NATURAL GAS SEPTEMBER
SHORT TERM TREND - SIDEWAYS
LONG TERM TREND - BEARISH
SUPPORTS- S1- RS.328, S2 - RS.323
RESISTANCES - R1- RS.337, R2- RS.341
WAIT FOR CONFIRMATION
Gasoline for October delivery gained as much as 3.9 cents, or
1.4 percent, to $2.7880 a gallon in New York after rising 3.3
percent yesterday, the biggest one-day gain since Aug. 27.
Heating oil climbed as much as 4.95 cents, or 1.7 percent, to
$2.9650 a gallon, having risen 0.5 percent yesterday.
The refinery closures after Hurricane Gustav led to a decline
in U.S. gasoline stocks of 6.5 million barrels, or 3.3 percent, last
week, the Energy Department said Sept. 10. This puts supplies
9.3 million barrels below their 5 year average, according to a
report by Barclays Capital analysts.
The lower stockpiles have led to an increase in the gasoline crack
margin, or the price difference between the motor fuel and crude oil.
The crack has more than tripled since Sept. 1, when Gustav
made landfall, to $15.50 a barrel today.
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