energy intraday

Energy
10 June 2008 10:50:38


Major Headlines:


Crude oil fell from a record in New York after Saudi Arabia's Oil Minister Ali al-Naimi said the surge in prices was ``unjustified.’ The gain in prices is being driven by non-fundamental factors, the state-owned Saudi Press Agency reported after a meeting between Al-Naimi and his Pakistani counterpart yesterday

Retail gas prices rose further above a national average of $4 Monday, as distributors and retailers hiked prices in response to Friday's unprecedented rally in the oil futures market. Oil futures, meanwhile, retreated as investors sold to lock in profits from the run-up, though oil prices may be headed even higher.

Iran, OPEC's second-largest oil producer, said it plans to cut the number of tankers idling in the Persian Gulf and clear a backlog of crude stored on them by the middle of the summer. The nation still has 14 tankers, capable of storing as much as 28 million barrels of oil, near the Kharg Island loading facility, according to AISLive data on Bloomberg

OPEC's total production rose 0.9 percent in May to 32.28 million barrels a day as Saudi Arabia and Iraq boosted supply, according to Bloomberg estimates. The production ceiling for its 12 members with quotas is 29.673 million barrels a day. War-torn Iraq is allowed to produce at will. Speculators and political tensions could push prices to $140 a barrel this month and $150 a barrel before the end of the summer, Shokri Ghanem, Libya's top oil official, said in an interview today from Tripoli.

Saudi Arabia said on Monday it will "soon" call for a meeting between oil producing and consuming nations to discuss what it called the unjustified rise in oil prices. Oil jumped over $10 on Friday, partly on dollar weakness and rising tension between Israel and Iran. the world's fourth-largest exporter, adding that it asked Oil Minister Ali al-Naimi to call the meeting to discuss addressing the rise.


The negative oil-dollar correlation of -0.41 wasn't the only record set last week. Oil rose $10.75, or 8.4 percent, to $138.54 a barrel in New York on June 6, the biggest-ever gain in dollar terms. The gain alone almost equaled the lowest price for a barrel of crude the past decade, set Dec. 10, 1998


MCX Crude Oil June - Technical Outlook:

Tech The daily stochastic have crossed over up which is a bullish indication. The stochastic 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.

Technicals have turned neutral to bullish and market is expected to remain positive above 5913levels. If sustain above this level can see a rally towards 5962 and 6055 If market sustains below 5770 can see a further fall towards 5720 and 5645

Recommendations-MCX Crude Oil June: Buy at 5770 Target 5845 and 5920 Stoploss 5720

MCX Natural gas June - Technical Outlook:

Tech The daily stochastic have crossed over up which is a bullish indication. The stochastic 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.

Technicals have turned neutral to bullish and market is expected to remain positive above 547 if sustain above this level can see a rally towards 553 and 557 If market sustains below 542 can see a further fall towards 537 and 532

Recommendations-MCX Natural Gas June: Buy at 534 Target 541 and 548 Stop loss at 529

MCXARUN
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