JUNE 25 WEDNESDAY
SHORT TERM TREND : SIDEWAYS : TARGET RS 551 TO 564
LONG TERM TREND : BULLISH : TARGET RS 630
S1 RS 557, S2 RS 554, S3 RS 551
R1 RS 561, R2 RS 564, R3 RS 567
PRICES ARE EXPECTED TO MOVE SIDEWAYS .
Crude oil rose for a fourth day in New York after
Chevron Corp. halted part of its Nigerian output and
Goldman Sachs Group Inc. increased oil price forecasts.
U.S. motor-fuel purchases fell for a ninth straight
week as record prices crimped demand, a MasterCard
Inc. report showed yesterday. Saudi Arabia, the
world's largest oil producer, on June 22 promised to
add 200,000 barrels a day of output.
Oil may fall as the Federal Reserve might end a run of
seven interest-rate cuts. The reductions have caused
the dollar to decline, prompting investors to purchase
commodities as an inflation hedge.
U.S. gasoline demand fell 2.7 percent last week,
a sign motorists are cutting back on vacation plans
as pump prices touch records, said MasterCard.
Consumers purchased an average 9.45 million barrels
of gasoline a day in the week ended June 20, down
from 9.71 million a year earlier, MasterCard, the
second-biggest credit-card company, said in its
weekly SpendingPulse report.
The drop in demand came with prices at the pump
36 percent higher than a year earlier, according to
the report. Prices have surged amid a doubling of
crude oil, which accounts for about 73 percent of
the cost of gasoline.
Gasoline supplies likely remained unchanged at 208.9
million barrels, according to the responses. Distillate-fuel
stockpiles probably rose 2 million barrels from 116.6
million, the survey showed. It would be the seventh
-straight rise.
The Energy Department is scheduled to release its
weekly report on inventories at 10:35 a.m. in Washington.
Wednesday, June 25, 2008
Tuesday, June 24, 2008
UPDATES ON JUNE 24 2008
JUNE 24 TUESDAY
SHORT TERM TREND : BULLISH : TARGET RS 578
LONG TERM TREND : BULLISH : TARGET RS 630
S1 RS 568, S2 RS 564, S3 RS 560
R1 RS 573, R2 RS 576, R3 RS 580
PREFER LONGS AT RS 567 TO 567.80
STOP LOSS RS 563
TARGET RS 576
Gasoline demand last week was 1.2 percent
lower than the same week last year, the U.S.
Energy Department report yesterday showed.
Stockpiles fell 1.6 percent to 206.2 million barrels
as refiners kept processing below year-earlier rates.
U.S. gasoline demand dropped 5.5 percent last week
as prices at the pump reached records, according to
MasterCard Inc., the second-biggest credit-card company.
The ICE'S gas oil contract for July delivery was up $ 6
at $ 1239 a tonne , while Nymex gasoline for July
delivery was up 230 points at 346.22 cents a gallon.
SHORT TERM TREND : BULLISH : TARGET RS 578
LONG TERM TREND : BULLISH : TARGET RS 630
S1 RS 568, S2 RS 564, S3 RS 560
R1 RS 573, R2 RS 576, R3 RS 580
PREFER LONGS AT RS 567 TO 567.80
STOP LOSS RS 563
TARGET RS 576
Gasoline demand last week was 1.2 percent
lower than the same week last year, the U.S.
Energy Department report yesterday showed.
Stockpiles fell 1.6 percent to 206.2 million barrels
as refiners kept processing below year-earlier rates.
U.S. gasoline demand dropped 5.5 percent last week
as prices at the pump reached records, according to
MasterCard Inc., the second-biggest credit-card company.
The ICE'S gas oil contract for July delivery was up $ 6
at $ 1239 a tonne , while Nymex gasoline for July
delivery was up 230 points at 346.22 cents a gallon.
Thursday, June 19, 2008
UPDATES ON JUNE 19 2008
JUNE 19 THURSDAY
SHORT TERM TREND : BULLISH ; TARGET RS 572
LONG TERM TREND : BULLISH : TARGET RS 630
S1 RS 564, S2 RS 562, S3 RS 558
R1 RS 567, R2 RS 569, R3 RS 572
PRICES ARE EXPECTED TO MOVE SIDEWAYS TO HIGHER.
Crude oil was little changed in New York after falling more
than $4 a barrel yesterday, the biggest drop since March,
as record prices reduced demand.
Gasoline demand last week was 1.2 percent lower than
the same week last year, the U.S. Energy Department
report yesterday showed. Stockpiles fell 1.6 percent to
206.2 million barrels as refiners kept processing below
year-earlier rates.
U.S. gasoline demand dropped 5.5 percent last
week as prices at the pump reached records,
according to MasterCard Inc., the second-biggest
credit-card company.
Stockpiles of distillate fuels, which include
heating oil and diesel, rose 1.64 million barrels,
or 1.5 percent, to 109.4 million barrels, the Energy
Department said. Heating oil stockpiles rose
2.9 percent to 23.1 million barrels, the fourth
consecutive increase.
SHORT TERM TREND : BULLISH ; TARGET RS 572
LONG TERM TREND : BULLISH : TARGET RS 630
S1 RS 564, S2 RS 562, S3 RS 558
R1 RS 567, R2 RS 569, R3 RS 572
PRICES ARE EXPECTED TO MOVE SIDEWAYS TO HIGHER.
Crude oil was little changed in New York after falling more
than $4 a barrel yesterday, the biggest drop since March,
as record prices reduced demand.
Gasoline demand last week was 1.2 percent lower than
the same week last year, the U.S. Energy Department
report yesterday showed. Stockpiles fell 1.6 percent to
206.2 million barrels as refiners kept processing below
year-earlier rates.
U.S. gasoline demand dropped 5.5 percent last
week as prices at the pump reached records,
according to MasterCard Inc., the second-biggest
credit-card company.
Stockpiles of distillate fuels, which include
heating oil and diesel, rose 1.64 million barrels,
or 1.5 percent, to 109.4 million barrels, the Energy
Department said. Heating oil stockpiles rose
2.9 percent to 23.1 million barrels, the fourth
consecutive increase.
Wednesday, June 18, 2008
UPDATES ON JUNE 18 2008
JUNE 18 WEDNESDAY
SHORT TERM TREND : SIDEWAYS ; TARGET RS 546 TO 561
LONG TERM TREND : BULLISH ; TARGET RS 630
S1 RS 548, S2 RS 546, S3 RS 543
R1 RS 553, R2 RS 556, R3 RS 560
PRICES ARE EXPECTED TO MOVE SIDEWAYS
Crude oil fell for a fourth day in New York in the
longest losing streak this year as data showed
gasoline use in the U.S., the world's largest
consumer, is declining as record prices
curb demand.
Consumers purchased an average 9.305 million
barrels a day of motor fuels, 3.2 percent less than
a year earlier, MasterCard Inc. said in its weekly
SpendingPulse report. It was the eighth week of
decline. Gasoline demand was down 1.7 percent
from last year, the U.S. Department of Energy
reported on June 11.
The average U.S. pump price for regular gasoline
fell 0.2 cent to $4.078 a gallon after touching a record
on June 16, AAA, the country's largest motoring club
, said yesterday.
Gasoline supplies rose 850,000 barrels from 210.1 million
barrels in the prior week, the survey showed. Inventories
of distillate fuel, a category that includes heating oil and diesel,
climbed 1.8 million barrels.
Saudi Arabia, the world's biggest oil exporter,
has called a meeting of producers, major industria
l nations and banks for June 22 in the country's Red
Sea port of Jeddah to discuss plans to stabilize prices.
SHORT TERM TREND : SIDEWAYS ; TARGET RS 546 TO 561
LONG TERM TREND : BULLISH ; TARGET RS 630
S1 RS 548, S2 RS 546, S3 RS 543
R1 RS 553, R2 RS 556, R3 RS 560
PRICES ARE EXPECTED TO MOVE SIDEWAYS
Crude oil fell for a fourth day in New York in the
longest losing streak this year as data showed
gasoline use in the U.S., the world's largest
consumer, is declining as record prices
curb demand.
Consumers purchased an average 9.305 million
barrels a day of motor fuels, 3.2 percent less than
a year earlier, MasterCard Inc. said in its weekly
SpendingPulse report. It was the eighth week of
decline. Gasoline demand was down 1.7 percent
from last year, the U.S. Department of Energy
reported on June 11.
The average U.S. pump price for regular gasoline
fell 0.2 cent to $4.078 a gallon after touching a record
on June 16, AAA, the country's largest motoring club
, said yesterday.
Gasoline supplies rose 850,000 barrels from 210.1 million
barrels in the prior week, the survey showed. Inventories
of distillate fuel, a category that includes heating oil and diesel,
climbed 1.8 million barrels.
Saudi Arabia, the world's biggest oil exporter,
has called a meeting of producers, major industria
l nations and banks for June 22 in the country's Red
Sea port of Jeddah to discuss plans to stabilize prices.
Tuesday, June 17, 2008
UPDATES ON JUNE 17 2008
JUNE 17 TUESDAY
SHORT TERM TREND : SIDE WAYS : TARGET RS 545 TO 556
LONG TERM TREND : BULLISH : TARGET RS 630
S1 RS 550, S2 RS 548 , S3 RS 545
R1 RS 554, R2 RS 556, R3 RS 559
PRICES ARE EXPECTED TO MOVE SIDEWAYS.
SHORT TERM TREND : SIDE WAYS : TARGET RS 545 TO 556
LONG TERM TREND : BULLISH : TARGET RS 630
S1 RS 550, S2 RS 548 , S3 RS 545
R1 RS 554, R2 RS 556, R3 RS 559
PRICES ARE EXPECTED TO MOVE SIDEWAYS.
Friday, June 13, 2008
UPDATES ON JUNE 13 FRIDAY
JUNE 13 FRIDAY
SHORT TERM TREND : BULLISH : TARGET RS 553
LONG TERM TTEND : BULLISH : TARGET RS 630
PREFER LONGS AT RS 546.50 TO 546
STOP LOSS RS 543
TARGET RS 550.60
The U.S Department of Energy said that
under ground supplies of natural gas was up
80 Billion cubic feet last week to 1.886
Trillion cubic feet , less than expected.
Supplies are now down 15 % from a
year ago and down 5% from the five
year average.
SHORT TERM TREND : BULLISH : TARGET RS 553
LONG TERM TTEND : BULLISH : TARGET RS 630
PREFER LONGS AT RS 546.50 TO 546
STOP LOSS RS 543
TARGET RS 550.60
The U.S Department of Energy said that
under ground supplies of natural gas was up
80 Billion cubic feet last week to 1.886
Trillion cubic feet , less than expected.
Supplies are now down 15 % from a
year ago and down 5% from the five
year average.
Wednesday, June 11, 2008
UPDATES ON JUNE 11 2008
JUNE 11 WEDNESDAY
SHORT TERM TREND : BEARISH : TARGET RS 526
LONG TERM TREND : BULLISH : TARGET RS 630
Natural Gas Falls as Oil Slips, Cooler Weather to
Curb Demand .
Natural gas in New York declined after crude oil
fell and lower temperatures were forecast to
reduce demand.
Oil fell a second day as the dollar climbed against
the euro and yen, curbing the appeal of commodities
to investors. Near- record-high temperatures in the
Midwest and Northeast, two of the largest gas
-consuming regions, will begin to ease tomorrow,
trimming demand for air conditioning, according
to forecaster AccuWeather.com of State College,
Pennsylvania.
Natural gas for July delivery fell 16.9 cents, or
1.3 percent, to settle at $12.435 per million
British thermal units at 3:01 p.m. on the New
York Mercantile Exchange. Gas earlier rose as
high as $12.743 per million Btu. Futures are 66
percent higher this year. On this day in 2007,
gas settled at $10.024.
With a stronger dollar and crude under pressure,
natural gas could sell off quite a bit here,''
said Michael Rose, trading director at Angus
Jackson Inc. in Fort Lauderdale, Florida.
Production of domestic gas available for
sale is expected to increase by 6 percent
this year, compared with 4.6 percent
forecast in May, the Energy Department said
in its monthly Short- Term Energy Outlook
released today.
SHORT TERM TREND : BEARISH : TARGET RS 526
LONG TERM TREND : BULLISH : TARGET RS 630
Natural Gas Falls as Oil Slips, Cooler Weather to
Curb Demand .
Natural gas in New York declined after crude oil
fell and lower temperatures were forecast to
reduce demand.
Oil fell a second day as the dollar climbed against
the euro and yen, curbing the appeal of commodities
to investors. Near- record-high temperatures in the
Midwest and Northeast, two of the largest gas
-consuming regions, will begin to ease tomorrow,
trimming demand for air conditioning, according
to forecaster AccuWeather.com of State College,
Pennsylvania.
Natural gas for July delivery fell 16.9 cents, or
1.3 percent, to settle at $12.435 per million
British thermal units at 3:01 p.m. on the New
York Mercantile Exchange. Gas earlier rose as
high as $12.743 per million Btu. Futures are 66
percent higher this year. On this day in 2007,
gas settled at $10.024.
With a stronger dollar and crude under pressure,
natural gas could sell off quite a bit here,''
said Michael Rose, trading director at Angus
Jackson Inc. in Fort Lauderdale, Florida.
Production of domestic gas available for
sale is expected to increase by 6 percent
this year, compared with 4.6 percent
forecast in May, the Energy Department said
in its monthly Short- Term Energy Outlook
released today.
Tuesday, June 10, 2008
UPDATES ON JUNE 10 2008
JUNE 10 TUESDAY
SHORT TERM TREND : SIDEWAYS TARGET RS 536 TO 548
LONG TERM TREND : BULLISH TARGET RS 630
PRICES ARE EXPECTED TO MOVE SIDEWAYS.
Gasoline futures fell from a record on lower demand, as
prices above $4 at the pump prompt motorists to drive less.
Gasoline for July delivery fell 15.4 cents, or 4.3 percent
to settle at $3.394 a gallon at 2:53 p.m. on the New York
Mercantile Exchange. Prices rose 6.4 percent on June 6,
reaching a record $3.565 a gallon.
U.S. gasoline stockpiles probably rose 1.2 million barrels
last week, according to the median of seven estimates in
a Bloomberg News survey. Inventories rose 1.4 percent to
209.1 million barrels in the week ended May 30, 3.8
percent higher than a year earlier, according to the
Energy Department.
Inventories of distillate fuels, including heating oil and diesel, probably
rose 1.5 million barrels last week, according to the Bloomberg survey.
Supplies rose 2.28 million barrels in the week ended May 30, the most
since July.
SHORT TERM TREND : SIDEWAYS TARGET RS 536 TO 548
LONG TERM TREND : BULLISH TARGET RS 630
PRICES ARE EXPECTED TO MOVE SIDEWAYS.
Gasoline futures fell from a record on lower demand, as
prices above $4 at the pump prompt motorists to drive less.
Gasoline for July delivery fell 15.4 cents, or 4.3 percent
to settle at $3.394 a gallon at 2:53 p.m. on the New York
Mercantile Exchange. Prices rose 6.4 percent on June 6,
reaching a record $3.565 a gallon.
U.S. gasoline stockpiles probably rose 1.2 million barrels
last week, according to the median of seven estimates in
a Bloomberg News survey. Inventories rose 1.4 percent to
209.1 million barrels in the week ended May 30, 3.8
percent higher than a year earlier, according to the
Energy Department.
Inventories of distillate fuels, including heating oil and diesel, probably
rose 1.5 million barrels last week, according to the Bloomberg survey.
Supplies rose 2.28 million barrels in the week ended May 30, the most
since July.
Thursday, June 5, 2008
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.
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.
Tuesday, June 3, 2008
UPDATES ON 3 JUNE 2008
JUNE 3 TUESDAY
SHORT TERM TREND : BULLISH ; TARGET RS 518
LONG TERM TREND ; BULLISH ; TARGET RS 538
S1 RS 510, S2 RS 507, S3 RS 504
R1 RS 515, R2 RS 518, R3 RS 521
WAIT FOR SUPPORT FOR FRSH LONG.
Oil plunged on fears of lower demand after recent record prices,
dollar strength and receding worries over the hurricane season.
Meanwhile, traders kept an eye on the hurricane season's developments.
The Atlantic hurricane season kicked off with Tropical Storm Arthur.
The storm, which dumped rain on southern portions of Mexico as well
as Guatemala and Belize, will most likely stay over land and break up.
High seas in the Gulf of Mexico will calm today as Arthur misses the Bay of
Campeche and its Cantarell oilfield.
Though the storm has weakened into a tropic depression, it shut two
of Mexico's three main crude oil ports as a precaution. The three ports
ship about 80 percent of Mexico's crude exports, most of which goes
to U.S. refineries.
SHORT TERM TREND : BULLISH ; TARGET RS 518
LONG TERM TREND ; BULLISH ; TARGET RS 538
S1 RS 510, S2 RS 507, S3 RS 504
R1 RS 515, R2 RS 518, R3 RS 521
WAIT FOR SUPPORT FOR FRSH LONG.
Oil plunged on fears of lower demand after recent record prices,
dollar strength and receding worries over the hurricane season.
Meanwhile, traders kept an eye on the hurricane season's developments.
The Atlantic hurricane season kicked off with Tropical Storm Arthur.
The storm, which dumped rain on southern portions of Mexico as well
as Guatemala and Belize, will most likely stay over land and break up.
High seas in the Gulf of Mexico will calm today as Arthur misses the Bay of
Campeche and its Cantarell oilfield.
Though the storm has weakened into a tropic depression, it shut two
of Mexico's three main crude oil ports as a precaution. The three ports
ship about 80 percent of Mexico's crude exports, most of which goes
to U.S. refineries.
Monday, June 2, 2008
UPDATES ON 2 JUNE 2008
JUME 2 2008 MONDAY
SHORT TERM TREND : SIDEWAYS : TARGET RS 492 TO 504
LONG TERM TREND : BULLISH : TARGET RS 538
PRICES ARE EXPECTED TO MOVE SIDEWAYS.
SHORT TERM TREND : SIDEWAYS : TARGET RS 492 TO 504
LONG TERM TREND : BULLISH : TARGET RS 538
PRICES ARE EXPECTED TO MOVE SIDEWAYS.
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