AUG 13 WEDNESDAY
SHORT TERM TREND : BEARISH : TARGET RS 346
LONG TERM TREND : BULLISH : TARGET RS 530
S1 RS 352, S2 RS 348, S3 RS 343
R1 RS 358, R2 RS 363, R3 RS 367
PREFER SHORT AT RS 358 TO 358.30
STOP LOSS RS 363
TARGET RS 351
Natural Gas Is Steady as Crude Oil Slips, U.S. Dollar Holds .
Natural gas in New York was little changed, erasing an
earlier advance, as crude oil slipped to a 14-week low
and the dollar held against the euro.
Oil fell more than $1 a barrel and the dollar was steady at
$1.4923 per euro at 2:36 p.m. in New York, from $1.4909
yesterday. It earlier touched $1.4816, the strongest since
Feb. 26. A stronger dollar prompts investors using
commodities as an inflation hedge to exit the market.
Natural gas for September delivery fell 1.9 cents to settle
at $8.33 per million British thermal units at 3:05 p.m. on
the New York Mercantile Exchange. It earlier rose as high
as $8.489 per million Btu and has dropped 38 percent
since closing at $13.577 on July 3, the highest in 30
months.
Crude oil for September delivery slid $1.44, or 1.3 percent,
to settle at $113.01 a barrel in New York. Futures touched
$112.31 today, the lowest close since May 1, and climbed as
high as $115.95. Oil climbed to a record $147.27 on July 11.
Inventories gained 56 billion cubic feet in the week ended
Aug. 8, according to the median of seven analyst
estimates complied by Bloomberg. The average change
for this time of year over the past five is an increase
of 50 billion.
The Energy Department is scheduled to release its weekly
supply update on Aug. 14 at 10:35 a.m. in Washington.
Domestic gas output is expected to increase by 8 percent this
year, the Energy Department said in its monthly Short-Term
Energy Outlook released on July 8. The next report is
due on Aug. 12.
U.S. gas prices may average $9 per million British thermal units in
2009, the analysts said. The 2009 average price for futures
today is $9.244 per million Btu, according to data
compiled by Bloomberg.
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