*
The oil market fluctuated Monday, searching for direction without much in the way of solid news to drive the market higher or lower. Retail gas prices, meanwhile, fell further from recent records, while diesel prices dipped slightly.
* Oil futures traded in a narrow range as a tug of war took place between speculators who have sold as the dollar gained strength, and investors who bought on a view that the economy -- and demand for oil and gasoline -- may not be as weak as initially thought.
*
Oil Price will range between $80 and $110 per barrel for the rest of 2008, Opec President Chakib Khelil said on yesterday. Khelil, who is also Algerian energy and mines minister, told Algerian television OPEC was under “big pressures” from consuming nations who liked to portray the group as responsible for high oil prices, when in fact the market was responding to US economic problems and the falling dollar.
*
Saudi Arabia Reaffirms Pledge to Meet Global Crude Oil Demand, The Supreme Council of Petroleum and Mineral Affairs, chaired by King Abdullah, agreed to work with the Organization of Petroleum Exporting Countries and non-OPEC countries to ensure oil market stability and ``prevent the effects of harmful speculation,'' the government body said in a statement posted late yesterday on the Web site of the state news agency
*
Crude oil fell for a third day in New York on signs that the slowing U.S. economy will cut fuel demand in the world's biggest energy consuming country. Oil is likely to slide further this spring as slow in economic growth encourages traders to exit commodity markets,
* South Korea's crude oil imports fell 2.4 percent in February as refiners reduced processing because of lower profit from turning each barrel of crude into fuels. The world's fifth-biggest crude oil buyer imported 68 million barrels last month compared with 69.7 million barrels a year earlier, according to data e-mailed by state-run Korea National Oil Corp. on March 21.
* There is fundamental support for natural gas to trade at these prices because of the storage and supply situation and its advanced on speculation colder temperatures will boost demand for the fuel for heating and reduced output from nuclear power plants will increase its use for power generation.
MCX Crude Oil April (Daily Chart)
Technical Outlook:
Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations-MCX Crude Oil April: Sell at 4100 Target 4060 and 4000 Stop loss at 4145
MCX Natural gas April (Daily Chart)
Technical Outlook:
Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations- MCX Natural Gas April: Sell at 370 Target 367 and 362 Stop loss 374
MCXARUN
9994500540
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment