energy intraday

Major Headlines:

· Crude oil Prices touched a record $114.95 after the report showed an unexpected decline in nationwide supplies by 2.36 million barrels to 313.7 million. Most of the drop occurred on the West Coast. Supplies at Cushing, Oklahoma, where New York-traded West Texas Intermediate oil is stored, rose 860,000 barrels to 18.4 million

· Gasoline for May delivery rose 3.66 cents, or 1.3 percent, to $2.9176 a gallon in New York. Futures touched $2.933 today, an intraday record for gasoline to be blended with ethanol, known as RBOB, which began trading in October 2005.

· A slow-down in the U.S. economy has done little to temper enthusiasm for higher crude oil prices. Traders have seen numerous agencies lowered their demand forecasts for crude oil for 2008. That has given OPEC justification for stating numerous times that they will not raise production levels despite the historically high prices

· Crude oil and the euro versus the dollar have moved in lockstep in the past year. The correlation coefficient between the two was 0.957. A reading of 1 indicates they always move in the same direction. There has been a clear and positive correlation between oil and the euro against the dollar over the last couple of years.



· North Sea Oseberg crude oil fell to the lowest in almost three weeks relative to Dated Brent after shipping costs rose to a 16-month high, cutting demand.seberg's premium over the Dated Brent benchmark was at $2.65 a barrel today, compared with $2.75 yesterday, according to data compiled by Bloomberg



· Natural gas in New York gained on speculation a close above $10.30 per million British thermal units will spur further buying by technical traders. Yesterday was the second day in a week that gas rose above $10.30, the highest in more than two years and a level that's considered a buy signal by some traders who use charts and graphs to make their decisions. Prices have been gaining on a weakening dollar and increasing global demand for commodities





MCX Crude Oil April (Daily Chart)



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 4465 Target 4510 and 4560 Stop loss 4410



MCX Natural gas April (Daily Chart)



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 414 Target 419 and 425 Stop loss at 408


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