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 21-day EMA. The downside closing price reversal on the daily chart is somewhat negative.

Recommendations- MCX Natural Gas April: Buy at 385 Target 396 and 405 Stop loss at 378

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