On Friday the closing price of Crude Oil June contract was 4493 which was down by 8 points against its previous close of 4501. Today Crude oil opened at 4503 and traded flat making the same as its intraday High. And Finally Crude oil is trading in negative zone after making a day low of 4436. A drift lower is expected till 4410-20 levels. Support for Crude is seen near 4375 and below this level, prices can test 4300 while the resistance levels are seen at 4575 and 4650 respectively. In the near term, MCX May Crude prices are likely to trade in a range of 4150-4600.
Showing posts with label MCX Crude OIl. Show all posts
Showing posts with label MCX Crude OIl. Show all posts
MCX Energy Outlook- Crude Oil and Natural gas Updates
Crude Oil-
Currently WTI Light sweet crude oil futures are trading above $101/ bbl with marginal gain in international market. As per US Energy department, crude oil inventory have increased, whereas in Cushing and Oklahoma delivery centre crude oil inventory have fallen by more than 150K barrels in the last week. Refiners have reduced their production capacity, which made petroleum products to decline in the last week. Most of the Asian equities are trading slightly positive trend, which might be supporting oil prices in international market. Euro-zone
and German PMI Numbers are likely to come unchanged from prior month, whereas US payrolls data are likely to come lower than prior month. Unrest in Yemen may boost oil prices further. Overall, we may expect oil futures to
trade on higher side throughout the day.
and German PMI Numbers are likely to come unchanged from prior month, whereas US payrolls data are likely to come lower than prior month. Unrest in Yemen may boost oil prices further. Overall, we may expect oil futures to
trade on higher side throughout the day.
Natural Gas-
Natural gas futures prices traded on a positive trend on yesterday session and closed with gain of more than three percent in international market. Similarly, June contract closed at Rs.215.40/ MMBTU by gaining
2.8 percent in MCX platform. Falling inventory level has supported gas futures to trade on higher side. As per EIA, natural gas storage level increased by 83 Bcf, lower than expectation and prior data. Currently, Gas futures prices are trading at $4.78 /MMBTU, with a marginal fall on prices in international market.
Lower inventory increase is likely to support gas prices to trade on higher side. Technically, we have given Buying for the day.
2.8 percent in MCX platform. Falling inventory level has supported gas futures to trade on higher side. As per EIA, natural gas storage level increased by 83 Bcf, lower than expectation and prior data. Currently, Gas futures prices are trading at $4.78 /MMBTU, with a marginal fall on prices in international market.
Lower inventory increase is likely to support gas prices to trade on higher side. Technically, we have given Buying for the day.
MCX Crude OIl Updates- Slowdown Demand From US and China Lead Crude Oil To face a Choppy session
MCX Crude oil Contract Faced a sell off yesterday at 4512 with -2.62 los due to weaken demand from U.S. and China who are the world’s largest oil consumers. Payroll processing firm ADP said U.S. non-farm payrolls rose just 38K in May, on a seasonally adjusted basis, after increasing by a downwardly revised 177K the previous month. Analysts had expected non-farm payrolls to rise by 178K last month. Meanwhile, official data showed that manufacturing activity in China slowed in May, marking its second consecutive monthly decline, while the HSBC China PMI for May fell to a 10-month low of 51.6 from 51.8 in April.
Now technically Crude futures is trading in the range as RSI for 14days is currently indicating at 46.18, where as 50DMA is at 4774 and crude is trading below the same and getting support at 4461 and below could see a test of 4409 level, And resistance is now likely to be seen at 4606, a move above could see prices testing 4699.
Crude futures trading range is 4409-4699.
Intraday traders can buy MCX Crude June contract near 4430 with the stop loss of 4390 and can wait for the targets of 4490 and 4520.
Now technically Crude futures is trading in the range as RSI for 14days is currently indicating at 46.18, where as 50DMA is at 4774 and crude is trading below the same and getting support at 4461 and below could see a test of 4409 level, And resistance is now likely to be seen at 4606, a move above could see prices testing 4699.
Crude futures trading range is 4409-4699.
Intraday traders can buy MCX Crude June contract near 4430 with the stop loss of 4390 and can wait for the targets of 4490 and 4520.
