UPDATES ON 5 JUNE 2008

JUNE 5 THURSDAY

SHORT TERM TREND : BULLISH : TARGET RS 536

LONG TERM TREND : BULLISH : TARGET RS 630

S1 RS 526, S2 RS 523, S3 RS 521

R1 RS 531, R2 RS 533, R3 RS 536

PRICES AT OVERBOUGHT ZONE WAIT FOR SUPPORT FOR

FRESH LONGS.

Gasoline stockpiles rose 2.94 million barrels last week, the biggest

gain since February, the Energy Department reported today.

Supplies of distillate fuel, including heating oil and diesel,

climbed 2.28 million barrels, the most since July. Fuel

demand was down from a year ago, the department's report

showed.

Gasoline for July delivery declined 15.74 cents, or 4.7 percent,

to settle at $3.1951 a gallon in New York, the biggest drop since

March 17. Futures touched a record $3.52 on May 29.

Last week's 1.4 percent gasoline inventory gain to 209.1 million


barrels left supplies 3.8 percent higher than during the same

week last year. Stockpiles were expected to increase


825,000 barrels, according to the median of 14 estimates in


a Bloomberg News survey.