nymex crude outlook

U.S. crude futures settled up yesterday tracking a slight bounce on Wall Street and steady crude supply.

According to the U.S. Department of Energy, crude oil supplies were unchanged last week at 311.9 million barrels. At the same time Supplies of gasoline were up 2.0 million barrels in spite of lower imports.

The report also says refinery use was down from 85.3% to 84.6% of capacity last week. Over the past four weeks, gasoline demand was down 1.9% from a year ago and distillate demand was down 4.6% from a year ago.

At the same time The International Energy Agency lowered its forecast of 2009 world oil demand by 670,000 barrels per day to 86.5 million barrels per day. That is still more than the U.S. Energy Department's forecast for 85.9 million barrels per day.

Oil price had touched an all-time high of $147.27 a barrel on 11th July but has corrected from there in the succeeding weeks.

Light, sweet crude oil for November delivery in the New York Mercantile Exchange traded in the range $59.66 - $54.67, before settling at $59 .39a barrel yesterday.

Weekly Crude Oil (DWTI NOVE.)

Expected to trade within the range of $ 63.10 to $59, breaking of either a side makes the direction, Resistances are $65.60 $69, $71.30, Supports seen at $57.20, $53.60 and$ 49.80.

DWTI (November) traded in the range $54.93 - $58.75 and closed at $54.93

TECHNICAL OUTLOOK (Intra-day)

DGCX Crude (November) - Bullish above $57.80; bearish below $57.20


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