energy intraday

Major Headline:



* Oil prices may remain between $80 and $110 this year due to weakness in the U.S. currency and prices fell from a three-week high on concern that the U.S. economic slowdown and eexpected weekly U.S. inventory data due out on Wednesday forecast crude stocks rose 2.2 million barrels in the week to April 4.

· Oil prices have rallied beyond $100 a barrel this year as global oil demand continues apace, notwithstanding concern about an economic slowdown in the U.S., the biggest oil-consuming nation. Producing nations are demanding a greater share of the oil wealth, limiting the ability of international companies such as Exxon Mobil Corp. to expand production.

* Kazakhstan's oil pipeline monopoly sent Russian crude through its Atasu-Alashankou link for the first time last quarter, boosting shipments to China, the world's second-biggest energy user. Kazakhstan's oil exports through the pipeline to China rose 202,000 tons to 1.306 million tons in the first quarter from a year earlier

· High oil prices are ``with us to stay'' because of a falling U.S. dollar rather than any supply issues, OPEC President Chakib Khelil said yesterday, The OPEC holds its next formal, policy-setting conference in September and there has been no request for a formal meeting before then, Many OPEC ministers will hold informal discussions during a conference April 20 to April 22 in Rome.

· Bahrain Petroleum Co. will shut a 100,000-barrel-a-day crude unit at its refinery in the fourth quarter for maintenance, The unit at the 260,000-barrel-a-day plant will be halted for five to six weeks

* ONGC Videsh Ltd., the overseas arm of India's Oil & Natural Gas Corp., will create a joint venture with Venezuela's state oil company today to pump 232 million barrels of crude over 25 years
* Indian Energy Minister Murli Deora is in Caracas to sign the joint venture agreement. India, the fastest-growing economy after China, estimates oil demand will rise 62 percent over the next five years to 241 million tons a year, or 4.8 million barrels a day.Cairn Energy Plc, the U.K. explorer operating on six continents, reiterated plans to start oil production from India in the second half of 2009.

· Natural gas futures advanced in NY as cool weather may slow the rebuilding of supplies. Below-normal temperatures are probable for most of next week in the Northeast and Midwest, the U.S. Climate Prediction Center in Camp Springs Cold weather is now expected to descend over the main heating-demand locations of the eastern half of the country later this week'' and into next week, lifting prices

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 down which is a Bearish 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 9-day EMA. The downside closing price reversal on the daily chart is somewhat negative.

Recommendations-MCX Crude Oil April: Sell at 4405 Target 4360 and 4310 Stop loss 4445

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

Recommendations- MCX Natural Gas April: Sell at 394 Target 387 and 383 Stop lossat399


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