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.