energy intraday

Major Headlines:

· The U.S. Department of Energy (DOE) said that crude oil supplies were up 2.4 million barrels to 316.1 million barrels. Supplies of gasoline were down 3.2 million barrels and heating oil supplies were up 700,000 barrels.

· The DOE also said that refinery use jumped up from 81.4% to 85.6% of capacity last week. Over the past four weeks, gasoline demand was up .9% from a year ago while distillate demand was up .5% from a year ago.

* Crude oil was little changed after a government report showed that U.S. oil stockpiles increased and fuel inventories dropped.



* Crude oil declined for the first time in four days on speculation Tuesday 's record near $120 a barrel wasn't justified. Oil reached $119.90 a barrel Tuesday when the U.S. dollar touched an all-time low of $1.6018 to the euro. Unions planning to strike at a 200,000 barrel-a-day refinery in Scotland next week are holding talks with the plant's owners Ineos Group Holdings Plc today after failing to reach agreement yesterday



* Workers are planning to strike from April 27 to 28 at Ineos' Scottish plant, which takes crude from BP Plc's Forties Pipeline System that transfers oil from more than 50 North Sea fields. Oil has also gained because of a supply disruption in Nigeria. Royal Dutch Shell Plc closed 169,000 barrels a day of supply after attacks on a pipeline last week



* Norway, the world's fifth largest oil exporter, would support a lower oil price and doesn't believe the record prices are caused by supply problems, Deputy Minister of Petroleum and Energy Liv Monica Stubholt said



* Natural gas in New York advanced amid increased demand as distributors secure supplies to put into storage in competition with industrial users. On an energy equivalency basis, oil used to heat buildings and run power plants traded at a premium to gas in New York. Gas supplies were depleted to their lowest in almost four years by an extended winter.



* Supplies for the week ended April 11 were 1.261 trillion cubic feet, putting `working gas within the five-year historical'' range for this time of year, the department said in an April 17 report. Inventory fell to 1.234 trillion cubic feet on April 4, the lowest since May 2004, after rising to a record 3.545 trillion in November.

MCX Crude Oil May

Technical Outlook:The daily stochastic have crossed over up which is a bullish indication. The stochastic indicator is 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.

Market is expected to remain positive and the resistance is seen at 4736 levels. If market breaches 4736, may see prices to take further upside towards 4765 and 4813, However if it holds back below 4659 and may see prices to fall further on today. Major support is seen at 4611 and 4580

Recommendations-MCX Crude Oil April: Buy at 4610 Target 4675 and 4730 Stop loss 4570

MCX Natural gas May

Technical Outlook:The daily stochastic have crossed over up which is a bullish indication. The stochastic indicator is 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.

Market is expected to remain positive and the resistance is seen at 442.3 levels. If market breaches 442.3 may see prices to take further upside towards 447.7 and 457.3 however if it holds back below 427.3 may see prices to fall further on today. Major support is seen at 417.7 and 412.3

Recommendations-MCX Natural Gas April: Buy at 432 Target 439and 442 Stop loss at 427

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