DGCX Crude Outlook 5th Feb, 09

U.S. crude oil futures closed lower yesterday as the inventory data and economic concerns.

The U.S. Department of Energy said that crude oil stocks were up 7.2 million barrels to 346.1 million barrels and 700,000 barrels were added to the Strategic Petroleum Reserve. Supplies of gasoline were up 300,000 barrels while heating oil supplies were up 1.4 million barrels.

The DOE also said that refinery use increased from 82.5% to 83.5% of capacity last week. Over the past four weeks, gasoline demand was down 0.5% from a year ago while distillate demand was down 3.7% from a year ago.

On weekly basis ,U.S. crude futures ended weak last week , as gloomy economic data kept concerns about demand in focus even as the possibility of a refinery worker strike in the United States . Large inventory data from US also added pressure in to the crude oil prices.

Weekly Crude Oil (DWTI January.)

48.40 And 44.30 is the trading range, breaking either side may clear the direction. Resistances are $50.50, 52.40, and 54.30. Supports are at $41.60, $39.30, $ 37.00

DWTI (MAR) traded in the range $41.40 - $39.95and closed at $40.32

TECHNICAL OUTLOOK (Intra-day)
DGCX Crude (MAR) - Bullish above $40.60bearish below $40.00

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