UPDATES ON JULY 16 2008

JULY 16 WEDNESDAY

SHORT TERM TREND : BEARISH : TARGET RS 488

LONG TERM TREND : BULLISH: TARGET RS 630

S1 RS 494, S2 RS 491, S3 RS 488

R1 RS 501, R2 RS 504, R3 RS 507

PREFER SHORTS AT RS 501 TO 501.50

STOP LOSS RS 505

TARGET RS 494

Gasoline futures fell 17.29 cents, or 4.9 percent, to $3.3848

a gallon yesterday in New York. They were at $3.3854

at 11:10 a.m. in Singapore.

The profit margin, or crack spread, for making three barrels of

crude into one of heating oil and two of gasoline, reached its

lowest since March 19 yesterday, based on futures prices.

The crack spread fell 40.32 cents to $10.9410 a barrel.

Gasoline stockpiles were probably unchanged from 211.8

million barrels the week before, the survey showed.

Distillate fuel, including heating oil and diesel, probably

rose 2 million barrels from 122.5 million barrels the

week before.

U.S. oil refineries probably operated at 89.2 percent of capacity,

unchanged from the week before.